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The one you pointed out is a short sale. They couldnt get it done at $1.3M becuase buyers in that range dont want to deal with the uncertainty of a short sale when they dont have to. They dropped the price about 300K tis week as part of that desparate attempt. This is a desparate attempt to get a short sale and in no way relfective of market prices. What you see is not always reality and I dont see homes in $1M+ range around 2000/2001 prices around here. Please provide examples.
The comp for the Camino De Orchidia house closed about 1 month ago at more than $1.5M. If the bank accepts $1M for this they are morons or quite possibly someone is writing a big check to satisfy junior liens out side of escrow that while part of the sales price wont be reflected as such. Personally, I’d place a side bet for a Juanita’s carnita burrito that it turns into an REO.
