I can appreciate what you are saying but the way I see it there is 2 dynamics that go on in PB
1) A 2 bedroom rental is not for 2 people but in most instances is split amoung 4. That commands a higher rent.
2) In my opinion there is not that much that is differnt about PB and La Jolla. I will qualify that. The location is what you are paying for. The climate in La Jolla and the climate in PB are identical. Both are beach front areas. What I believe you will see over the next 20 years is that homes in PB will be torn down and Mansions will go up. Those who can not afford La Jolla or can not find a location they like will look to the next nearest local and will buy the land and build up their property. This is especially true with properties along the water. Therefore this has the effect of propping up prices.
Now You can cut PB up into different parts. Properties that approach Balboa vs properties along the water will respond differently. JMTC
