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"It's a 24/7 job"

"The wine industry is changing and in this environment, at our ages, 61 and 55, we don't want to be doing this in 10 years. It's a 24/7 job," she said.

The winery and two homes on the property are listed for $6.9 million.

Jim Rowe Sr. has been trying to sell his Dry Creek winery Pezzi King since last summer with no takers. The 6,500-case zinfandel specialist is on the market for nearly $10 million.

Pressure on prices means the winery has had to manage its operations closely, but it hasn't dampened interest in the winery, he said. At least 16 potential buyers have expressed interest, including investment groups from the Far East and Europe, he said.

"There's no question the industry is getting kicked around," Rowe said. "But we're doing alright."

There is something of a standoff in the market at the moment, according to Correia.

The handful of buyers are largely expecting to find great deals, but winery owners are reluctant to sell at such steep discounts, Correia said.

"Sellers think it's 2007, and buyers think it's the 1930s," Correia said.

Those who don't have to sell are waiting it out. But those expecting a quick rebound in demand or values are likely to be disappointed, Correia said. He expects to see more winery sales in 2010 as the pressure builds.

"A lot of property owners really haven't faced up to reality. They are still in denial," Correia said. "They think they are going to work their way out of these things, but some of them have dug themselves a pretty deep hole."


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