Mike,

I work the Fort Lauderdale/Wilton Manors/ Oakland Park/ Pompano Beach area, so most of my data is specifically for that area. I recently posted a blog on Trulia that you might find interesting since both of our areas will have several things in common:

http://www.trulia.com/blog/barry_dunn/

According to US News and World report, Florida will need about 20 years before prices return to their "bubble values". Oddly enough, this is one of the few times where the media is actually using COMMON SENSE. Before the bubble, 3% appreciation in Florida was considered a good to average year in the DECADES before the 2000's bubble. If that type of "normal Florida appreciation" returns, it would take about 20 years for properties to be worth what they were in 2005/2006.

Although I work in Broward County, and you are in Dade County to the south, there are probably a good number of things we will both see in 2010. Among those are:

1) A steady supply of foreclosures
2) A steady supply of short sales
3) A small but certain number of equity sellers that are unusually motivated (think estate sales, divorces, and job changes).
4) Possible drops in certain condo complexes or high end price ranges due to the lack of move up buyers and oversupply in for those products
5) Relative stability for single family homes, especially those priced under $250,000 just as we saw for most of 2009 according to Trendgraphix.
6) A shortage of realistic equity sellers that are willing to sell in desirable neighborhoods. In many neighborhoods now, over 60% of what is on the market are just Overpriced Turkey Leftovers. The sooner those homes come off the market the better!

It may take a couple of years before current property owners become accustomed to the new CORRECTED PROPERTY VALUES of today. In reality, this could just be a "new normal" with slow moderate price gains over many years, like we saw in the 80's and 90's.

There is always the possibility of bad news that could depress the market further, like a noticable change upward in interest rates or bad news for the larger US economy, but at this point, it may not be possible to predict factors of that nature. For many neighborhoods, 2010 will probably just be more of what ended up being the "new normal" price ranges for 2009.

HAVE A GREAT WEEK!
Barry Dunn
Keller Williams Fort Lauderdale, FL