Signs of the Times

I didn't mention this the other day during the Monterey trip, but the evidence of a weak economy was present even in the toniest area we visited during our trip - Pebble Beach. If you take the 17 Mile Drive which winds through the Del Monte Forest and along the rocky coast you pass a great number of really amazing homes. Some are just breathtakingly huge and beautiful, with spectacular views of the California coast.

And a whole lot of them are for sale. We've taken that drive every year since 2005, and a couple of times in years before that. In all those trips I've never seen as many for sale signs as I saw on this trip. Dozens of them.

Every one of those homes costs in the millions of dollars - one even goes for as much as $34 million. I wouldn't say there are bargains to be had, because these are still homes that only a small percentage of people could afford, but never before have I seen so much high dollar inventory for sale.

Some of the rich and famous aren't as rich as they used to be, and they're selling their mansions.