covered_10,
I totally agree with you. I’ve watched La Jolla closely for years. It is the most over-priced of all. Part of the reason is that according to some, up to 30% of the homes there are owned by non-locals as 3rd or 4th vacation homes. Not to mention that ocean views in La Jolla are probably some of the most coveted in the world. You’ve got these two factors driving additional demand that you don’t have in CV. In general, I think once you see La Jolla, RSF, and to a lesser degree Coronado and Olde Del Mar taking hefty declines, most of SD will have already been in big trouble. These areas are financed more with old money and true wealth. While there are comfortably affluent people in CV, the vast majority are not buying properties for cash like you commonly see in La Jolla. I have a friend who recently sold his house in North La Jolla for $4M+ for cash to a very wealthy Mexican family as their 4th home. You don’t see that kind of thing in CV.
New_Renter
