Rivermark Falling

Just when the subprime meltdown is in the progress, I am busy looking for a 3 bedroom to rent. I live near Rivermark, the very much hyped in development in Santa Clara,CA where a 3/2 1,700 sq ft. single house with virtual no lot can cost $800K. While checking on a couple of rentals in the area, I noticed a few sales in Feb are indeed losses.
1.
4428 Watson Cir, Santa Clara, CA 95054 3 beds, 2.5 baths, 2,036 sq ft
Sale History
02/16/2007: $980,000
06/24/2005: $1,026,000
With a 3% commission, the flipper has lost $106K or 10% of the investment

2.
4169 Tobin Cir, Santa Clara, CA 95054 4 beds, 2.5 baths, 2,036 sq ft
Sale History
01/11/2007: $950,000
07/15/2005: $960,000
03/21/2003: $643,500
This one lost $67K or 7%, which is less than the previous one sold in Feb

3.
4166 Marston Ln, Santa Clara, CA 95054 3 beds, 2.5 baths, 1,671 sq ft
Sale History
02/23/2007: $865,000
07/18/2005: $898,000
This one also lost $86K or 9.5%.

4.
4456 Headen Way, Santa Clara, CA 95054 3 beds, 2.5 baths, 1,907 sq ft$893,000, 3 bdrms, 1907 sq. ft.,

Sale History
03/13/2007:	$893,000
03/30/2006:	$900,000

Loss of 61K or 6.8% of investment over 1 year.