Been trying to sell my south florida townhouse since 11/06. No offers. It's in a great area, remodeled kitchen, all new appliances, they were selling for $290,000 in early 2006, now I can't get an offer at 254,900! Is it the market there or my realtor?

My understanding of the current real estate market is that the areas that were building condos/townhomes far in excess of demand (South Florida being one such area) are now having trouble finding buyers for the excess inventory. I also understand that the market in many areas is in a bit of a "Mexican standoff" (no offense intended to anyone from Mexico or of Mexican ancestry). Sellers are hesitant to lower prices because they don't want to lose their gains, while buyers are waiting for sellers to finally get desperate and lower their prices. It's going to have to break at some point. Personally, I think the market is going to get worse (for sellers) before it gets better. Too many people are too extended on their credit to sustain the run-up of the past 10-15 years. . . .