I'm working with a client that owns a home on Devils lake right now. They are also local business owners. They simply want to retire and downsize. This is just one example of many scenario's that drive a market. I agree with Merry Ann, prices have dropped signifigantly.
I have been selling homes in Lincoln City for 16 years and I have seen the inventory on the lake go up to over 30 homes and down to just 4. The inventory level is at a place that buyers have selection again but not as much as there has been in the past. The prices are now just starting to demonstrate the supply and demand correction. There has been some very signifigant price reductions on a few properties.