Cs - I really question city-data's figures. But more importantly, that figure is only relevant if you limited your buying public to those already living in Santa Fe. Obviously you'd be marketing to the world - so the number of households in Santa Fe that could afford a house in your price range is immaterial.
Secondly, there's little way you can compare the market for Villa Sonata with the market for a high-end SoCap home. Nothing against Villa Sonata - for families that are looking in the 200's - 300's, that community will be fairly attractive, and the houses appear to be well-built. However, those looking for a SoCap-type lifestyle and neighborhood (easy walk/bike to railyard and downtown/established, mature neighborhood) probably wouldn't consider Villa Sonata - so you are really looking at two different demographics.
So, all that being said, is there a risk? Definitely.
Is it worth it? Only you can answer that. If you can live in it while you are trying to sell it, that might reduce the stress........ more