Rustico, thanks again for pointing out the Sunterra condo conversion on N. Johnson. I got a call today from a realtor about a new listing there. One of the 2bd/2ba 896sf units just listed for 179K-199K (short sale subject to lender approval). There are other listings for what appear to be the exact same condo for up to 282K-295K! You are right about the 40K to 90K estimate now I think. Even the sale in January of this year looks like it is going to be upside down by 40K. Even if this latest listing price isn’t accepted by the bank I think it sets a certain price expectation on the part of buyers. The price reductions are really stunning to me (even though I have been hoping for them). The real time price trend here is accelerating regardless of what the latest median statistics show.
The collective wisdom of this board is proving correct to me so far. That gives me further confidence that some of the more bearish predictions are increasingly likely. I am especially grateful for the post I ran across on Craigslist back in late 2005 / early 2006 that pointed me here. Thanks Rich for the site and introduction to the housing bubble analysis.
