This home is listed as a short sale. You are correct. It has been on the market for a long time. It was first listed in October 2010 for $245,000, then went through a few price reductions, and the MLS data expired yesterday 02/08/2012 at a list price of $228,500.
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.