Signs pointing to a slower real estate market in South Florida

The Miami Herald reports:

The story of 801 Majorca Ave. is the story of South Florida's housing boom.

801 Majorca is a three-bedroom, Spanish-style home on a quiet street in Coral Gables. In 2002, it sold for $413,000. A year later, it sold for $505,000. And in November it went on the market, billed as a ''mini Vizcaya,'' for an asking price of $799,000.

But this time it didn't sell. In late November, owners Janina Deppie and Jaime Einstein lowered the price to $769,000. Still nothing. December came and went and the ''For Sale'' sign stayed.

''There were some brokers who came in and looked at the house and said it will sell in a week,'' Deppie observed. ``But that was the old standard.''

What goes up can go down.