It seems that the buyer’s for these types of properties are in the mid to low 8’s and the seller’s are at the mid to low 9’s (or higher). There seem to be just enough distressed properties trickling on the market in the mid 8’s to keep the buyer’s from moving up in price (if they could). The buyer pool is increasing at these price points which is evident when you look at how fast well priced REO’s and short sales go pending. This is a big change from last year. Something has to give.
The house on Ocean Bluff sold for 2.3M new so I’m not surprised at the interest.
