I have been in this listing. I forgot how many offers on it because I called recently but it was pretty active. I do not have anything groundbreaking to say as the previous posters have already covered it. PQ is and always will be a destination for many people as a cheaper yet pretty much quality alternative to 4S and Carmel Valley. Indeed the bounce in PQ in my mind has been stronger then the bounce in 4S and CV for this year so far.
The bottom line is that if you are going to buy now then you WILL overpay if there is anything redeeming about the home. It is simply a matter of crappy supply and this IS A MANIPULATED MARKET. I do not believe the market will up and run away on you so if you can wait then wait. Don’t sweat the 8k tax credit as I will be willing to bet you that there will be another incentive on the heels of this one expiring.
If you think PQ is going to do an abrupt 180 and plung back down to where it was 6 months ago then wait. I do not think it will but everyone has thier own opinion. I think that down the road if there are interest rate disruptions then yes PQ can head south but that will be at the cost of a higher rate. If you have large cash reserves you are in the catbirds seat.
You need to measure out what is right for you in terms of having the home verses waiting for the bottom.