There has been lots of movement of people in and out of these areas. This is a neighborhood started in 1992, that's only 15 years ago. The typical owner is a small business owner, executive, doctor, lawyer, investments, banking, etc. If the economy holds up, the prices should stay stable and downward. If the economy does NOT hold up, I still maintain that a lot of these folks are living at a very high level even with very high incomes. They are not banking their income. This isn't Rancho Santa Fe, it's not Del Mar at the beach. They have held up because the economy has held up. We are in the first level of crisis in the financial markets. Next year should be awful. The business that these people employ should start layoffs and downsizing to correspond with the economy. This should devastate CV.
Bottom line – CV will fall as fast or faster because it has grown faster and higher than it's more stable long term areas. If the economy chugs along – it won't fall quickly. If there is a recession – it is a gonner!
I'm trying to understand how when upper-middle to low-wealthy (not extremely weathly) folks will fall quicker or be in a "gonner" situation faster or more so than areas more consistently average joe? I mean, if we talk about a recession such that the upper middle class and even the low wealthy get hit, don't we think other ,more average joe's will get hit even harder.? I'm trying to understand a point in history in which the an upper middle class exclusively suffers more than average joe. How a doctor, that arguably is more recession proof than other professions would bear a bigger brunt, than some hourly worker working a retail shop that says lives in temecula or otay mesa in a recession.
It would seem logical that one's prospects are all relative. In a recession, everyone goes down (except the extremely wealthy). But isn't there a pecking order? If you're comparing to your peers, it's still relative, isn't it?
As far as CV is overpriced…Well, yes I would say so..But so is everywhere else in San Diego. Even today, things look pretty ridiculous in Otay Mesa, Oceanside, San Marcos, Temecula. However, I would be curious if anyone had data about the relative disparity between the cost of a home in those areas relative to the income of the home owner (or I should say borrower). For example, $800k in Carmel V might not be as ridiculous for a 2 income family both work biotech/tech, as say $600k in Chula Vista by a single income retail worker. Anyone have the relative disparity betwen home price in an area and income of the home borrower?
