Many of these homes were bought at the ‘low’ end, i.e. under a million and many folks look to be trying to get out with some cash before the high end gets hit any harder.
One of those houses belongs to a friend of mine and they are selling due to divorce. They currently have it on the market for about the same or slightly less than they paid in 2001-2002 (and they did quite a bit of remodeling and landscaping). Others on the street are quite a bit more out of touch and are still holding firm to prices of $1.2 to $1.3 which I doubt they’ll get.
They ARE nice houses though if you want a 3000+ sq foot house in CV but the yards aren’t terribly large; my 1100 sq foot house in Allied Gardens has a back yard of comparable size.
