Ron Marcellus, a broker at Stratton Mountain, Vt., said one owner held onto his home next to a ski trail rather than accept less than his $1.6 million asking price. "Some people are still realizing appreciation, although it's less than they would have gotten a year ago," Marcellus said as he pointed out the few available lots on a map of the woodsy Stratton development.

"For the first time in probably 10 years there is vacation housing available for under $100,000. There are condos available in the $75,000 to $80,000 range," said Michael Frucci, executive director of the Cape Cod Chamber of Commerce.

In Florida, Harvey Geller knocked $35,000 off the price of a single-family home at his Wycliffe Golf and Country Club in Palm Beach County. The asking price for a three-bedroom, three-bath villa on the 36-hole golf course is $265,000.