“Coastal prices are going to crash just like everywhere else. Just look at the prices from the mid-90s (after the last crash) as a baseline. They will still be more expensive than inland areas but it doesn’t mean they won’t drop hard.”

I dunno.

I’ve a few rich friends in the LaJolla area and I’ve seen multiple properties in their neighborhood (nice ones) sold, razed and rebuilt. Just so the owner could get just what he/she wanted. I doubt these were paid for with funny money, either.

There are enough cash millionaires around the world to keep prices up, though I’m sure there is going to be some drop.