You won’t find any good deal in the more expensive areas for at least another two to three years. The downturn has yet to affect those areas.
You’ll regret buying anything in the next 12 months, especially if your funds are not unlimited and you care about appreciation/depreciation. If you don’t care, then buy.
My recommendation is to rent a house in the covenant of Rancho Santa Fe and watch the market depreciate. They are older but very nice houses. That will give you a feel of the overall area then you can explore the neighborhoods that are best for you. Some people prefer new/newer houses.
