I agree with you, it is vexing. I’m watching these areas closely too, and will likely buy in 2009. The one ray of hope I can see comes from the other area I’m watching closely, 4S (see also thread for 3000 sf breaks $700,000 barrier). After reviewing listing almost daily in 91927 I’ve definitely seen a decline in the price point I’m interested in, namely approx $800,000. Homes that were previously listed at low 1 million are now easily in the low $900’s, some into the mid $800’s. I’m really interested in the 5/4 3000+ sq ft range. Posters in the past few weeks have stated that this area is more immune to price declines but in light of recent information some noteable cracks are clearly forming.
The main difference I see between a community like 4S and RSF is it seems like more people will real money and sound financial practices live in RSF, as opposed to more buyers (I think) in 4S using affordability mortgages. From some of your earlier posts it seems as though your interested in a larger house/higher price point than I am, and that kind of home in RSF is probably owned by someone that can actually afford it, hence the price stickiness. I’m sure if you wait a bit longer the same sort of changes will occur in the older high end communities. Some of those sound business practices may lead people to unload their property before it becomes a financial liability. At least I hope so.
