It’s no secret that the Florida real estate market has taken a broadside hit. There have been high profile project flame outs (who can forget the failed Hilton sister entrance into hospitality with the never opened, Nicky O condo hotel, and most recently the biggest real estate promoter of them all, the Donald, has backed away from planned luxury condo developments in the Sunshine state.

Trump announced that two of his condo projects including a luxury condo hotel project in Ft. Lauderdale called Trump Las Olas Beach would not go forward. Last weekend, the Palm Beach Post reported his 23-story West Palm Beach luxury condo project would not begin construction. With less than half of the 150 units sold, according to the newspaper, Trump said that the project “won’t go forward unless we see a robust market.”

So is the Florida real estate market headed south for the winter? Not so fast. In an article this weekend, the New York Times reported that while the low end of housing market in Florida is suffering, homes and condos with price tags of more than $1 million were faring much better, fueled in part by foreign buyers with fists full of cash who are drawn stateside by the weak dollar. Inventory is certainly up writes the Times, but real estate with prices north of a million was holding steady. In fact this year, the median sales prices of condos, with asking prices of more than $1 million, is $1.5 million, about the same as last year. One local real estate company has sold more than 1,200 condos north of $1 million since the start of this year and prices are down just half of one percent.

Of course it’s hard to ignore high profile project stumbles, as developers reassess their building plans before breaking ground. That said, there are several luxury condo projects moving forward and opening their doors early next year. The Residences at the Gansevoort South will open in January and the hotel will be the first Florida outpost for the luxury hotel. The Mondrian South Beach, from the Morgans Hotel Group, will also open in early 2008 and is selling condos ranging from studios to three bedrooms with asking prices of up to $4.8 million.

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Then check out our Mini Guide:

• Part 1: Condo Hotels Explained
• Part 2: Financial Analysis
• Part 3: Brands and Projects
• Part 4: Key Questions