Condo prices at Gulf may be leveling off - al.com

Condo prices at Gulf may be leveling off - al.com: "Condominium prices may be leveling off as auctions, distress sales and buyers with cash are reducing some of the inventory at the Gulf, according to agents.

The recent auction sale of 31 units at Escapes! To The Shores in Orange Beach, which netted more than $12 million, 'makes a statement of what our rock-bottom prices are right now,' said Tina Maynard of RealtySouth in Orange Beach.

The two- and three-bedroom units sold for under $200 per square foot, which included the 10-percent buyer's premium. That's less than half what comparable properties brought in the hot market just before 2004's Hurricane Ivan."