Low flow for high end in South Florida

From the South Florida Web site: Bogged down by pricing that remains out of sync with plunging property values and buyers expecting great deals, the $1 million-plus luxury market in South Florida moves at a trickle compared to lower priced homes. Even realistically priced but expensive homes sit on the market for twice as long as homes in the $300,000 and under range, due mostly to the battering of the stock market and sagging economy — and topped off by a tough financing climate. Together, that’s taken plenty of prospective buyers out of the equation. One doesn’t have to look far to find examples of luxury homes that aren’t selling. A 10,000-square-foot Intracoastal home in Boca Raton has been on the market for two years. The seller dropped the price several times — from $12 million to $7.1 million.