Quick thought: With news that the real estate and lending markets are going south, could it be that the mammoth Plum Creek luxury-housing project at Moosehead Lake could be put on hold? Or at least be forced to rethink its plans?

Here is a photo of quiet Moosehead, taken last summer. Maybe it can remain quiet, though I realize public hearings have been held throughout the state this winter to get "resident feedback" on if and when the project can be finalized.

But here's my take on this week's economic news, which could affect the project:

Plum Creek executives are probably not concerned that their prospective buyers won't have enough money to swing a deal. The folks that are looking at $500,000 - $1 million EscapeMansions will still have the resources for such an extravagence.

But buyers likely will be looking for lower purchasing prices.

Scenario:

Mogul and trophy spouse to jittery Greenville real-estate agent: "We are interested in pursuing our goal of buying a house at Moosehead but things have changed."

Jittery agent: "Changed? How? You are very wealthy people; I Googled you. I know that you can swing $800,000 for that mountainside estate."

Mogul: "Oh, we can afford it. We got into Krugerrands before Alan Greenspan even started cleaning out his office at the Fed. But the thing is, we don't want to pay $800,000. It's a different ball game. We want to pay less, a lot less."

Agent, calculating loss in commission, begins stuttering. "But, but, we, we were talking about $800,000."

Mogul: "That was then. This is now. Those brochures about projected house prices and luxury amenities at Plum Creek aren't worth the value of a weasel pelt. And I know something about weasels and Maine trappers . . . We are interested in a house, sure, but not at the prices that you folks projected. How does $375,000 sound?"

There it is. Prices are falling fast even on houses that haven't been built. Perhaps Plum Creek will rethink its game plan. Surely its accountants have to rework some numbers.

Like the Mogul said, it's a different ball game now.

E-mail this entry to a friend