A few deals this spring recalled the go-go days of the property bubble, like the $21.5 million sale of a 7,400-square-foot penthouse.

Glamorous photographs, enlarged to poster size, provide a reminder of her go-go days as a Beirut socialite in the 1980's.

During the go-go dot-com days, the budgets were looser.

"We're not talking about the go-go days of the 80's, but waterfront prices will start to go up," he said.

"The go-go days of the last several years won't be returning anytime soon."

The growing enthusiasm is nowhere near the frenzied activity of the go-go days of past decades.

Bankers and lawyers say their deal pipelines are increasingly filling up, even if they look modest in comparison to the go-go days.

Microsoft has considered an investment, particularly during the go-go days of the Internet boom, but so far has shied away.

When they do, they are going to find lenders more cautious than in the go-go days of the 1980's.

From 20% in 1980, investment banking grew to account for two-thirds of the business at the bigger houses in the go-go days.