I have posted a couple of times on a house in Arizona that was the subject of that obnoxious Extreme Makeover show. Originally listed at $1,300,000 last year, it went off the market for a short while and was  relisted late last year at $835,000.

It has now dropped again, to $799,000. At the same time, Zillow’s estimate (which is, I understand, fairly whacked, but still) has dropped from $535,000 to $501,000.

It’s a 5500 sf monstrosity in a neighborhood of 2500 sf homes.  The market is falling faster than their listing price is, and if they’re going to sell it, somebody is going to have to make a major move.