Property values defineately declining in the Brainerd Lakes Area

Just starting to see the home values declining at a rapid pace on the Gull Lake Chain.  There has been to REO properties on the Gull Lake Chain that have recently came on the market and are under contract.  Both properties were priced under the $300k mark.  Both properties are currently under contract or have sold.  These prices were unheard of in the past 7years.  Their taxable market assessed values were well over (around $200k) their recent list and sold price.  Great opportunity for investors or lake home seekers.  Definitely more to come.