I was talking with a buddy of mine in the SF/Bay Area and he was telling me about four parcels of land in the Los Altos Hills area (near Palo Alto). There are three 14,000sf lots and one 16,000sf lot. They are priced at $2MM each. That’s right: Each. For just the land.
If you look at properties in the Marin County area, you are still finding houses priced in the $900/sf to $1,200/sf range.
While it appears that this insanity is starting to unwind, there are still parts of California where it appears that pricing is not only stickier than imagined, but it is holding steady.
As ScruffyDog opined elsewhere on the blog, LA Metro is still solid. While I agree that LA is probably lagging San Diego by about a year, pricing variations are still puzzling.
