Tuesday, October 19, 2010
The recession and the slump in housing isn't just huring poor homeowners whose mortgages are underwater. Even the rich are suffering, as the market in sales of private islands has nearly dried up, according to a piece in the real estate section of the Seattle Times This has left many extremely rich owners with no way to unload their island getaways.
"As soon as you hit the $2.5-$3 million mark," said the CEO of a company that specializes in these properties, "the number of buyers just plummets." Hard to believe, we know.