ABC has this preview of a show on flipping in Florida. "'Flipping' in real estate lingo means buying and quickly reselling properties for big profits. In south Florida and other popular real estate markets, it got to the point where people were buying and flipping contracts on condos before they'd even been built."

"Mark Zilbert, a Miami real estate broker, estimates that at one point, up to 80 percent of condo purchases were purely speculative investments, made by people with no plans to ever live in one of the tens of thousands of new condos transforming the Miami skyline."

"By last winter the Florida real estate market had taken a dramatic turn. 'It stopped, frozen. Selling investment property was very difficult,' said realtor and investor Peter Celnicker."

"Celnicker came to Florida as the market was soaring. Then, almost overnight, the market changed. 'I mean, it was really that quick. [It] went from an absolute seller's market where you could sell a property literally in 24 hours to a buyer's market where it can take three, four months to sell a property,' Celnicker said."

"There are a lot of unknowns today in south Florida real estate, where there's concern that words like 'hot' and 'flip' may soon be replaced with 'chilly' and 'stalled.' One reason: Experts now say Miami Beach has perhaps the most overvalued real estate in America."

"'Construction costs have gone up, prices have gone up and so there is a point, we think, that buyers are reluctant to overpay for an apartment, especially when there's an oversupply,' said Zilbert."

"He remembers the moment he realized the market was changing. 'There was a day that I woke up at the launch of a new building, and I contacted my clients and I sent out my e-mails and I did my advertising, and not a single person wanted it. Not a single person showed up. And the feedback was, 'I think prices are gettin' outta control,' Zilbert said."

"Celnicker agrees that desperation has hit the south Florida real estate market. 'I think there's going to be a lot of desperate sellers,' he said. And speculative investors who bought into the high-priced, preconstruction condo market in south Florida may be in for a rough ride, Celnicker believes."

"Buyers, Zilbert says, are becoming more cautious. 'There's not a day that goes by that I don't take a buyer to a property he or she will find something he absolutely adores, wants to purchase it, but at the end of every conversation is, 'I think I'm going to wait six months and see what happens.'"

"If you're ready to buy a south Florida residence right now, the market could be working in your favor. Take those Delray Beach condos launched last summer. It turns out 40 percent of those units are still available, and some of the prices have dropped dramatically. That's good news for new buyers, but not so good for those who paid $100,000 more just eight months ago."