I did a lot of looking this weekend and concluded that it would be idiotic to buy now. Emotion got a hold of me for a couple of weeks, it’s nice to be back in logic land.
There are a few very nice houses on cul-de-sacs asking over $1.1M; using the case-schiller index they should be $850-900K at best…and that’s based on February pricing.
The cheapest of the houses that are on Grado El Tupelo and Corte Acebo are just that…cheap. And they are listed at $800K. Again, using CSI these should be at 725-750K and I would expect a 6% drop or so over the next two month.
I predict that at this time next year, you will see the same thing in LCV that we are currenly seeing in SEH: 20% lower prices and bidding wars on those priced aggressively.
