I totally agree with you. 10 years ago, San Diego was a vacation destination with no traffic and smog. Now San Diego is a high tech hub with defense, wireless and pharmaceutical research and drug development. Daily commute is a struggle for everyone and you do not need to go to LA to see smogs.
IMHO, the price will drop (we already see a 10% drop) a little further. But I just can’t see a drop more than 30%. I also do not think it will be a quick recovery. I see at least 5 years to get back to the peak in dollar amount.
