From Newsmax:

South Florida condominium prices already have dropped up to 88 percent from their 2006 peak, and the meltdown isn't over yet. So says real estate consultant Jack McCabe, who has earned the reputation as South Florida's top residential real estate analyst.

He told Bloomberg that condos which sold for $1,000 per square foot in 2006 now command prices of only $125 to $350. And he says prices could ultimately drop to $100 a foot, less than half the condos' construction costs and a level last seen 20 years ago.

"If you're thinking you can come here and buy and sell condos for a profit in less than five years, you're sadly mistaken."

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