So someone on in my neighborhood just put a house on the market while I was out on vacation, and it seemed to have gone into escrow pretty quickly…like within a week…….BUT…. I think it's because it was priced right. For reference, the house was priced back at early 2004 levels. I don't think the house was for sale before I left, and I know it's in escrow now. The asking price was well below $1mil for approximately 2600+sqft.. …..and close to other's purchase price around early 2004. I won't venture what that means or which this home, but those with MLS can probably figure out which one.
The seller probably could have gotten slightly more if they uped the asking price, at the risk of waiting months…but it seemed like they wanted to sell pretty quickly… According to tax records, it seems like the seller was the original owner, so provided he/she/they didn't refinance to buy crap (which judging their modest appearance– they didn't), it seems like they still pocketed quite a bit from this transaction.
So,yes, it seems prices have fallen. Though this is just 1 transaction, it seems like pricing something at the early 2004 in a decent location in CV can generate some decent interest. When we'll start seeing 2003 prices, well that should happen soon.
Ironically someone else on the street that's been selling (and the poor knife catcher that bought) went into escrow with an almost identical unit (with nice upgrades) for about $150k more. Don't know final closing price yet, but this one took 3+ months to find a knife catcher.
