Just a few stories from the street – many are not selling too:

1. An agent told me of an Irvine short-sale that he “comp’d” at $550,000, but listed for $525,000.  They wanted to make the price attractive to sell it right away, and only did one open house.  He had 37 offers, with two over $600,000:

http://www.redfin.com/CA/Irvine/89-Passage-92603/home/5895173

2. This Oceanside REO got the typical Wells Fargo carpet-and-paint treatment before hitting the market for $359,900 last Tuesday.  They received 25 offers, and took $397,500 cash from an owner-occupant buyer. (10.4% over list):

http://www.redfin.com/CA/Oceanside/2092-Tiffany-Dr-92056/home/3393861

3.  The previous sellers paid $670,500 in September, 2010, and these sellers paid $795,000 in June.  They put it back on the market for $869,000 in November with nothing changed – they even used the same photos from the previous listing!  Yet, it only took 24 days to go pending:

http://www.redfin.com/CA/Carlsbad/3242-Sitio-Avellana-92009/home/22496850

4. These sellers paid $829,000 for this in 2010.  The model-match sales since then have been $680,000, $720,000, $740,000, and $762,500.  They listed for $875,000 to $925,876, and only had one exterior photo, yet went pending after two days:

http://www.redfin.com/CA/San-Diego/13273-Courtland-Ter-92130/home/4458979

Photo from previous listing showing the view/pool, which doesn’t look that spectacular:

5.  This hit the MLS on the Friday after Thanksgiving, and had four offers within 24 hours:

http://www.redfin.com/CA/Carlsbad/3474-Circulo-Adorno-92009/home/3871106

It’s a hot market – for a few lucky folks!