Ray you pegged it… On top of that, the entire Liberty Station deal was a total screw up by the city of SD. The developer really got a great deal thanks to our idiots at city hall or city council… So what Ray is saying is that alot of smart money got in there and got in there quick. Many friends of the developers, and others simply got in at first crack and the appreciation has been substantial in a very small amount of time. So don’t expect to see much distress in Liberty Station at all… Basically those that live there do not have to sell and those that do have to sell have the luxury of a large equity cushion and a relatively (given this crappy market) high demand. Lots of listings in there that have expired, recycled, expired or cancelled again. Don’t get me wrong, prices have come down there but not by much.
As Ray said it will be sticky over there… really sticky.
