[quote=sdcellar]New construction also contributes to overall growth in the area, specifically going to my point about how this adds to the complexity in making comparisons. In the case of coastal, the older properties closer to central San Diego are still considered valuable. Witness Carmel Valley vs. Encinitas vs. Carlsbad.[/quote]
Is it really that complex? Total housing stock went up by a lot, yet resale went down by a good 35% compare to 1999. How do you explain that? BTW, new construction didn’t “add” to the complexity. That complexity has always been there. There were construction back then too, so that variable didn’t change.
