I don’t know Chula Vista that well, but based on a quick search for comps, that does seem rather high.
I feel like people don’t quite understand how to talk about the differences between “overvalued” and “bubbles”. I feel like stocks are overvalued right now, but I don’t think it’s a bubble. Real estate in SD is probably running a bit above historical norms, but it’s hardly comparable to 2005… in many places we haven’t even hit the 2005 highs yet, a decade of inflation later.
The thing about an overpriced market vs. a bubble is a bubble is almost guarantee to pop. Overpriced assets can go down in value, but they also can take a while to revert to the mean.
