Thanks Gatto Nero:
I found this portion of the story laughable:
"Those interested in selling are coming in because that early market is a good time," she said. "I think this market is not the market that is being hit as hard by the economy. ... The lake-fronts are going to hold their value."
Typical realtor nonsense! While many of these property owners have the wherewithal to hang onto these second and third homes, others don't. There have been lots of casualties in the high-end job market and some of the sellers of these homes will be in distress. Thus, there will be motivated sellers and prices on the waterfront will fall. With inventory as high as it is, the rules of supply and demand apply. Yes, there are some buyers who have incredible wealth and they will buy even in a terrible market, but these people aren't stupid and they will drive a hard bargain.
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