For the past 2 years, Florida hasn't had any population growth. Moving companies report that as many people are moving out as they are moving in. Real estate prices are now down 20 percent from their peak, and The Washington Post reports that enrollment in public schools is down year after year. Many families are leaving because they're being priced out of the market, not to mention that the cost of insurance with all the hurricanes has been too much. Florida's popularity ultimately became its own hex. So that means this a great time to zig when others zag. Clark thinks there will be tremendous real estate opportunities throughout Florida in 2009.

If you hope to buy Sunshine State real estate, don't go by the last sale price on a given property. Instead, look back at what properties sold for in 2004 and use that as your baseline. Keep in mind that the ridiculous prices of 2005 and 2006 were speculative. Miami will present a lot of opportunities in the condo market, but beware of location. Many developers built condos in unsafe neighborhoods as desirable land got scarce. Know the market before you buy.