Hunting for Second-Home Bargains? Bubble Bursts in Okeechobee

Here's a real-estate bubble everyone should have seen bursting: vacation homes in Okeechobee priced at $2 million and up.

Sure enough, the Pine Creek Sporting Club is drastically shrinking its floor plans and pricing to better fit the financial times. Instead of 5,000-square-foot estate homes, the developer is now shopping cabins less than one-third that size.

Prices are dropping accordingly, down to $600,000.

That's still a chunk of change for most folks -- especially in rural Okeechobee County -- but developer Stephen Myers Jr. remains optimistic that seasonal hunters still want upscale accomodations, and will have a few bucks left over to pay the homeowners' dues.

Read "The Shrinking Second Home" here.