Five-figure properties a reality in South Florida

From the South Florida Web site: Buying a condominium in South Florida for $100,000 seems improbable, even impossible. But it’s not. Plenty now languish on the market, despite selling for a song.

The implosion of the overbuilt condo sector in Palm Beach, Broward and Miami-Dade counties has caused a price retreat to 2003 levels.

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Indeed, the recently released September condo sales report from the Florida Association of Realtors showed median prices of $78,300 in Broward and $106,700 in Palm Beach counties, respectively. In Miami-Dade County, where prices fell 37 percent from the previous year, the median stood at $132,900.

As prospects wait and condo prices in South Florida keep falling, prices going below $100,000 — a return to pre-boom levels — could bring more buyers off the sidelines.

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