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. [more]