Before regional markets begin a turnaround to positive or negative territory, it usually starts in certain price ranges, zip codes or communities. Pricing drives most transition markets – hit the right price, and the sales will pick up. But even in the over-1 million dollar market of South Beach, some communities are considered "bargains" in today's post-foreclosure world.

Blogger Kevin Tomlinson (www.southbeachrealestateblog.com), points at the South of 5th/SoFi luxury condominium development (which is made up of 10 beach-front luxury condo buildings) as one that zoomed ahead in 2008 over the 2007 market. There have been resales in eight buildings and two new buildings came online in 2008, Continuum North and Apogee South Beach.

"The increase in sales and number of units sold for the same eight South of 5th condos is surprising," Tomlinson writes. "But with the addition of Continuum North and Apogee South Beach, the respective 41.9 percent and 44.3 percent leap in total SoFi real estate activity is a big shock."

The average price in that pocket market has also withstood the surrounding freefall in the last 12 months, according to Southeast Florida Regional MLS data. "It isn't a surprise that the average price per unit or dollar per square foot went down, but the fact that it decreased 2.3 percent could stun many - even some local agents," he says. "Miami Beach real estate has suffered like every other market, but South Beach's SoFi neighborhood has weathered the storm handily. I'm unsure, though, about what may be on the horizon as the current supply clearly outweighs the demand."

Published: April 13, 2009

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Mr. Carr is an award-winning real estate broker in Northern Virginia and authored "Real Estate Investing Made Simple: a commonsense approach to building wealth." He also contributed to Donald Trump’s book, "The Best Real Estate Advice I Ever Received," and is an active trainer and coach of top producers in the Washington DC market. As a sought-after expert on real estate, Mr. Carr has been featured on CNN, various broadcast outlets and was the former real estate editor for The Washington Times. He accepts questions at his blog www.RealEstateOlogy.org.