From what I've seen, there is no best time. Earlier this year, I bought a pair of Neumoras for $190 shipped and McAllisters for $200 shipped, but they were much more expensive in the last few sales. It seems like you have to pick your shoe and watch for the best prices.
Also, there's a 20% off coupon for Amazon that will save you a few bucks on top of the Rediscover sale. There's a thread here that gives the details.
This. Most styles of AE have at least one sale where that style is marked down to $200 at Amazon, Nordstrom or AE.