I live in one of the so called “high end” neighborhoods, eastern LA county, and let me tell you I’ve been waiting it out by renting for over three years now, with no luck. In fact, just this last week, two properties just sold at prices near 2M. Prices are off at most 5-10 percent from peaks. The house across from me sold last year in two days for full asking price of 2.2M. I’m going to give it until my lease comes up in December, but if prices don’t fold by then, I might just give up and head to San Diego.