I rent in SEH just down the street from this house. I think it is fairly priced for recent comps (Sagewood – $212/sq ft) given that those houses didn’t have this view.

I would wait though. There is a lot of inventory in SEH, REO’s and shorts. This thread should give you an idea:

http://piggington.com/san_elijo_hills_imploding

Since I last posted, 2 of the 3 Leeward houses went pending which was pretty suprising to me. I can’t wait to see what they sold for. Also, this house on Eclipse is has a similar view to your house and is priced pretty close, but has a high MR fee.

http://www.prudentialcal.com/Listing/ListingDetail.aspx?Search=0fe93716-ad27-46cc-8e47-cd749bc9852a&Listing=27796167&IRPAgentID=&Image=1&First=1&Last=10&pagesize=10&SearchType=&ListingDistrictTypeID=&FirstLetter=&Sort=1&Cookies=&UseColorBar=false