Cursed with a persistent real estate glut, Florida's economic recovery is still "a couple years away," according to Ray Torto, chief economist with the real estate firm CB Richard Ellis.

The Bostonian is speaking today at the University of Florida.

"You partied too much," Torto said of Floridians' attachment to real estate speculation through 2006. "You've got to pay for it Sunday morning."

But with homes and offices losing as much as half their value in Florida, it's probably time to dip into the market again, Torto said. Just don't expect to make an immediate killing.

"It's a wonderful time to get into real estate as long as you've got cash flow that will last the five to six years it will take for the market to recover," he said.