Let’s see:
1. Fox Run Row has no yard, needs serious updating, and was previously purchased for 1.32M in Oct. 04′ and their now asking even more $1.395M @ $415 per sq/ft), and it has a huge HOA.
2. Steeple Chase Row is asking $1.369M ($426 per sq/ft) with the same problems as Fox Run, but the owner does have significant of equity as they purchased in 93′ for $520K (assuming they didn’t HELOC themselves to death).
3. Compounding the negatives, this development isn’t in core Carmel Valley and is a royal pain in the butt to get anywhere with the horrible traffic on San Diguito Rd. during commute times. I wouldn’t tolerate that unless I were actually purchasing a custom house in RSF/FBR. These are really just tract homes on mostly very small lots.

If you really still like them, I would only consider the Steeple Chase one since they have significant equity to play with. According to Redfin, there have only been 4 sales in this development in the last year including 14015 Steeple Chase Row which went for $1.462M in April 07′ and was a similar size as 14115 Steeple Chase. I can’t see these being worth more than maybe $1.25 in todays market for the following two reasons:

1. According to the Case-Shiller top-tier index we were at July 04′ pricing levels as of this past Nov. 07′. Two months later the picture has only worsened.

2. The Steeple Chase house previously sold for $1.32 in Oct. 04′ and given #1 above, should now go for less based on the Case-Shiller Index.

If it were me, and I really wanted one of these (i.e. didn’t mind catching a falling knife), I would offer $1.2M on the Steeple Chase house, take it or leave it.

NOTE: This post purely expresses my own opinion and is not a recommndation to buy or sell.