[quote=bearishgurl]
Just jog your memory a little as to what happened in your well-established “hometown,” Pt Loma (SD) between 2008 and 2011, paramount. It had a few MAJOR fixers which sold 30-40% under the market during that time frame and a few (VERY few) short sales (not sure HOW short). But for the most part, the PL market was stagnant to improving there during that time frame, depending on micro-area of the listing. There were never very many listings at one time there because when sellers don’t HAVE to sell in a stagnant or down market, they won’t list!
The major difference in residential RE values between the IE cities and the established cities in coastal counties (for example) is primarily due to the differences in types of owners. In the established areas, the owners have far less debt than a homeowner in a new or newer construction tract, on average, regardless of their income or the value of surrounding homes. In many established micro areas, most of the homes are owned free and clear. Long-term owner solvency has EVERYTHING to do with RE values remaining stable.[/quote]
BG: Markets change. And yes, the 1%ers will always do well (coastal. RSF, etc…) and were not as affected by the 2008 crash like the 99%ers in Temecula. San Diego like the Bay Area is also positively gentrified.
There is little doubt that many Temecula shoppers also shop the areas you mentioned, most – by far – see the value in Temecula.
Also allow me to remind you that the Temecula Valley has a population somewhere north of 300k.
