Beach front it is not, at least by your definition. It is a 5 minute walk to the beach. I don’t anticipate it falling back to its 98 purchase price, but back to its assessed value seems pretty in the ballpark, on a similar unit.
The whole point of this exercise was to state that, dear lard, if there are zip codes that are already 70% REO and short sales, even the lilly white parts of town are going to take a severe beat down. Its just going to take longer.
If I’m wrong, well then I still have my dream. If I’m right then all my years of living in sub-standard areas (Northpark currently) will have been repaid.
