The central location and the lack of HOA and MR are the major reasons to be interested in this area.
But the POS I mentioned brings clarity to the discussion. It is clear that people bought without looking, and this increased the comps in any area. The stickiness on the way down even for this POS reflects the real losses that a lot of people are likely to take in the upcoming crunch.
Given the fact that NODs are up again for january (see the other posts), I am wondering when to start to lowball offers in these less desirable neighborhoods (I actually like them more than the newer planned communities).
A 20% lowball now a 450K house is still 360K and it is hard to see that value lasting much past a year or so.
