[quote=UCGal][quote=jstoesz]yeah but that is true for every older neighborhood in the country…

Imported retirees bring in new money which skews the data.

Look no further than carmel valley (aka tract home hell) to find crazy overpriced, non-retiree neighborhoods.

There is a small argument for prop 13 screwing us, I am just not persuaded by the magnitude of the effect.[/quote]

Carmel Valley (92130) – avg age of the HOME is 7 years. So the vast majority of owners moved there in the past decade.

Clairemont (92117) – avg age of the HOME is 43 years old. It stands to reason that there are more owners that have been there fore decades.

In other words – it doesn’t matter what my neighbor who just bought paid for their house, if I bought 20 years ago. But if it’s a new neighborhood – everyone paid current (high) prices.[/quote]

Maybe I am being obtuse, but what are you getting at? Are you saying a home is only worth what the next buyer is willing to pay?