Sounds like sdnerd is saying the prime areas such as RSF, LJ and the coast will not come down as much as other areas, being more coveted. Someone else said that the outer areas just went up higher than the coastal.
Now some of this makes sense. If, say, in 2001 the median home was 200k or 250k, say, like in Clairemont, and at the peak the median was, what? 525k? something like that. Then I am not going to be too shocked if when it’s all said and done, the price goes down to close to 250k. Some of the areas of Clairemont are at 300k or thereabouts already. And we have more defaults and foreclosures and credit standards to deal with.
However, the assumption was that desireable areas didn’t go up as much. I have seen condos in PB in 2001, say the Plaza, go from 100k to 300k, the newer townhomes went from 300k to 700k. I have seen little houses in PB in 2001 selling for 450k (I can think of one beautiful one on Law St). At the peak, the average house in PB was selling for 850k+. I would think that the price would come down and adjust to maybe 500k or so. But I definitely see resistance and almost immunity. I saw the place on Emerald last year sell for 625k and now just sell for 710k.
If I believe the information on this board, it will just take a little longer for the downward pressure to get to the coast and the people that just bought that place caught a knife flying in the air, not even falling.
