Local real estate agents recently proudly announced the roll-out of a bold new campaign—Time2buy! If that’s exactly what you might have expected them to say, guess what—they’re right, at least when it comes to luxury homes in the $1 million to $5 million price range. That’s where inventory has piled up in the last few years, and that’s where sellers are beginning to seriously reduce their asking price. Luxury homes that were soaring out of sight two years ago are suddenly much more affordable. We asked some of the town’s top agents about their “bargain castles”—wonderful homes that have had their price slashed or represent an unusually attractive buy; sort of the MLS version of a markdown rack. Along the waterfront, in country clubs and on sprawling acreage east of town, they came pouring in.

Here are 10 of the very best. Each one is a top-quality property in excellent condition, with a desirable location, luxurious features and an attractive price per square foot. Most have been significantly reduced since they first went on the market. They’re great values one and all, and proof there is a silver lining in our stormy real estate market.

If you’re a boater, consider one of Siesta Key’s best bayfront values, located at 1294 Whitehall Place. The house features four bedrooms, four full baths and powder room with stainless steel kitchen appliances and granite surfaces. Pecky cypress accent walls, vaulted ceilings and clean angles offer a Frank Lloyd Wright feeling. “This house is directly on Sarasota Bay,” explains Kim Ogilvie of Michael Saunders & Company, “on a corner lot with deep sailboat water in the canal on one side and open bay waters on the other. It was purchased in 2006 for $1.935 million, and the owners invested $300,000 to completely remodel it. It now features a brand-new kitchen and master bath and is in perfect move-in condition.” Ogilvie says they first listed it at $2.795 million and now have reduced it to $2.295—a half-million-dollar price cut, so it has been reduced quite substantially. “Once the owners pay their expenses, they’ll actually be losing money,” she says.

Horse lovers, saddle up! Land spreading out over seven private acres gives this Lakewood Ranch property with equestrian amenities an estate feel. The custom two-story home, built in 2002, is located at 8272 Whiskey Pond Lane in the Sarasota Polo Club, and the handsome metal roof adds to the gracious Old Florida feeling. A spacious 20-horse stable and barn with potential for a guest apartment makes it an impressive compound.

“A residence like this one is hard to find,” says Tonna Gruber of Keller Williams Realty. “Polo clubs across the country are tightening up where people can actually live, and this home is adjacent to the green polo fields so you can saddle up and ride over. In addition, the neighboring home is worth $6 million and this home is listed for $1.25, down from $1.4 million. A home like this at such a low price is very tough to find.”

A beautiful waterfront Mediterranean estate with fabulous views of Lemon Bay is offering more than 6,680 square feet of luxurious living space, a pretty swimming pool and wonderful boating water for the true bargain price of $1,899,000. Nelda Thompson of Nelda Thompson & Associates says the home offers seclusion, excellent boating water and upscale amenities and finishes.

“The house sits on a gated lot measuring 100 feet wide by 500 feet deep and offers a very private, very deep and brand-new dock that was completed just before Christmas last year,” Thompson says. “The master suite is extraordinary, with a sitting room, lavish bath with Jacuzzi tub, multi-jet shower and master closets that are larger than most bedrooms. The open bay views from the living room are breathtaking, and the house also features a game room with pool table, home theater, elevator and three-car garage.”  

A fabulous Italian Mediterranean home in the exclusive gated Harbor section of Bay Isles on Longboat Key is for sale at $2.7 million, reduced by nearly one third from the original list price. “This home was priced at $3.5 million when we first took the listing,” explains Michael Moulton of Michael Saunders & Company, “and we have a very motivated seller. This is a 5,000-square-foot home that has been completely renovated in the past 18 months, including a beautiful new kitchen and bathrooms.”