Neither of the condos are short sales or REO’s. Both of the houses are (one is a REO, one is a short sale that apparently has already gotten a negotiated approval).
At least one of the condo’s appears to have it’s valuation directly set by what will get the owner out of his/her mortgage without sustaining a heavy loss (the 2nd condo was bought at a purchase price of 500K last year – assuming a fairly minimal downpayment, the owner is just barely above water at the asking price, is probably trying to get out from under catching that very sharp knife). Not sure about the other, since it was apparently purchased last in the mid 300’s, but perhaps they set their price based on the nearest neighborhood comp – which would be condo #2’s wishing price. Or, of course, it could also be that they HELOC’d the heck out of the home, and 475K is the number that gets them out of debt without resorting to a short or foreclosure.
Based on Mira Mesa market conditions (and the higher quality comps you located), I truly doubt either of those condos gets sold without taking at least another 75K haircut, and probably more.
