In Spring 2005 these golf course view homes were selling between the mid 600’s and low 700’s. At today’s prices they have already dropped 15 to 20%. Anyone who thinks prices are falling slowly, need only look at numbers like this to see the descent has been rapid. I would expect a further decline but wonder how quick and how far it will fall. IMHO, there probably is another 10 to 15% drop ahead but you will have to wait at least 2 years more to get there.

When to buy is your decision but I would say you have definitely been rewarded for your patience and this portion of the decline was relatively easy to forsee. What happens next is not so easy to to foretell.