A nice two-year-old house in northwest Elmhurst, this one sold in early December for $865,000, which is 5.9 percent below what the sellers paid in September 05.

The 2007 sale price was approximately the 2004 value (approximate because this house did not exist then; it’s a replacement of a modest ranch). That is what some real estate appraisers are now saying is appropriate–prices from three years ago. As recently as September, appraisers were telling me they were using 2005 prices.

The asking price was $924,900, down from an original asking price of $985,000. It had been listed since June.  The selling price is 12 percent off the original asking price.

The house is on a corner where the neighbors on two of the other three corners are for sale. Both are, like this one, big replacement houses (a.k.a teardowns) in a neighborhood of more modest ranches. One, a two-year-old that is now for sale by owner, is priced at $800,000. The other is a new house completed in September and standing unsold since then at $875,000. The fourth house on the intersection, an older ranch, is not for sale.