What do you consider “stability”? Two of the “Million dollar homes” have been for sell for approximately 6 months. Obviously they are overpriced and who knows how distressed they soon will become? And yes the inventory is shrinking so some can reset their DOM. Look at the Yokohama house below which was also listed in November 2007 and got no buyers. Interesting too that this home sold for $~$750k in 2003 and can’t find a buyer in the $800k range in 2008. The 6450 Dwane home sold for ~$700k in 2003 and is listed for $1.2 million. This area is crazy if you ask me. If I were a lender I’d want a whole lot of skin in the game to assure that my money is going to be returned to me and not speculated with a “flip.” We’ve had stupid bankers the last 7 years who’ve lost billions for their companies. It won’t continue, I guarantee that so prices will have to come down to reduce the risk and exposure banks have with their loans.
>>>Seems like inventory is shrinking in the >$800,000 (>3000 sq feet) homes on the hill. Not many more new places coming online, and existing stuff is being pulled or going pending/sold.
