A buddy of mine has an ocean front condo at the Del Mar Beach Club. One of the ironic things about these places is that a lot of them are owned by out-of-towners who live in Arizona and such. The parking lot is completely empty in the winter, but packed in the summer. From what I’ve seen, the ocean front condos seem to be mostly owned by 1. Retirees 2. Out of town owners. 3. Friends of mine that have rich parents.
As you go away from the ocean front towards the street, they become more local.
I don’t know what this means for prices in the future though, but I don’t see evidence of a lot of the EZ credit fueled flipping going on on the bluff, those condos have always been very expensive, but the prices don’t seem to have gone up at the same rate as say a house in Mira Mesa.
That’s just my take on it.
