one dollars worth of a property can be bought by a few pennies

Figuratively, the real estate has been selling more than 90% off from the last known market price.

True or not, it depends how the last known market price is creditable or not. Usually, The current price is compared with the buying price of the last transaction on the real estate, but the selling party may have overpayed the real estate at the last transcation time. A lots of houses in Florida now are selling around 30 pennies on the dollar ( I am comparing the current price with the contract prices of major buyers one year ago.)