Even at $263 sqf (1M for 3800sqf), it is still a great deal for CV. The house is in good condition, even compare to regular sale (excellent for un-occupied / short sale)
I would say this kind of deals only come 2 or 3 time a year in CV.
Of course, if high end does come down like many other blogs predicted, this will not be as hot in 2010. But, for 2009, I think it is pretty hot for people with large down payment.
