"Lakefront Mansion Price Cut by $25 Million"

Some headline huh? To end the suspense this one is not in the Deep Creek market, but in Lake Tahoe instead. So you might ask how this is relevant to this Deep Creek Blog; well, not long ago local real estate agents were touting the "increasing values" in the Deep Creek market and other resort communities around the country despite the national real estate downturn. Now, as prices are being slashed in the Deep Creek market, it would appear from this high-profile listing that prices are similarly being slashed in other resort communities.

Didn't we warn readers just a few years back that vacation home markets tend to lag behind the typical residential markets? Certainly can't say that I'm all that surprised that these vacation home markets are now experiencing the pain the local agents said their market was immune to just a few years ago.

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