Currently in Shady Canyon, more than 70 of the sites remain empty dirt lots or have houses under construction, and dozens of the finished and landscaped minimansions sit unsold.

Prices have drastically tumbled. Among the 42 single-family houses listed for sale in Shady Canyon, 38 have been discounted by an average of $589,231, or 9 percent, from their original asking prices, according to the Multiple Listing Service. Two houses have even gone into foreclosure.

This month, the seller of the three-story, 12,000-square-foot estate at 66 Canyon Creek knocked down the asking price by $2.5 million from its June price of $9.9 million. This house has been on the market for more than two years.

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