It’s currently off the market and I dont know what is going on. My guess is that eventually it will get foreclosed upon. However, it looks like I was pretty much on target with my assessment of things over there. Those looking for a dramtaic crash to 500K have been sadly disappointed.
There are currently 12 homes on the market in the tract and there 2 more that are in escrow. In the last 60 days 4 homes have closed escrow with prices of $580,000, $590,000, $595,000 and $597,500.
The pricing of the homes on the market suggests the sellers are looking to get $575 to $600K. The pricing of the homes in escrow suggest they got between $550K and $575K. These sellers stepped to the front of the line (i.e. reduced price just a tad below the others and got theirs sold). The others are holding the line abover $575K and eventually others will step forward and sell at slightly lower levels.
UPDATE:
One of the pendings just closed. Asking price was 549 to 569 and it closed for 547.