Congratulations to the sellers! What a relief for them that a person is willing to take such a risk on a million dollar home in today’s market. Looking at Chula Vista as one San Diego area that saw million dollar properties now sell for a scant $600k, I guess Del Cerro isn’t Chula Vista.

Hopefully, these buyers are putting a down a big down payment and are not going to be selling at the first sign of additional price declines. At $286 a sq ft if it sells at the asking price still seems a bit steep for a home so large (since demand can be gauged by how long it’s been on the market it appears there wasn’t much demand for this home). It does look nice in the pictures however. A willingness to prove the naysayers wrong with such a big purchase has to have these homesellers giddy. I have to believe they were worried if they were going to have to drop the price again or if it would ever sell. Maybe this is the biggest housing crisis since the Great Depression and maybe it isn’t. I know I don’t want to risk my capital on betting that things won’t go down further.

“It will be the biggest housing-price decline since the Great Depression,” Heebner, 66, said today in an interview in Boston. Prices may fall by a fifth in some markets, he said.

That would leave home prices at levels last seen in 2003 and 2004 … The damage from high-risk mortgages will slow the U.S. economy, though not enough to send it into a recession …