The Naples News reports from Florida. "Some local real estate professionals are livid. It’s bad enough that sales of single-family houses in the Naples area has dipped nearly 50 percent. An auction scheduled for Oct. 21 has some Realtors seeing red, as in the bookkeeping term for financial loss."

"The proposed auction has tied up the real estate market for the next few weeks, some Realtors protested in early October. People have stopped buying so they can wait and see what they can pick up at the sale, at which they can bid online or at the Naples Beach Hotel & Country Club for some 45 homes."

"Drake’s listings show the 45 upscale properties listed for a minimum of $1. Real estate professionals say it is especially obnoxious because many of the properties that will be sold on the auction block, by seller desire, not because they can’t pay the taxes, were purchased by speculators who likely attempted to manipulate the market."

"'The majority of investors are selling off with little or no profits. Look at the 11 homes (in Lake Park) going up for auction by an investor now,' says longtime Naples resident real estate agent Jerry Krecicki."

"One of the sellers who signed up for the auction has 11 properties, and probably counted on Naples’ continuing sales boon but, apparently, miscalculated, (realtor) John Turner said. Turner cited a house that listed for $569,000 on March 5, 2005. Moorings resident Marjorie Dresner bought the house on March 7, 2005, and closed on it on April 26, 2005 for $585,000, Turner said."

"Collier County Property Appraiser Abe Skinner had the house’s appraised value listed as $450,726. Likewise, a home was listed for $625,000. Dresner bought it for $635,000 on June 10, 2005. The assessed value listed as $563,933. On Oct. 2, Dresner sold it for $564,000, Turner said."

"'She kept going around buying these (houses) and she was paying way too much for them,' Turner said."

"Dresner, who owns 26 of the 45 properties up for auction, could not be reached for comment. Dresner indicated to auctioneer Paul Drake that the Oct. 21 event is a business decision. 'We are auctioning off everything she owns, except for her own home,' Drake said."

"Krecicki said when folks buy for more than the property is worth, they ultimately end up devaluing the neighborhood, he said. 'It’s bad enough that we have a real estate market that is, as a whole, slowing down,' Krecicki said. That kind of market manipulation is wrong, he said."

"So much so that the Naples Area Board of Realtors wouldn’t allow Drake to include his auction properties in the organization’s multiple listing services. 'Everyone called up complaining. Realtors are in an uproar over this,' Krecicki said."

"'Nobody can deny that transactions are, arguably, down about 50 percent, and buyers are generally reluctant to make offers. They don’t want to overpay. Or they feel the market will continue to decline,' Drake said."

The Palm Beach Post. "Has the fat lady sung at Opera Place? A New York-based hedge fund confirmed it has contracts to buy two troubled downtown properties, including land belonging to the still-unbuilt Opera Place condo, the largest private development planned downtown since CityPlace."

"The area has been struggling in recent months as a growing number of condo units chase a shrinking number of buyers, and CityPlace merchants complain of sagging sales behind fewer shoppers. Observers say the Opera Place deal reflects the troubled nature of the condo market, both locally and in South Florida as a whole."

"'West Palm Beach was caught off guard with the speed at which all these units were being developed,' said Neil Merin, one of the area's top brokers. 'But it's not an unlimited market where you could put up anything and sell it.'"

The Sun Sentinel. "Palm Beach County's median price declined $25,400 to $386,000 in August, marking the first year-over-year drop in seven years, according to the Florida Association of Realtors. The August median for Broward County fell $24,200 to $362,800. It was the second month in a row that Broward's median declined on an annual basis."

"'A lot of people are sitting and waiting,' said Debbie Anderson, an agent in northwest Broward County. 'I don't blame them.'"

"Ashley Ostroff is asking $498,900 for her three-bedroom Palm Beach Gardens home even though her agent said she could get more. Ostroff has yet to field an offer. 'Even people who are ready to buy now are waiting because of what they're hearing in the media,' she said."

The Treasure Coast Palm. "Realtors could see the housing slump start to reverse course around the start of the new year, more than a year before builders see improvement. Martin County, because it has the least number of vacant homes, could be the first area on the Treasure Coast to experience a comeback."

"An abundance of homes, which some conference speakers said would force down prices, is due in part to speculators overplaying their hands over the past couple of years. The Treasure Coast now has about a seven-month supply of vacant homes, according to Metrostudy."

"St. Lucie County has more than 1,000 vacant homes, while there are about 600 unoccupied homes in Indian River County and 300 in Martin."

"Brad Hunter, Metrostudy director for South Florida, said Realtors claim the housing slump should ease in three to four months, while builders say the turnaround will begin in 18 to 24 months. 'They're both right,' Hunter said."