We bought a Gardenia in mid-2007. No doubt, the market price today is less than we paid then. But, since our plans are to live in it for many years (hopefully) and we don't plan to re-finanace (cash purchase), we are not bothered by short-term market price fluctuations. I suspect the value at some point in the future will be greater than our purchase price. If not, our heirs will get whatever the value is at that time. Markets go through cycles, and this one will too. We paid what we were comfortable with at the time to get what we wanted in terms of location, directional facing, features, size, etc. We are happy with the product and will not worry about the market price as long as we plan to live there.

I speculate that, once the build-out is complete in 2012-2014 time frame, and, if the retiring baby boomers still want in, the market prices will only go up. That will likely make whatever today's prices are seem like a bargin (sort of like today's stock prices).