What I’ve been reading from the realty agents here on this site is that there has been an uptick in interest, and that the best homes in the most desirable areas have been generating multiple offers. I don’t interpret those comments as meaning that any of these guys think the market is getting close to a reversal – they’re just reporting the beginnings of what looks (to me) to be a spring bounce.
Bear in mind that CV and 4s are just entering the initial phase of declines, similar to the gentle declines that preceded the free fall that the outlying areas entered into starting in late 2007. These primo areas seem to running 1-2 years behind the outlying areas. Their time will come. I’ve seen it happen before and based on my experience I assume it will happen again. The subdivision homes may not bottom out at $100/SqFt but I have no reason to believe they’ll stop before passing $200/SqFt.
