Update: Still not desperate, "just motivated"

I featured a Rancho Santa Margarita property at the end of August where the listing description claimed, "Not a short sale-just motivated sellers." The original post appears below this one. By the way, this is the second consecutive property we've profiled with "light and bright" in the description. Can we please stop the insanity?

It's now almost month later, and the decidedly not desperate but motivated sellers have still not unloaded their property. The Redfin days on the market count is now 75, and the price has been lowered a whopping $19,100 - all in one price reduction that took place Sept. 11. Old price: $429,000; New price: $409,900. Does this sound like motivation to sell to you?

As I said in the original post, the sellers paid $136,000 in 1996, so much of their equity is still theoretically intact. Notice, I said theoretically.

ORIGINAL POST:
182 Calle De Los Ninos is for sale in Rancho Santa Margarita and has been on Redfin for 51 days. Here are the details:
Size: 2 beds, 2.5 baths, 1,000 sq ft (built in 1996)
MLS: S496422
Asking price: $429,000 (new price is $409,900)
Asking price/ sq ft: $429
The interesting part is in the listing description: Cute 2 bedroom detached home that is priced to sell. Not a short sale-just motivated sellers. Travertine downstairs, 2 car attached garage with direct access. Recently painted, sellers will give a carpet allowance. Large rear yard, fireplace in living room, two master suites upstairs with their own bathroom plus 1/2 bath down. Light and bright. Near corner of calle de vida and calle de los ninos-1st cdc.

Translation: "I know what you potential buyers are thinking...if it's actually priced semi-aggressively, it must be a short sale out of sheer desperation, right? Well would you believe that these sellers are actually pricing their property low on purpose? They're motivated, but not because they're in trouble with their lender."

Wonder what their motivation is - relocation because of work or desire to live out of the area, or a more tragic reason like divorce or death? First property listing I've seen that specifically points out that it's not a short sale - the fact that the listing references short sales the way it does shows you how prevalent they've become. Is this only the beginning?

These buyers paid $136,000 in 1996, so a good portion of their equity is still intact (theoretically). This property is $10,900 less than a similar property on the same street (10 Calle De Los Ninos, but this listing says it is only 913 sq ft. Also, this other property last sold in July for $417,646) and $15,900 less than 26 Calle De Los Ninos (same square footage).By the way, 26 Calle De Los Ninos has been on the market for more than 300 days. These sellers theoretically have plenty of equity too, as the last sale was for $139,500 in 1997, but they have only lowered the price once.

How will things end for our non-short sale but motivated owner? Time will tell.