MIAMI -- For people who have always dreamed of a magnificent mansion, prices of luxury properties are drastically dropping.

"We're seeing foreclosures in the upper-end market, which is insane," Majestic Properties real estate agent Ines Hegedus Garcia told Local 10's Julie Summers.

Hegedus Garcia pointed to several examples, including a home on North Bay Road in Miami Beach that was on the market for $6.5 million in February of last year but was sold a few weeks ago for $3.075 million. That's a drop of almost 40 percent.

Another example, Hegedus Garcia said, was a mansion in the 100 block of Palm Avenue that was listed at just under $11.9 million last year but sold in September for $9.75 million, a drop of 19 percent.

The so-called "Temple House" in Miami Beach, a 16,000-square-foot home that originally was a synagogue, listed in 2006 for $17 million, but now the asking price is $9.5 million.

At the Continuum condominium complex in South Beach, two separate units on the 33rd floor are now available for the combined price of $9 million.

Hegedus Garcia said many high-end properties are selling at reduced prices for the same reasons as "regular" real estate listings. Sellers in distress are either out of time or money, or sellers overpriced their properties initially.

"There are sellers that will just not be realistic about what the property is worth," Hegedus Garcia said.