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Coastal South Florida prices better

posted May 6, 2011, 8:10 AM by Jayson Wingfield   [ updated May 6, 2011, 8:11 AM ]

South Florida properties near the coast are holding their prices best, according to a report from Miller Samuel, a New York-based property appraisal firm. But distressed properties are dragging down the rest of the region and making the market appear less attractive to potential buyers, according to Vanessa Grout of Douglas Elliman Florida, which commissioned the report. "With REOs, which are bank-owned properties, these are deeply discounted properties that are priced to sell fast with little or no due diligence and no financing," she said. The coastal market had 5,101 existing home sales in the first quarter of this year, the highest total in five years, according to the report. [Miami Herald]