Falling real estate prices offer 'special' opportunities

Agent: Lower prices bring lakefront views within reach

Falling real estate prices offer 'special' opportunitiesCounty median drops to $417,000-

Lower prices bring lakefront views within reach, agent saysMedian house prices in the County fell nearly 12 percent for August to $417,000, compared to $472,500 a year earlier, a real-estate tracking firm said Thursday.

Also in August, the number of houses and condominiums sold in the county fell almost 9 percent, to 138 residences from 151 residences the same month a year ago, according to figures collected from the county recorder's office by DataQuick Information Systems in San Diego.

The decline means properties with special features such as lake views and space for horses are dropping to very attractive prices for investors and for homeowners looking to move up, a real estate agent said."It's a fabulous time for buyers to buy," said Diane DiLeo of Network Real Estate in Grass Valley."Three things come together that come once or twice in a lifetime: Lower prices, great interest rates - which means lower payments - and to me, most importantly, selection. When else can you find lakefront property for under $400,000?"

In July, the county's median price stood at $429,000, and in June it was $470,000, DataQuick reported.The county median price fell faster than the statewide median in August, according to the Associated Press.The median price paid for a house in California in August was $465,000, down almost 3 percent from August 2006. The number of houses sold statewide fell nearly 35 percent in August to the lowest level for the month in 15 years.