What’s different about the Bay Area? First off, it’s a hell of a lot nicer than San Diego.
What about San Jose? Santa Clara? Alameda? Oakland? South SF? I can think of some nasty places in the bay area. SF is a nice city, sure, also Sausalito/Tiburon, Santa Cruz. But of course La Jolla, RSF, and Encinitas here are really nice also.
Housing prices in the bay area will never fall because of all the high-tech jobs up there. Oh wait those are all in Bangalore now. Oh well, you’ve still got all those Google-zillionaires, what are there, 1000 of them? That should be enough to maintain high home prices in the bay area forever.