The Herald Tribune reports from Florida. "In the fourth quarter, there was about $2 billion worth, or more than 3,600, unsold condos in the Sarasota Multiple Listing Service alone. In October, only 83 were sold, most of them for less than $350,000."

"That monthly absorption rate amounts to 2.28 percent of available condo inventory or, to put it another way (assuming no more would-be condo sellers materialize and no new condo projects are built), it will take about 31/2 years to empty the condo inventory cupboard."

"The local glut notwithstanding, Mark Miller, president of Sarasota's Westwater Construction Inc., backed by a $47 million line of credit from Wachovia Bank plus his own money, has unveiled a 189-unit gated golf condo community."

"The company is making a big bet because it offers 'resort-style residences and amenities, a brand new challenging 18-hole golf course and all at prices that are affordable for this market,' said Jimmy Stewart, Westwater's director of business development. The condos range from 1,770 to 2,240 square feet, with prices starting in the $400,000s."

The Orlando Sentinel. "For the past couple of years, the region's economy has hummed along at a solid growth rate of 3 percent to 4 percent. But that's no longer sustainable in the face of a slowing housing market and rising costs facing consumers."

"'You've got to keep one eye on the housing market to see how that's going to shake out,' said Sean Snaith, an economist at the University of Central Florida."

"The housing sector's biggest challenge now is working through the massive inventory of homes on the market. In November, there were 21,122 homes awaiting buyers, according to the Orlando Regional Realtor Association. In comparison, one year earlier there were 9,685 homes on the market and in 2004 there were only 3,681."

The Palm Beach Post. "Months after Ocean Land Investments started chatting up Ocean Resorts residents about a deal to purchase their 400-lot park, the Boca Raton-based company has backed off. Ocean Resorts stretches from the Atlantic to the Intracoastal, offering idyllic views for the condos the developer has in mind."

"Logan Pierson, acquisitions VP, conceded that Ocean Resorts' less-urban setting, combined with slowdown in the condo market, have tempered the firm's enthusiasm. Meanwhile, the buzz that the developer's interest initially sparked at Ocean Resorts has quieted."

"'The last word we heard from them was that they needed to do more due diligence and that the market was down,' said Glenn Ludwig, president of the co-op that controls the community."

The Sun Sentinel. "Buyers have been wielding more power since South Florida's five-year housing boom last year yielded to a significant slowdown. Those getting the best deals are hiring experienced agents, pushing for incentives, wearing poker faces, finding motivated sellers and, when all else fails, walking away."

"Buyers are in control as investors have pulled out of South Florida real estate, creating less of a demand for properties. With fewer buyers, homes stay on the market longer. The supply of homes for sale has swelled in Broward and Palm Beach counties, creating havoc for people who need to sell quickly."

"Jenn Vest made what she thought was a fair offer on a house in Broward County, but the seller rejected it and wasn't much in the mood to haggle. The same thing happened on another property."

"Vest later found a two-bedroom house in an eclectic neighborhood near downtown Fort Lauderdale. Originally listed at about $550,000, it was reduced to $349,000. She closed on the deal Dec. 29 for $316,000."

"MLS listings also include histories of the properties, and they can show buyers just how motivated or desperate sellers are. Real estate agent Pamela Orr noticed that the home Vest bought had been on the market for more than a year. The length of time was the first clue that the seller might be getting antsy."

"After probing further, Orr found that prices in the neighborhood were falling, in part because developers were buying homes on the cheap and tearing them down to build luxury townhouses. Armed with that background information, Vest offered the seller $316,000, about 10 percent less than the latest list price."

"'We told the seller, `This is our best offer,' Orr said."

"In today's climate, buyers who intend to live in the homes typically can pay 10 percent to 15 percent below market value, said David Dweck, an agent in Palm Beach and Broward counties. Investors paying cash, closing quickly and taking the property 'as is' might be able to swing deals with desperate sellers for 65 percent to 70 percent below market value. 'That's reality,' he said."

"Some agents say buyers shouldn't worry about making lower offers, reasoning that sellers can't afford to be insulted in a market glutted with properties."

"(Realtor) Douglas Rill in West Palm Beach just had a client list a Lantana condominium for $400,000. A prospective buyer first offered $330,000 and then $365,000, but the seller refused. After later agreeing to accept the deal, Rill's client lost out when the buyer had bought another unit in the same complex for less money. 'Sellers can't be choosy,' Rill said."