People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we're so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K's. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.
You should say "CV attached homeowners" are in denial. A lot of overleveraged, sketchy financed attached owners. I don't have data to back this up. I wish it could find it, but looking at some of the offers that we saw for attached units, I would say in CV there's far more sketchy financed attached owners than detached owners. When we sold our attached home, I couldn't believe how many offers were going to be close to 100% financing. These people had no business spending $600k+ on an attached community, and probably only did so because of loose financing in the past. What's making matters worse is the number of apartment converts that's been thrown onto the markets in CV. I don't deny that the detached markets are also in decline in CV, but frankly the big drops you will probably see are going to be in the attached markets first. Too much inventory that's available, too many people with sketchy financing.
