Absolutely suicide, I follow 92103 condos pretty closely. Alicante has held up a tad bit better than most up unil now. However, look at all the new builds. There is like 400 more units coming on the market here in the next couple months. The market is going to be completely saturated.
The current sales pace is around 30 per month last time I checked. There are roughly 200 listed now and about 100 or so unlisted new builds and REOs. If you add that all up with the new builds it will be close to 25 months supply of inventory!
I believe a properly functioning market is 3-5 months supply. Until all this excess inventory gets purchased prices will drop. There is no telling how long that will take. Though, I am dead certain it is not in the next 12-18 months.
