It should be noted that the credit crisis is impacting jumbo loans for over $417k in particular. So this will have an impact on homes in higher price ranges generally. Before the crisis, SF homes in that area were not moving so quickly. So the credit crunch may well impact prices in the area. However, I do not have a crystal ball. With interest rates being cut 50 basis points and the system being flooded with liquidity, who knows what lies ahead.
Real estate is local. What is actually selling are the co-ops at the Heathcote complex on Wiltshire Road. Within the past year 7 co-ops have sold and 1 is actively on the market. With this being said there is actually an upturn in this neighborhood but there are no single family homes that are active along Wiltshire Road. Single family homes on this street generally range from the $630,000s to the $810,000s.
It didn't sell through the mls. Maybe they rented it? That happened next door to me. Someone built 8000 sq.ft. of house on a major Rd. with no yard - Wanted a crazy price. Ended up rented. I did a radius search. There are six homes for sale and 3 sold/pendings over the past 6 months. Which means, all things being equal that there is a low adsorption rate due to the high prices the area commands. It takes time to sell these, in part from price and in part because the taxes are rather high. The price wasn't insane for a newly remodeled home in the area.
At first I thought Robin's answer had a typo...OUCH! That poor seller. Whoever bought the house did a gut renovation, doubled the square footage, changed the floor plan, added 2 baths and 1 BR and couldn't sell it. That's a lot of renovation.
According to the WPMLS, the home at 70 Wiltshire Road sold on October 7, 2005 at $650,000 but the latest listing for this home is a listing that expired on June 30, 2007. The listing price was $995,000.