More Pain:

11/10/2008 $850,000 1y 10m -17%
12/21/2006 $1,020,000

http://www.sdlookup.com/MLS-080061494-6464_Dowling_Dr_La_Jolla_Ca_92037

I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.

This place might rent for 3k a month, so 850k is far from a deal.