Slowdown on Block Island?

Construction crews are busy now, but if the paperwork at Town Hall is any indication, work on new single-family homes will take a nose dive next year, according to Block Island (RI) local paper. As of late May: only two permits for single-family homes have been issued this year, "the slowest I've seen it since I've been in office," said Building Department official Mark Tillson, a 16-year veteran.

Could the million dollar prices-- the cottage above is offered by Ballard Hall -- have something to do with the downturn?