The last two sales in Nellie Gale were 25772 Pecos Rd, sold 12/12/2008, originally listed at $1,295,000 and sold for $1,150,000. 26521 Broken Bit Ln, sold 12/1/2008, originally listed at $1,595,000 and sold for $1,600,000...this one was only on the market for 4 days!
You are definitely looking at the right time to get a great deal in Nellie Gail and, if you position yourself correctly when you make your offer, you could maximize this opportunity.
If you are looking for a project...there is a short sale, original priced at $2.9m, that you could probably get for $1.8m. The home is under construction so some of the work still needs to be finished, but work left is mostly interior selections and landscaping.