The Medical Center is really achieving premium sales prices and compressed CAP rates in the MF space and has been better suited for the 1031 Investor coming in with 30%+ down. 

They are dark compressed wood with a high gloss front. 

Market compression was seen a mile-away, I called this out many MANY times, and here we are living it today.

Some buyers never really see the property much in high quality areas.My personal opinion right now is I see retail strips compressing in a few years just like multifamily did.

The thing that really gets my boots to shaking is the idea that many people are going into properties at a basis (purchase + renovation + furnishing) that ONLY works with STR numbers.When the winds come and the waters rise (metaphorically) and the returns compress (as they certainly will with a capital intensive investing style like STRs) then folks will be obliged to lose money in our markets AND A-class long term rentals will see compression, just like in 2019-2020.BUT I'd argue that if you are going to lose money on a property, there are better places to lose money.

And if they do our investors cashflow payouts get compressed, and that's the part we still don't love about it. 

I've been doing deals in the Scottsdale area for ~12 years now but it has become so expensive and cap rates have become so compressed that I'm looking at other markets for future investments.My current routine is that I spent 30 minutes every day deeply studying another market.

With interest rates that are less than half that, naturally the rent to price ratio is going to compress some. 

Value-Add Opportunities: With the increased competition and compressed cap rates, are you more inclined to seek value-add deals?

Even if you buy OOS, the cash flow has been greatly reduced due to cap rate compression so investor is already looking at appreciation anyway.