I’m thinking in a few years prices will come down. There are still homes in P.B. occupied by seniors and I read on this board demographically they will be adding to the inventory when they sell, move in w/kids, nursing homes, etc. So besides the defaults/foreclosures, add to the soup the elderly and job losses forcing sale, job transfers, divorce, etc. the increased inventory w/the shortage of qualified buyers will force the price down. But it’ll take a while.
I keep going back and forth whether I want to buy in P.B. The prices just don’t justify it. 700k for a shack in P.B. or 700k in Carmel Valley or 4S Ranch, better schools, better resale value, better, cleaner, safer, etc.
Still I check P.B., just to see if there’s any deals there. I think barring something unforseen happening to boost real estate, prices will eventually come down even in P.B. I’ve seen prices come down in LJ.
You probably will be able to buy another bigger place in P.B. if you wait. There are some new ones built that are pretty impressive that in a few years will be reduced. Some people took seconds and expanded their place and now can’t afford it.
