Cherry Hills Village, CO - a good buy?

Anyone looking for luxury/high end real estate in the Denver front range, knows very well that one of the best if not THE BEST areas is Cherry Hills Village. Until recently this area has been a gem of an investment and a lifestyle that not many areas can provide. The lifestyle is still present, however, due to the economic crisis we are currently under, values have dropped significantly and sellers are feeling the blunt pain of those reductions to what was once market highs. Prices have not only reduced by $100's of $1000's but even by $1,000,000 at a time in certain cases... A very tough time to be a seller if you need your equity. However, there is always two sides to the story and that flip side is anyone in position to buy in Cherry Hills Village under current economic conditions would be wise to seek out the potential lows in the markets current value. There is no crystal ball, as we could still stir at this bottom for a while or possibly drop lower but most projections is that the economy is slightly improving and the Denver front range is under valued at this point and likely to rise in the near future thus posing significant potential gains in the short and long term. Always have a professional opinion before making such a leap of faith but in this bloggers/agents opinion, Cherry Hills is ripe for the picking.