I can tell you that our family (starting with my grandparents) have been buying primary residences and investment properties in San Diego coastal to a few miles inland and elsewhere since the 1960’s, when a panoramic ocean view lot and home would cost you under a $100K. We still own those same properties today, along with others we’ve continued to collect since then.
Property values didn’t really start to skyrocket here until various industries decided to base or expand here, which, in turn brought employees who needed housing, and that was the genesis of what you are seeing today wrt price appreciation.
It’s been great for those who got in early, but, imo, will continue to be challenging for some in retirement, as well as those who came late to the party and their children.
