I think we need to define what a primo property is.
Sorry to say but a tract house that sells for $800k to $1.2 million is not primo. There are several thousand of those upscale suburban houses. When the market bottoms there’s be plenty of selection.
If you want to talk about really primo properties, my recollection is that in 1996 those went begging. Owners had staying power so they did not necessary put them on the market but you could rent a Del Mar oceanfront condo for $2500. Some sold. During racing season people from all over the world would come and rent. When appreciation took off, thanks to swelling stock portfolios they bought.
I don’t believe that most piggs are looking for truly unique properties.
If you’re looking at tract development such as Santa Luz, 4S, Derby Hill, Torrey Hills, San Elijo, La Costa Greens/Valley or whatever you have plenty of time and choices. I believe that prices will revert back to 2002 prices. We shall see.
