It’s been a banner year for real estate stocks - until now, that is.

Investors already were disappointed with lame returns in October, an unhappy change in real estate equity fortunes from the results earlier this year.

Check out the numbers. For the year, the NAREIT Index of all real estate investment trusts has risen more than 16 percent - impressive considering the poor performance of other major market indices. This 16 percent gain is in spite of last month’s loss of more than 4 percent.

A few weeks ago, I encouraged investors to prepare for the presidential election by choosing stocks. The probable victory of a Republican - which is preferred by most of Wall Street - and the likely Santa Claus effect - which sees stocks rise in late December - would make for winnings, I wrote.

I didn’t count on the results in Florida taking so long to get in, which has further pushed down the NAREIT Index with the Election of No End.

So I must amend my recommendations. Get ready to buy. The market has been artificially deflated across all sectors by the uncertainty associated with the election. This has made real estate stocks - which already are trading at bargain prices - into some of the best deals available.

When you analyze the numbers, like productivity, price indices and export figures, it’s clear that the market correction of this year now has become an over-correction. Most market players still have high hopes, despite dot-com woes and technology stock worries.

The moment a candidate’s team announces his impending concession speech, investors must be ready to hit the "buy" button. The artificial lows of the last weeks should immediately disappear, and there’s every reason to believe Santa will again return to dole out good cheer.

Speaking of stocks, AmeriVest Properties Inc. (Amex: AMV) turned in impressive third-quarter earnings. Net income for the quarter rose from 2 cents per share last year to 95 cents this year. Wow.

But the rest of the company’s numbers don’t indicate a strong growth trend. For the nine months ended Sept. 30, funds from operations were $1.2 million (52 cents per share), compared to just over $900,000 (52 cents) in 1999. For the quarter, FFO was 17 cents per share, compared to 16 cents a year ago.

Third quarter results also include a $2.6 million gain ($1.09 per share) on the sale of the company’s self-storage facilities in August, offsetting a one-time expense of $255,442 (11 cents) relating to the accrual of severance payments for a former executive officer.

"We are pleased with the contribution of our recent office acquisitions to operations for the quarter," said William Atkins, CEO for AmeriVest. "We have now completed our repositioning of the company’s assets to 100 percent office properties and will continue to focus on improving the performance of our properties for the balance of 2000 and 2001."