Those Laguna Niguel units were built and originally sold peak thru the bottom of last cycle.

If you snoop zillow along the ridge long enough, you’ll find places that sold in ’93-’96 range for low $200s.

Laguna Niguel was the boonies back in late 90s. There wasn’t coffee house or grocery store to be found near.

What factor would you add on for an area completing buildout and instead of being a few isolated subdivisions of homes, they’re now all interconnected with shopping centers, grocery stores, starbucks, etc.

A lot depends on market psychology. If they break $400K, they’ll test $300K. They’re also at the awkward age for homes 10-15 years. Style differences are big enough, wear and tear on long wear items heavy enough, that they becomes distractions yet, new enough that people have’t figured out how to revitalise and reuse the space like they have on the homes build in the 70s/80s out here.