Property taxes are that high because of hefty mello roos- $200 or $300 a month.

Little Lake Street is just a small example of what is happening all over that zip code. I posted a couple weeks back about one house near there that sold new for $900k in 2005- and all the neighbors did as well- and now it is an REO at under 700K that still won’t sell.

I think about half of Otay Ranch was built after 2004, and I would suspect that either now or by the end of the year, all those people will have lost money. But I have some friends there who bought in 2002 at around $100 per sf. They will come out OK.
Prices just shot up down there in the bubble years- far more than in the central san diego markets I follow.