In 2007, 7 homes were sold in Lake Whippoorwill. The net sales prices ranged from a low of $455,000 to a high of $625,000. The average price per square foot on those homes sold was $85. (Price per square foot has been calculated using information available in MLS and county tax records.) There were no foreclosure sales.

Contrast that with 2008. No homes have sold thus far in this community, 7 full months into the year. There are currently 6 homes for sale with one of them under contract. Three of the six are foreclosures. Two other homeowners have given up for now and taken their homes off the market. The highest listed price for any of these homes is $599,999. The lowest is $424,900. The asking price per square foot remains high at an average of $88, although some are now as low as $72/sq. ft.

The likelihood is that none of these homes will sell for their asking price. In this market it's pretty rare to see an offer at asking price. Watch this neighborhood for further price declines as the banks do whatever they need to in order to sell the foreclosures.