[quote=Fearful]Along with everyone else here, I am stumped by the relative strength of Carmel Valley and other areas. Perhaps a significant part of it is the delayed wave of Alt-A and Option ARM resets.[/quote]

Biotech and Pharmaceuticals have major R&D centers in Torrey Pines area and Carmel Valley is their home. However, with oversea outsourcing of R&D going on, they will be greatly affected.

With the likely outcome that Demos sitting in both white house and capitol hill, I think the R&D outsourcing will take up a notch pretty soon.