“Sure the retired rock stars and sports stars in Canyon lake that own outright will not have to sell but value is set by the market and the buyers and people move up and down between the demographics.”
There seems to be quite a few families who cashed out of Orange County to live bigger out here; it makes me laugh to see a couple of Bentley’s rolling around. But there are also a bunch of bank owned properties already and in fact the house next to me was part of an appraisal scam! House was on the market forever at 420k, then out of nowhere he gets full price but the loan is written for 720k and 2 months later the lawn is brown. People still want 1m for lakeside dirt though.
Anecdotally, we moved out of Laurel Canyon in LA after only being in a 600k piece of junk for 15 months. I knew people were crazy when we got 719k without listing it. Seems like LA is about to feel the pinch soon.
