South Florida Home Bargains Galore. Just Don't Expect Waterfront

Southern Florida has become the capital of bargain real estate. More than 56 percent of residential properties for resale in South Florida can be nabbed for less than $250,000, far less than prices a few years ago during the boom, according to a recent report by Condo Vultures LLC. For condos and townhouses, the deals are even greater: more than two-thirds of the roughly 41,000 condos and townhomes on the market are less than a quarter mil.

Sun, palm trees and cheap homes... what more is needed to warm a homebuyer's heart?

Water, you say? Well, there's the catch. For that, you still have to pay.