You know I don’t like to commit to much but yeah it will be somewhat surprising to see CV homes dip into that low 500 range or below in the near future. Can it happen? Yeah…however without a major catalyst such as some strong job loss in the engineering sector OR some major rate moves in the upward direction, I do not see it.
Now can the homes that are more expensive (800k and up) in CV come down substantially? Yeah they can… however even those homes are pushed by a strong demand from well salaried professionals.
I guess my point is not to argue that the price to income ratios are still not way out of whack in CV because they are. The point is once more, that there are alot of people with money that push for CV and want the schools and the reduced commute compare to LCV or 4S.
