Another (nice) CV house sold today at a price somewhat off the peak. A 3800 sf house on Philbrook Square backing the canyon (although with a ridge in the back yard sort of blocking the view) for 1.125M.
Both this and the Santa Barbara that I mentioned the other day are good houses in good locations. Yet both had prices set at post-peak pricing, and they both, despite being on the market for only 4 days, took an offer somewhat off the asking price (50k for the SB and 75k for the Philbrook Sq.) The speculation has been that CV is holding on because of the lack of must-sell inventory. Perhaps these owners needed to sell. Or perhaps the psychology is changing and people feel like they need to take what they can get before things really go south. Or perhaps both.
