here’s the two scenarios being debated in regard to established coastal markets:
scenario #1: prices for the most part stays the same, maybe go slightly down. some of the extremely high end will come down to the “very high end.” some of the “very high end” move down to just “high end” (I’m referring to above $1 million market.) But expect the middle of the market to not really budge. Expect the condos especially non-ocean-view and smaller units to get creamed. There will be occasional exceptional bargains that sdr talks about. but they will remain the exception rather than the rule.
scenario #2: general and total collapse in prices, you can pick up a 2000 sqft PB home for half a million easy.
I personally vote for scenario #1.
So frankly, if you got your eyes on that $3 million dollar ocean front condo. you probably do want to wait to save yourself a million.
But if you are hoping to pick up a small SFR circa 1940’s in original condition for half a million. stay active and grab the best bargain there is today, there really isnt a point to keep waiting.
