Last Bastion of Bubble Pops

From the NY Times:

 It is clear that the last of the overpriced bubble-fueled bastions of real estate has popped.   Like manhattan, the Hamptons, now Fisher Island has collapsed.   These enclaves were thought (by the owners and their enablers) to be immune from the downturn.  The "Europeans" "new yorkers" "South Americans" and others would always be ready to spend eve inflate prices.

Now this might finally begin to sink to the brains of those palm beach home owners who think that a home bought in 2004 is worth more now than when they paid.