We're running out of places to build that's anywhere significant geographically in the metropolitan areas and we have an extremely low supply of inventory and high high demand. 

Sometimes you can appeal an appraisal or help influence an appraisal in a positive way by supplying your own comps.

Demand is high relative to supply in the Tampa area.

Not all the time especially in this market, it's low supply and high demand.

Past performance is no indicator of future results, but it is the best resource that we have available to us (unless somebody has a crystal ball).Lastly, the other reason that cap rates will likely stay compressed, even in a down market, is due to the increase of dollars in the money supply. 

Supply and demand. 

@Jeffrey Wong I talked to a few realtors in the area and they seemed to indicate that a lot of the supply up there was going rather quickly with multiple offers.I wonder what are the factors making some sit on the market longer than others (I.e: age, price, #bed/bath) while others are going rather quickly.

Do keep in mind these large vacation home 6-9 bedrooms are very common and there is a ton of supply so you need to make your house stand out from the rest as far as theming goes to make any decent profit especially if you are thinking 600k.

When I search for outdoor storage lots for equipment/supplies to look for comps, nothing comes up except for indoor storage units. 

They haven't "ripped you off" until you have paid for significantly more supply than required for the job.