I’m with you on the fact that the memo about prices falling didn’t seem to get to everyone but these two examples have some explanation. The small one is approaching the magical 300k for an sfr barrier and would rent for about 1500, so it will find pricing support at some point and it is affordable to many people so the bottom of the market has been slower to drop. The second example is a little different too because it’s on more than a 1/4 of an acre and Morgan Valley has huge lots and a great location, kinda a hybrid tract but 900k is silly, it was probably 700ish at peak and that one doesn’t have the drive though garage that some models had (a four car garage that opened at both ends so you could drive into the backyard, I don’t want that but thought it was cool).
Here’s a better example of a a delusional seller. Two houses, same street, both on golf course, a 3500 sq ft repo for 425k and a 3000 sq ft non repo for 660k.
The repo represents a 175k loss from peak and a 40k loss from 2003.
The non repo represents a 250k profit from 2003, they were built at the same time and the repo was 50k higher when they were both new because it is bigger, this shows a 300k pricing disparity, approaching the cost of the home, someone is taking crazy pills.
