I like South Carlsbad areas too but somehow I don’t it will drop to the 1997 pricing. I been checking out prices in these areas and the lowest I have seen was about 275 sqft, which is about 2003-04 pricing. The two areas I have looked are Aviara and Olivenhan/Rancho Santa Fe.
Can’t go wrong with Carlsbad except certain areas go to San Marco school district.