The real estate market on the Vineyard had already begun to see a sharp downturn this year, and the recent collapse in global financial markets and turmoil on Wall Street certainly has not made things better.
Statistical evidence gathered from Banker and Tradesman online, which compiles real estate figures from sale documents, shows the Dukes County housing market is off sharply from last year, with sales down almost 15 per cent and prices off by more than nine per cent.
After 30 years of operating the Island's largest oil and gas supplier, Ralph Packer is quite aware that many Islanders feel they pay way too much to heat their homes in the winter.
"I start to hear it every year when it gets cold; people think they're getting ripped off" Mr. Packer said. "They are automatically suspicious when their [oil bills] go up each year"
The real estate market on the Vineyard has swung strongly in favor of buyers, as record stocks of unsold properties force agents and owners to begi
Now is always a good time to market a quality product, say a number of Island entrepreneurs opening new businesses this summer.
Looking back over 2002, the Island's economy showed strength during a year of uncertainty and possible war.
Start talking to people about the state of the Vineyard economy, and you can detect an edginess, an air of concern that mirrors the condition of a nation in the midst of recession, war and ongoing fear of terrorism.