From the bottom up. It’s true that the high dollar buyers are bringing cash to the table so there is still come volume there.
At Magnolia Estates in Bressi ($2 million homes), they’ve been selling just under 1 unit a month, and they have 5 completed units standing vacant. This, despite the fact they slowed their construction process down to a snail’s pace. Oh yeah, and their list prices have come down 10%, not including the freebies they’re now including that were additional last year.
These markets are all connected and Carmel Valley isn’t immune.