Recent sales on ralphs ranch road, silver pine, silver crest etc were down to 210 a sq ft. (all between 210 and 220)
So lets assume that we could easily hit 200 a sq ft by spring or at latest next fall if there are further price drops in 4s (Most assume san diego should see more of a decline).
So at 200 a sq ft, a 3000 sq ft home should go for 600K.
So assuming 200 per sq ft, Maybeck should sell for 560-740K.
It means that the Bank REOs that are frequenting my development at 500K should be going for under 400K. I think the maybeck prices breaching mid 5s isnt out of the question.
This is just my opinion and not an attack on yours. Imagine what happens if this financial mess continues..
