could be way wrong, but I’m just not seeing La Jolla SFRs bottoming out to $350,000.
I’d agree, but I also agree when you said something of the line: f i f t y t h o u s a n d d o l l a r s !!!!
I too remember the day, not too long ago when a price premium between a good and bad area was $50,000-$100,000. And a million dollar home, was a million dollar home.
Today, less than a decade later, the difference between a okay area and bad are is $300,000 and an good area adds another $200-$300K and average homes are million dollar homes and what was a million dollar home is now a $5,000,000 or $8,000,000 home.
While I doubt you’ll see $350,000 in La Jolla, you will else where. Possibly even less. Then the question becomes, how much is the price premium when a good home in a not so great area is $200-300,000. What’s a good home in a good area go for? And was does a good home is a premium area like la Jolla go for?
Will the premium become less? Or will it be more? The majority are living on credit, that points to less. Yet, the premium areas cluster with high income earners whose incomes and wealth are and have risen disproportionately to the majority. That tends to indicate the premium will be steeper (as a percentage).
