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Recreational and luxury properties were the hardest hit when real estate markets took a nosedive a few years back. The global financial crisis had led to the downfall of a lot of property development projects. In fact, most industry experts had described the high-end segment of the real estate market as one "enormous sinkhole." Faced with increasing construction cost, tight financing and dwindling sales, a lot of development projects went down the drain even before they could enter the market.
from: http://ezinearticles.com/?The-Great-Comeback-of-Luxury-Properties&id=3928485
