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The Masked Tulip

Lavish Apartments Turned Recession Bargains

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http://abcnews.go.com/Business/story?id=8259343&page=1

That luxury $15 million apartment that you once might have dreamed of is now on sale for $12 million. Okay, so it's still not within the reach of most working families today but for those who have a few million sitting around, there are some fantastic deals to be found.

Take New York. The median price for a Manhattan apartment fell 19 percent over the last year, to $795,000, its lowest level since the second quarter of 2007, according to a recent report by Halstead Property.

Luxury homes there suffered the most, with an 82 percent decline in closings for more than $10 million at cooperative apartment buildings.

Florida -- one of the first states to see its housing market collapse -- is also offering some great deals. What was once hot and trendy in Miami and Palm Beach is now priced to sell.

ABC News asked local real estate agents in the two areas for a sampling of some of the best luxury bargains on the market today. Here they are:

Boy, if you have lots of money you can buy some, IMPO, ugly looking buildings.

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I never aspired to overpriced property in swampland. Must be something wrong with me.

But you get a free alligator with each purchase. Who wouldn't want to buy?

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