The above home is desparately in need of help and hardly in turnkey condition. Its 34 years old and has never been updated. It is located in a relatively run down part of the area with a below average elementary school for the district. This is not the kind of home young professional families are looking for.
As for the higher priced homes, sure they will come down a bit but not 20% en masse. Its gonna take time and for the time being its not looking great for bargain hunters around here. As proof of this I just saw a house go in escrow in this area well above what I ever imagined it would sell for. I spoke with the agent and she attributed it to, surprise…the lakck of available inventory in this range.
