[quote=jpinpb]Well, last year there were people saying that the good areas can hold out and won’t see much if any declines. I’m seeing it, not just in 92106, but other ZIPs as well. These are just a few recent listings that caught my eye. I’ve even seen some listings 30+% off peak in 92103.
Since I didn’t see these kind of declines last year, I’m suspecting they are starting in the high end and it wouldn’t surprise me if they continue. Sooner or later people run out of wherewithal and I would not assume the bubble was just in the mid-range pricing. I imagine there were a few that got lured into buying during the bubble in the high end.
Regardless of the type of property or condition or view or not, a year or two ago, there were no reductions and sellers had their heels in the ground. Seems a little different out there right now. Unless things really improve in our economy, I can’t imagine we wouldn’t see some more declines.[/quote]
It certainly seems like the high-end is starting to feel the effects of the downturn, irrespective of all the price supports put in place by the PTB. We’re seeing this in the areas we track, as well.
