Coldwell slashing home prices in South Florida

In yet another sign of the desperation in the South Florida housing market, Coldwell Banker Residential Real Estate is holding a 10-day sale, cutting prices of more than 1,000 properties at least 5 percent.

Roughly 400 homes and condominiums in Palm Beach County are participating in the event that starts Sunday, with an average price reduction of 9.1 percent. In Broward County, there are about 300 properties participating at an average price drop of 9.5 percent. Visit www.Floridamoves.com for more information.

"For the buyer, it's going to be a huge incentive," said Gus Rubio, a regional vice president for Sarasota-based Coldwell Banker.

Coldwell Banker's sale demonstrates the creative marketing real estate agencies have had to use during the depressed real estate market. Its success will depend on whether the asking prices were fair to begin with, said Miami-based housing analyst Lewis Goodkin. "If the prices were realistic, then buyers will respond," he said.

But competing real estate agents are skeptical. "It sounds very much like a marketing ploy," said Beverly Rothstein of RE/MAX Professionals in Coral Springs.

"It's meaningless. It's hype," said Bob Melzer of Prudential Florida WCI Realty in Boynton Beach. "No serious home buyer falls for that. He offers what he wants to offer."

This is one of the first sales of its kind sponsored by a real estate firm, housing analysts say. Coldwell Banker held a similar event in the Tampa area in March, getting 65 contracts out of 847 homes.

Individual sellers, builders and real estate agents have tried to get creative since the housing slump began in 2006.

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