[quote=gzz] This effect is largest in hot areas with older stock like Claremont, and less significant in new areas and the poshest areas where relatively few homes are in poor shape and extremely dated. [/quote]
This doesn’t match what I see in La Jolla. There are a surprising number of homes in poor shape that are quite dated. There are a lot of flips in LJ. Although these flips tend to be tear down to the studs and build something significantly bigger.
