PC,
In 1997 prices were too low and it was cheaper to buy than rent. I bought then in what was a very desireable area and it was.
I may be alone in this belief, but to me SD is a very different place today than it was 20 years ago and even 10 years ago. The desirability and notoriety of SD has and continues to rapidly increase. Where I grew up on the other side of the US (in a couple of the very metropolitan cities), very few people knew anything about SD beyond the ZOO, the military and ugly brown/yellow Padres uniforms. To them SD might have well have been on Mars.
Now pretty much everyone knows what SD is about. Friends who thought I was crazy for moving to a “3rd World Country” now entertain thoughts of moving here. I don’t mean to suggest that accounts for all the run up but I certainly believe it added to it and has forever changed SD.