Del Mar is Nice. Carmel Valley sucks. It takes longer to get downtown from CV than it does from Poway.
Prices certainly have dropped, and buying has gone from “What, are you nuts?” to “Run the numbers, and look for a great deal”. In a year, once the economy is back on track there’s a good chance the worst of it will be behind us.
Given my pending graduation, I’ll probably be looking to buy in late ’09, once I’ve saved up a bit of a down payment. Should be a nice time to purchase!