If you call the City they will tell you that a decent portion of Portola had the plug pulled by the builders that were going to build out bigger homes there. I have a client who was waiting on that and is fairly wealthy. When she called to get info she was told by a city planner by name, the developers that had pulled out. Further, they told her there was no future plans to build this other part out. They even told her it was due to lack of demand.
There may be demand for the entry level stuff there, but that project has already been scaled way down. Remember, we are about 6 months behind SD up here in the cycle. Last months housing numbers were awful, even as a bear they worried me a bit. I never expected condo sales to drop close to 50% and SFH close to 40% in July.
I for one do think you can feel the fall is upon us. Even bulls up here are acknowledging that things are deteriorating much faster than they ever thought they would.
