Even though there is a lot of competition in Cinco Ranch, this home should have sold. Its interior location is very nice, it's near Kilpatrick Elementary another plus, and the photos appear to indicate the home is in good condition. Offers may have been received, but a Realtor cannot change the listing status to "pending" until a fully signed contract is received back from the bank. These types of transactions are tedious and most take a very long time to get to closing, (if they close at all).
There is one clue in the MLS Private Remarks that say "must close by Feb 2012" . If the bank did not receive an acceptable offer during the short sale period, then this property may be headed into foreclosure at this time. Each month the new list of foreclosed properties is released the first Tuesday of the month, Feb 7. That corresponds with the listing's expiration date.
I live and home office in Cinco Ranch, (since 1997). I'd be happy to answer any questions you have about the sales and pricing trends in this area. Keeping current matters; especially if you are a resident of this community, or are planning on living here.
The home was built in 2007, so at 5 years old, it's possible the home could be in need of a few updates, such as carpet, paint, etc. Unfortunately, short sales are typically financially motivated, which many times indicates the funds for any necessary updates aren't available. That would certainly be suspect of a +/-9 month listing - the original 4/12/11 listing date, which expired 10/1/11 (+/-6 months), and then the re-listing of the home on 11/10/11 and the subsequent expiration this month (+/-3 months).
You are correct in that generally homes in our area do sell quickly. Most of the homes in our area are updated and properly priced, which is usually a pre-requisite for a "speedy sale."
Like Victor stated it was a short sale and it appears to have expired yesterday. As to why it has not sold is a question only the listing agent would know that answer. There may not be a thing wrong with the house it's self could be all the new contruction going on just west of this house. There might have been offers that were too low to cover the expenses.
There is a mis-conception by buyers that if it is a short sale they can offer a much lower than market price for the house and it will be accepted, the truth is far from it. The mortgage company can not let a house go for what ever offer that might come in, if the hosue is in good shape they will try to get full market value for the house.
If you are interested in this house let me know, if you live close to it and are just wondering give me a call I will be happy to talk to you about what is going on in this area.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor