I’m not saying that market won’t be touched and I’m also not saying that it’s going to take the same beating as some of these new home subdivisions. I think it will decline, just not as much as some of the lower price ranges. More than 10% but probably not 50%.

The thing about Fairbanks during the last bust is that it was a peripheral market of Rancho Santa Fe at the time. A wannabe. It hadn’t been fully built out and the neighborhoods hadn’t matured and stabilized. It was all new money. That’s why (in my opinion) those prices proved softer than RSF proper. I’d say the same thing this time for Santaluz and the high dollar projects in Carmel Valley.

While we’re on the subject, I’ve lived in Carlsbad for a long time and I like it here, but I am under no illusions about Carlsbad. Carlsbad is a wannabe at this point; it is no Del Mar or Solana Beach. In my opinion there will be some larger than average declines here this time around.