The price of island properties in Florida’s Palm Beach has dropped to something a little more "reasonable" this year.

PalmBeachPost.com said an increasing number of homes are appearing on the market for under $2million.

Engel & Volkers associate Liza Pulitzer said: "Two years ago, I would have only been able to find a building lot for $2 million. Now we’re seeing a pretty good number of houses at $2 million or less."

She attributed this availability to people becoming more realistic with what they think their house is worth.

However, Century 21 agent Douglas Rill believes the prices will not remain low for long. He said that properties currently being listed at under $1.5 million will disappear by 2010.

Last year, the average price a family home sold for in Palm Beach was $3,875,000, according to Leslie Evans, an attorney who tracks real estate on the island.

The first quarter of 2009 had seen an average price of $3.5 million.

Part of the areas popularity is its access to 47 miles of clean, Floridian beaches.

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