(CBS4) MIAMI With florida real estate home sales moving along at a sluggish pace over the last year, South Florida real estate has become a buyer's market.

Currently, there are 6 times more homes for sale across the tri-county area than there were two years ago.

So CBS4 reporter David Sutta set out to find out just how far a potential buyer's money would go in today's market. Teaming up with florida real estate agent at Coldwell Banker, Sutta set out to find the best values in Broward and Miami Dade counties.

On the low end of the spectrum, the first home they looked at was listed at under $250-thousand.

On closer inspection, a potential buyer can see what they're paying for at this one bedroom apartment in Oakland Park complete with a dock slip. The price has been dropped almost $85 thousand from its original list price, noted Weiser, but the buyer will have to pay in elbow grease to fix it up. Just about everything needed to be updated.

"You're buying a shell," said Weiser. "You're buying something you do what you want with - in a great location."

In Miami Dade, for $252 thousand you may lose the water, but gain 3 bedrooms in this house in West Perrine.

"One thing about this property that gives it value," said Bryan Schaeffer, "is that there is room for a pool."

As buyers move into the mid-spectrum, around $550-thousand, things change dramatically.

"When we get to this price point," said Weiser, "people expect something totally, totally different. They want something more finished."

For $525-thousand, a buyer can purchase a townhouse in Sailboat Key in Broward complete with 24-hundred feet of room spread over three floors and just about everything inside is new.

"The reason why this is such a great bargain," said Weiser, "is because a couple of years ago, we would have been asking probably 30 to 40-percent more for it than we are now."

In Miami Dade, the savings continue. With a discounted price of more than a $100-thousand off the original asking price, buyers can check out a home in the Kendall neighborhood of Calusa.

"One of the key selling features of this house other than the community and the neighborhood," said Coldwell's Bryan Schaefer, "is the fact that it has a very, very nice tropical backyard."

Finally in the million dollar market, there are no shortages of luxury homes in florida for those interested in florida real estate investment and florida residential real estate.

In Ft. Lauderdale, a million dollars puts a buy on florida waterfront property, namely Bermuda-Riviera.

"This is deep water access," said Coldwell's Cheryl Kane, "with the ability to walk to Ft. Lauderdale beach.

The 3-3 home, which has been marked down nearly $200-thousand from its original price, has enough dock space for a 65-foot yacht.

"Basically, what is going on in Ft. Lauderdale real estate," said Kane, "is that we've rolled back to our 2004 prices. The value is phenomenal, the selection is phenomenal, and it's a great time to buy."

That same million in Miami Dade a buyer can achieve serenity in Coconut Grove.

"This is one of my favorite areas in all of Miami," said Schaefer. "This is one of the few areas of florida real estate that sustain its market value year round, year after year."

The 3-thousand square foot turnkey home has a view of the pool area from almost every room and Schaefer considers it one of Miami's best values.

"This miami property is probably the very best priced," said Schaefer, "it will sustain its value probably for a longer period of time... and probably do wonderfully through all the difficult times we may be seeing in the near future."

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HERE IS A REPORT ON THE FLORIDA HOUSING MARKET FOR THE FIRST QUARTER OF 2007. THIS REPORT COMES FROM THE FLORIDA ASSOCIATION OF REALTORS

In first quarter 2007, Florida's housing sector continued to mirror the national pattern, with higher inventory levels of homes for sale, median prices edging down and soft sales reflecting a buyer's market in many areas.

Statewide, sales of single-family existing homes totaled 33,748 during the three-month period, a decrease of 26 percent compared to 45,844 homes sold during the same time a year earlier, according to the Florida Association of Realtors(r) (FAR).

The statewide existing-home median sales price was $237,000 in the first quarter; a year ago, it was $243,500 for a decrease of 3 percent. In 2002, the first-quarter statewide median sales price was $129,600, which reflects an increase of about 82.9 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

To gain insight into current trends in Florida real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. The first quarter 2007 survey, released in March, found that a growing number of respondents believe that home prices are staying even with inflation, said Wayne Archer, the center's director.

"We see that as a benchmark," he said. "When prices maintain the same level as inflation, then we're probably in some kind of equilibrium. It indicates the market is stabilizing."

It appears that residential development may have bottomed out, according to the study. Given the scale of the residential development market, Archer noted this would be good news for all real estate markets and for Florida real estate properties in general.

Continuing low mortgage rates remain another positive influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.22 percent in first quarter 2007; one year earlier, it averaged 6.24 percent.

The latest industry outlook from the National Association of Realtors(r) (NAR) predicts that stricter lending standards and a decline in subprime mortgage originations will have an impact on existing home sales this year. "Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time," says NAR Senior Economist Lawrence Yun. "We see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later."

Looking to Florida's existing condominium market, sales of existing condos also decreased during the quarter, with a total of 10,537 condos sold statewide compared to 15,031 in first quarter 2006 for a 30 percent decline, according to FAR. The statewide median sales price for condos remained flat at $210,800 for the three-month period; a year ago, it was $209,900.

Among the state's larger markets, the Jacksonville metropolitan statistical area (MSA) reported 3,373 existing homes sold for the quarter, a decrease of 14 percent compared to the 3,903 homes sold a year earlier. The market's existing-home median sales price increased 1 percent to $199,500; a year earlier, it was $197,100. A total of 385 existing condos sold in the

market over the three-month period, down 23 percent from first quarter 2006, while the existing-condo median price decreased 7 percent to $152,300.

The Gainesville MSA, one of the smaller markets in the state, reported that 562 homes changed hands in the first quarter, down 23 percent compared to 729 homes sold a year earlier. Over the same period, the market's existing- home median home price rose 3 percent to $217,100; a year earlier, it was $211,100. A total of 143 existing condos sold in the Gainesville area during the first quarter, a decrease of 40 percent from the previous year, while the existing-condo median price rose 8 percent to $166,800.

Two charts showing statistics for real estate in Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the first quarter of 2007 to the first quarter of 2006, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in first quarter 2007 to first quarter 2006, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

The Florida Association of Realtors (FAR), the voice for florida real estate, provides programs, services, continuing education, research and legislative representation to its 150,000 members in 68 boards/associations.

                  Florida Sales Report - 1st Quarter 2007
                       Single-Family, Existing Homes

                                 Realtor Sales        Median Sales Price
         Statewide &
         Metropolitan          1st     1st            1st       1st
         Statistical Areas    Qrtr.   Qrtr.   %      Qrtr.     Qrtr.     %
         (MSAs)               2007    2006   Chge    2007      2006     Chge

                STATEWIDE    33,748  45,844  -26   $237,000  $243,500    -3
            Daytona Beach     1,753   2,138  -18   $204,400  $223,100    -8
          Fort Lauderdale     1,557   1,978  -21   $366,900  $366,600     -
    Fort Myers-Cape Coral     1,551   2,388  -35   $264,900  $282,700    -6
             Fort Pierce-
           Port St. Lucie       842   1,317  -36   $240,000  $260,200    -8
        Fort Walton Beach       556     708  -21   $215,900  $227,000    -5
              Gainesville       562     729  -23   $217,100  $211,100     3
             Jacksonville     3,373   3,903  -14   $199,500  $197,100     1
    Lakeland-Winter Haven       874   1,343  -35   $174,000  $172,400     1
    Melbourne-Titusville-
                 Palm Bay     1,376   1,507   -9   $200,900  $227,100   -12
                    Miami     1,579   2,125  -26   $386,300  $376,900     2
   Naples-Marco Island*(1)       71     101  -30   $527,600  $535,300    -1
                    Ocala     1,030   1,464  -30   $162,100  $161,400     -
                  Orlando     4,736   7,094  -33   $257,400  $257,300     -
              Panama City       318     384  -17   $198,100  $218,900   -10
                Pensacola       979   1,193  -18   $163,200  $161,400     1
              Punta Gorda       608     727  -16   $197,300  $225,900   -13
       Sarasota-Bradenton     1,904   1,800    6   $290,500  $331,100   -12
              Tallahassee       852   1,161  -27   $183,900  $176,800     4
    Tampa-St. Petersburg-
            Clearwater (2)    6,271   9,977  -37   $212,200  $217,300    -2
         West Palm Beach-
               Boca Raton     1,781   2,222  -20   $378,200  $392,900    -4

   (1) *Data only from the Marco Island Association of Realtors; data from
        the Naples Area Board of Realtors and Association of Real Estate
        Professionals is not included.

   (2)  Data from the Hernando County Association of Realtors now included in
        the totals from 2006 and 2007.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Real Estate Research Center.

                  Florida Sales Report - 1st Quarter 2007
                           Existing Condominiums

                                Realtor Sales         Median Sales Price
         Statewide &
         Metropolitan          1st     1st            1st       1st
         Statistical Areas    Qrtr.   Qrtr.   %      Qrtr.     Qrtr.     %
         (MSAs)               2007    2006   Chge    2007      2006     Chge

                STATEWIDE    10,537  15,031  -30   $210,800  $209,900     -
            Daytona Beach       262     274   -4   $226,500  $277,100   -18
          Fort Lauderdale     1,781   2,475  -28   $196,600  $209,800    -6
    Fort Myers-Cape Coral       508     696  -27   $255,300  $328,200   -22
             Fort Pierce-
           Port St. Lucie       198     210   -6   $196,700  $204,500    -4
        Fort Walton Beach       244     261   -7   $407,800  $200,500   103
              Gainesville       143     237  -40   $166,800  $154,300     8
             Jacksonville       385     497  -23   $152,300  $163,800    -7
    Lakeland-Winter Haven        56      57   -2   $140,000  $107,500    30
    Melbourne-Titusville-
                 Palm Bay       321     497   35   $165,600  $211,300   -22
                    Miami     1,611   2,674  -40   $278,200  $256,500     8
   Naples-Marco Island*(1)       87     120  -28   $501,100  $503,200     -
                 Ocala (2)      N/A     N/A  N/A        N/A       N/A   N/A
                  Orlando       731   1,501  -51   $166,800  $168,500    -1
              Panama City       128      61  110   $325,800  $350,000    -7
                Pensacola       100     162  -38   $150,000  $166,700   -10
              Punta Gorda        93     190  -51   $143,300  $160,000   -10
       Sarasota-Bradenton       856     802    7   $312,600  $273,000    15
              Tallahassee        96      50   92   $152,500  $160,000    -5
    Tampa-St. Petersburg-
            Clearwater (3)    1,290   2,434  -47   $171,900  $177,100    -3
         West Palm Beach-
               Boca Raton     1,493   1,650  -10   $211,500  $220,200    -4

    (1) *Data only from the Marco Island Association of Realtors; data from
        the Naples Area Board of Realtors and Association of Real Estate
        Professionals is not included.

    (2) Data from the Ocala-Marion County Association of Realtors was not
        available.

    (3) Data from the Hernando County Association of Realtors now included in
        the totals from 2006 and 2007.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source:

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