There are pockets of significant price drops throughout the county…. for example, 55% off in downtown SD.

http://www.sdlookup.com/Property-3BCEC903-702_Ash_St_205_San_Diego_CA_92101#2684

Granted, there are legal problems in this complex, but still, the fact that somebody ponied up $625K in 2005 and three years later is selling for $278,800 is huge. And, it is still not selling – it has been on the market for 175 days.