I still don’t see how certain areas would be immune (or drop less percentage wise) to the downturn.
I looked at histories of individual houses and Carlsbad dropped just as much as Tierrasanta or Mira Mesa during the 1990s. Areas that appreciated and held up better were central areas such as Hillcrest, Mission Hills and Bay Park.
The Del Mar (the real one of popuplation of just 5000) even dropped. Houses weren’t moving there and people had more staying power so there were few sales.