The Florida press reacts to the home sale numbers. The Palm Beach Post, "Even the most steadfast residential real estate bull is going to have a hard time denying the bear is in the house with Wednesday's sales report from the Florida Association of Realtors. Now, buyers are calling the shots."

"The slowdown has caused an astounding 49-month supply of existing homes for sale in Palm Beach County, Regional MLS records show. 'It's very frustrating because there aren't a lot of buyers, and all the negotiating power is on the other side now,' said Richard Klein, who has had his four-bedroom, three-bath home west of Boca Raton on the market for three months."

"He has had no serious offers, even though he dropped the price $50,000. 'The buyers who are out there now are very aggressively looking for tremendous price cuts,' said Klein's agent, Barbara Siegel."

"'In most neighborhoods where we sell property, the average sales price has dropped more than 20 percent this year,' said broker Thomas Moffett, whose office sells property in central Palm Beach County."

The Sun Sentinel. "Palm Beach County existing home sales fell a whopping 53 percent in September. The county's year-over-year median price dropped $34,500 or 9 percent last month, the Florida Association of Realtors said Wednesday."

"Mike Larson, an analyst in Jupiter, said that builders are offering $100,000 discounts, one-day sales and other perks, which are helping lower home values across the region. Sellers of existing homes can't match those incentives, so inventory is piling up. Palm Beach County had nearly 33,000 homes and condos on the market last month, more than double the number from September 2005."

"A sense of uncertainty continues to grip sellers across Broward County as the housing slump plods on. Prices and sales of existing homes fell again in September. Broward had nearly 40,000 homes and condos on the market last month, more than double the number from last September."

The Ledger. "Polk County’s home sales fell in September as the market continued its descent back to pre-boom levels. 'Buyers are being shrewd and patient. They know there’s a lot of inventory out there and are waiting on prices to come down,' said Marlene Duffy Young, a Realtor in Winter Haven. 'We also know that we had zealous building and an oversupply of inventory.'"

The Miami Herald. "With the market sluggish, the backlog of homes and condos for sale in Miami-Dade and Broward counties grew in September to 62,000, about 1,800 more than in August, and almost triple the inventory from a year ago."

"'Business is one-fifth of what it used to be. There are brokers that don't have anything to do,' said broker Esslinger Maxwell."

The Sun Herald. "Only 206 existing houses were sold in the Punta Gorda metropolitan statistical area in September. This represents a fall of 42 percent from 353 units in September last year. Metro Punta Gorda posted only a moderate decline in median home prices, down 10 percent from September 2005."

"Sarasota-Bradenton saw volume collapse 33 percent. Meanwhile, the median sales price dipped to $290,000, down 16 percent from September 2005. 'This data confirms what I already know ... it's not a large surprise,' said Kristine Wishard, president of the Punta Gorda-Port Charlotte-North Port Association of Realtors."

"In recent public appearances for the Realtors, Wishard has advocated what she pointedly calls 'reality based pricing.'"

"Local agents 'are telling me that when they go out to meet with potential clients, those clients are starting to understand what their property is now worth,' Wishard said. 'It's either fact or fiction. You're either going to go with a factual price and move your property or play with fiction and the property will sit,' Wishard said."

The Herald Tribune. "'I think the prices have dropped so much that the buyers are realizing there is very good value in the market right now,' said Steve DuToit, a high-volume real estate agent in Sarasota."

"Real estate agents in Sarasota-Venice-Englewood closed 436 home deals in September, down 33 percent from a year earlier. The median price on those deals fell to $290,000 from $343,000 a year ago. If generally less-pricey Manatee were thrown into the mix, it would likely have pushed the median sales price lower."

"Kent and Valley Hayes decided to take advantage of the hot market by building a speculative home. They took out an equity line on their residence to make the down-payment on the $215,000 home."

"A deal closed this month for $235,000, nearly $30,000 less than they were first looking for. Valley Hayes said it ended up being a loss. 'We had to pay the commission, and we had a year's worth of the construction loan, and then eight months of full mortgage payments, plus a home equity line payment, so yeah, we lost a lot. 'Everywhere you look there are new homes, empty homes for sale. People are getting kind of desperate down here.'"

"Centex Homes' decision to drop plans for a 10,000-home 'new town' beside Palm Beach Gardens has prompted a renewed push for tougher rules to rein in western development. Centex representatives on Wednesday announced they would not renew an option to buy the 4,763-acre Vavrus Ranch."

"A slowdown in the real estate market prompted Centex to drop out of other projects in Palm Beach County and elsewhere, and on Wednesday Vavrus Ranch was added to that list. Vavrus should stay a cow pasture and the County Commission should 'rethink' its plans for Mecca Farms, Palm Beach Gardens City Councilman Eric Jablin said."

"'If we are going to develop out west, there needs to be an employment base,' Palm Beach Gardens Mayor Joseph Russo said. 'Now all we are going to have is the houses.'"

The Naples News. "Buyers and sellers have until midnight Friday to complete deals resulting from 45 potential sales in a property auction this past weekend in Naples. Naples Area Board of Realtors President Jo Carter said Wednesday her members didn’t object to the idea of an auction, only that the true property values weren’t reflected in the opening price."

"For instance, Collier County Property Appraiser Abe Skinner’s records show that a Crayton Road proprty has a taxable value of $788,257. Assuming the seller doesn’t reject the high bidder’s offer, someone will walk off with that Moorings home for $660,000, a price that includes the auction house’s 10 percent commission, figures released Wednesday show."

"At the other end of the spectrum is a home at 539 Rudder Road that was purchased in April 1995 for $180,000; in April 2004 for $535,000; then resold in October 2004 for $809,000. Skinner’s records show the property has a taxable value of $933,269."

"The top bid, or proposed contract price if the deal goes through, for that house was $671,000, Naples auctioneer Paul Drake said. Drake’s next auction will likely be absolute, not reserve as this one has been, he said Wednesday."