BobS: As I’m sure Raptor will tell you, areas like Palo Alto and Los Altos are very different than what you find down here. Call it the “Google effect” or the “Apple effect”, but prices are remaining stubbornly high, and houses continue to move, even at those prices.
I have friend that lives in Los Altos, and he is telling me stories about 16,000sf lots in LAH going for $2MM.
I don’t doubt that the market will come down, but it will probably take much longer than San Diego, OC or LA.
