High-end builder bids to recoup

Faced with the reality that luxury homes aren't the hot properties they once were, Virginia-based builder Miller & Smith has decided to clear the slate with a May auction, with opening bids at $200,000 for houses that once listed for $890,000 -- a 71 percent difference.

The houses are expected to sell for well above that opening bid, but the auction highlights how the once-thriving resort market has had to adapt to a high-end clientele cutting costs in sync with their less-wealthy neighbors.