I do not think the real estate prices have bottomed out in St Augustine Beach. We are having a lull or what some might think is a stabilization. According to the St Johns County MLS since January 2009 to date, there have been 17 foreclosed properties resold on the beach and 26 short sales have closed as resales. That is a total of 43 distressed properties that people have bought since January. There are only 2 foreclosed (bank owned)properties pending sale. 31 pending short sales waiting to be closed. And 56 short sales are under contract right now. There are only 12 available foreclosures on the market at the beach and 49 active short sales! That is out of a total of 792 available properties on the market at the beach. Foreclosures and short sales represent a mere 8% of the available properties on the beach. Either we haven't seen the other shoe drop or we have escaped the problem. We've seen close to a 30% drop in prices. I have no crystal ball but I won't be surprised at another 10-15% drop overall before year end unless a miracle happens in the economic forecast.