Raptor – Half of the battle is finding something you like. If SL fits that bill which it sounds as if it may indeed, then you are in a great position. The fact that it is overpriced is not a worry because time is on your side and it will come down. All you need to do is peg the homes you really like and ask your agent to keep watching them. There is no way that they will all sell and they will slide eventually. Perhaps later this year but if you are looking for a 20% reduction you are more then likely looking at fall of 08 at a minimum.
Again though, finding what you really like is the hard part…ooops… strike that… according the Tom Petty the waiting is the hardest part. (Sorry raptor that last reference is to a song I used to like about 20 years … or maybe 25 years ago…)