I totally agree with Bugs on the fact the desire and developed area will be hit just like others. They always commend a premium compare to less desirable areas, but the percentage tend to stay the same. So you have two scenarios, 1) price drop just like other areas but still maintain a % premium. There would be less sales but the one that get sold will be priced in comparison to the rest of SD. 2) price drop on paper but everybody there are so flushed w/ equity that no one need to sell. Which mean there would be no sale in area like Old Scripps until the price is back up to today level. I think scenario 1 is more likely, but we’ll just have to wait and see.
