Now's the Time to Buy That Island

The recession has apparently put a real dent in the market for islands, The Seattle Times reports. There are about 500 islands currently for sale around the world, 20 percent more than a few years ago. A recent auction of Vendovi Island, one of the San Juan Islands near Seattle, failed to draw a bidder willing to meet the asking price or the seller’s reserve price, and only one island has sold at auction in the last five years. “In the high days there was so much surplus cash around, people just didn’t care,” says Farhad Vladi, who owns an island brokerage. “Auctions like this show very clearly where markets are. We are back in the years 2003-2004. Everything was in balance, normal.” [%comments]