of course it is the most levered real estate in the country to hedge funds and the financial system.
Guess what? Prices are still much much too high. Get out if you can.
The same down trend will occur in all of the most levered enclaves. Aspen, Park City, Cape Cod. Of course this real estate will always be desirable. It is rare, in a beautiful area, that is supply limited. Nonetheless, trees do not grow to the sky and they are all multiples over priced.
http://bloomberg.com/apps/news?pid=20601213&sid=a8PWXxTZCdIU&refer=home
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