We’ve talked about residential and commercial markets being hammered by the current economic problems, but did you realize that island sales are being affected as well? [Hat tip Freedom's Phoenix]
SYDNEY (Reuters Life!) – Dreaming of a tropical paradise to call your own? Several Australian islands off the Great Barrier Reef are on sale, and thanks to the global recession, they’re cheaper than they used to be.
Global real estate agency Coldwell Banker’s Capricorn Coast branch is offering 9 islands, some with luxury mansions and other amenities, around the Great Barrier Reef with prices starting at A$1.3 million ($962,000) and up to A$90 million ($67 million).
One island on offer, Long Island, has seen its A$6.5 million price tag slashed by 42 percent. Others are being advertised for almost half what they cost about a year ago.
"Islands have certainly have come down in price significantly and that’s a reflection of the global economy," principal realtor Richard Vanhoff told Reuters.
I tell ya, things are rough all over!
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I’ll take two, please.