Good analysis, Natalie, with one clarification. The "buyers starting back in the Miami market" are not traditional buyers or end users. The transaction you mentioned was Related Group actually selling the last 120 units in a high-profile downtown condo to a partnership including themselves and the p/e firm. The partnership plans to rent the units for 5 years in hopes that market prices firm up in downtown Miami by 2013. As you note, Marco doesn't suffer from the excess inventory hangover facing Miami, so your short-term outlook for both sales activity and price stability is much brighter there in Southwest Florida. -housingbath.com