One correction that you got backwards. I was selling homes in 2003 and 2004, lots of homes. The high end generally peaked in 2004 while the low end continued to rise through 2005. What is happening now is the high end folks have recognized this and are pushing all the prices down below them.

AsianNautica
I know the Compass Point area pretty well. A year ago the smaller units were selling between 500 and 525. While there were a couple higher sales the market was really at 500 to 525. In the last 6 months there were 2 sales at 480 in March but there have been 3 sales at 495 to 500 April, May and June. I Just checked and prices seem to be somewhere between 450 and 500 which would correspond with the 5 to 10% decline I am seeing most places. There are currently 6 on the market with none pending. It looks like the new one (only 5 days on market) is trying to grab the next sale. As I mentioned previously it is not a question of at what price anymore as much as it is a question of can you sell with low demand.