What Can You Buy With $100,000 in Today's Real Estate Market?

The current owners bought it in 2004 for $135,000. It's listed at $95,500. But in six months there hasn't been a single offer. Cotter thinks a drop of $10,000 might bring in the buyers. But continuing to drop the price can be a difficult pill to swallow for the owners.

"Can I tell you, I have people who actually break down and cry," Cotter said. "When I tell them the news what their apartment is worth. And they literally break down and cry. It's terrible. That's probably been the hardest part of my job right now is telling people the truth."

Miami Beach Prices Plummet

Finally there's Miami Beach, where a one-bedroom condo can cost $1 million and a house can cost $10 million. Agents would have laughed at you three years ago if you said you wanted to spend $100,000. Times have changed.

At the Royal Hotel, a condo hotel with 30 units, there were a few modest properties in our price range. You can own your own small room and rent it when you're not using it.

"Here you're a couple blocks from the beach, you're right in the heart of South Beach where you walk to all the shops and restaurants," said Shuffield.

It's small, but it can be yours for $100,000. Maybe less. You do get access to the roof terrace, hot tub included. Very South Beach.

So is now really the time to buy?

"The bargains are there," Shuffield said. "Not across the board, but certainly for buyers who are willing to do their homework, work with a Realtor to do their homework, be ready to buy. I have told everybody that is interested in buying, pick out your neighborhood, stay closely attached to your neighborhoods over these next weeks and months, and these values sometimes pop up on Monday morning. Maybe on Monday morning a seller says, I am tired of waiting for the right buyer and then they will reduce their price. And we are pretty much there now."

No one thinks the market is going to rebound quickly, so after three stagnant years, the bargains have begun.

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