Owning a Private Island

Our summer of discontent is over. Between the scary debt-ceiling debacle in Washington, economic woes in Europe, and frightening stock-market gyrations, it's time to get away, right? So what would it be like to escape to your own getaway in the Florida Keys, off the coast in the Northeast, or on the banks of Lake Michigan?

Usually impervious to market swings, even the private island market has adjusted to the weak economy, with prices dropping as much as 50 percent, according to Farhad Vladi, president of Vladi Private Islands. More sellers are also obtaining building permits in advance of sale -- a long process that can be one of the biggest drawbacks to creating an island retreat.

Don't fool yourself: Owning an island is a luxury, not an investment. It can take two to five years to complete a private refuge on an undeveloped piece of land. Purchasing an island that comes with everything you need speeds up the process, but you give up the opportunity to truly make it your own, something that Chris Krolow, president of Private Islands Inc., says is often important to his well-to-do clients.

So whether you have the will and the way, or just wonder what it would be like, take a look at these islands for sale.

Vladi Private Islands

Lower Birch Islands

Place: Near Addison Township, Maine, about 60 miles northeast of Bar Harbor

Asking Price: $1.295 million

Acreage: Larger island is 23.6 acres; smaller island is 4.4 acres

Larger island is developed; smaller island is undeveloped

It's rare to find islands for sale in this easternmost county of the U.S. Located about ten miles off the mainland, the larger island has a three-bedroom, 1.5 bath home with a wraparound deck, and the current owner is obtaining permits to build a four-bedroom home on the smaller one. A generator and solar power system come with the existing home, as does most of the furniture. There is also a three-acre launch lot on the mainland, perfect for getting the 28-foot lobster boat and dingy included in the sale in and out of the water. The asking price is $500,000 less than back in 2007, when the islands first went on sale.

Private Islands Online

Brewers Island

Place: Near Glen Burnie, Md., 15 miles south of Baltimore

Asking Price: $890,000 (price recently reduced)

Acreage: 1 acre

Developed

Washington, D.C. is less than 40 miles away, and Baltimore's Inner Harbor is accessible by speedboat in just 35 minutes.

Located 300 yards from shore in Marley Creek, a small waterway that leads to the Chesapeake Bay, the island has a two-bedroom, one-bath home, accompanied by a one-bedroom, one-bath guest-cottage. It also comes with high-speed cable, electricity, and water and septic systems. Interesting history, too: The title deed dates back to the pre-Revolutionary War era, and the island is rumored to have been part of the underground railroad for fugitive slaves before the Civil War.

Private Islands Online

Namaste Island

Place: In Lake Michigan, near Traverse City, Mich.

Asking Price: $885,000

Acreage: 7.5 acres

Developed

You could watch the sun rise over Lake Michigan from your bed in this newly renovated three-bedroom, one-bath cabin.

Located less than 1,000 feet from shore, the kitchen comes complete with high-end Electrolux appliances. The island also has several sandy beaches, wild blueberries in July and great fishing.

Private Islands Online

Maude Island

Place: Near Sitka, Ak., in the Alaskan panhandle

Asking Price: $1.15 million

Acreage: 1 acre

Developed

The three-bedroom, two-bath, 2,500-square-foot home has several large decks with views of glaciers and mountains towering over the Gulf of Alaska. The house also comes with a private dock for fishing, boating and kayaking.

Private Islands Online

Sea Shell Key

Place: In the Florida Keys, near Marathon, Fla.

Asking Price: $1.35 million

Acreage: 0.25 acre

Developed

Two-bedroom, one-bath escape comes with a screened-in-porch, air conditioning, electricity and water, a Jacuzzi tub and satellite TV.

The island is surrounded by an exposed reef that attracts all kinds of sea life And, situated less than 1,000 feet from Marathon, there's town life nearby.