As for the (indisputably) high property taxes depressing values?  

These properties are in a 'depressed' area, and have pretty poor recent appraisals, but they rent well and have good income.I'm thinking I could refi the lien away from the seller, and then write a new (MUCH smaller) note for the remainder of what I owe him.  

there are several commercial properties id like to invest in, in my area... the commercial properties in my area have been somewhat depressed and most strip malls are not full.

The front porch / raised patio to my 1950's rental with a pier and beam foundation made of concrete and is cracked and actually depressed downward in the middle a couple inches.

They have had a 6% population growth in the past 12 months alone more than any place in the US for good reasons But if you want to get in at a good price, you will pay more now than you did even 6-12 months ago short of going into job-depressed areas already mentioned providing you have all cash because you will have company in your offer bidding.

Other parts are depressed with some of the highest unemployment in the country, but will rebound.

More bank owned properties and distressed sellers have created more inventory over the last 6 months or so which has depressed prices.

IMO it also depends on what you're looking at, rents usually follow sales and new starts rapidly increasing usually depress existing sales.

Our economy is depressed ( whos isnt ) but the cashflow and inventory in the city is plentiful as long as you stick to the right areas.

The lack of financing in these markets is what is keeping the prices depressed to begin with.