We’ve lived in 92024 since ’94. My impression is that the area (especially the coastal part) has been gradually gentrifying, especially in the last 5 years.
I’m not an RE expert by any means, but it seems to me the gentrification and upscaling will increase 92024’s appeal to wealthier buyers.
From there I extrapolate that prices in 92024 will NOT get hammered in the next 2-3 years, however much I might like them to.
Here I’m not arguing that the weather has changed, but that the nature of the community and its prospective inhabitants seems to be changing.
You can add me to the camp that feel there are PLENTY of people who can afford a $1MM house. That number gets easier to hit with age, btw.
Many/most of us don’t currently feel as wealthy as we may have in 1999, but unless some crazy secular thing is about to befall us (possible but I hope not), our economy is cyclical and inevitably the pendulum is going to swing back towards party times, even if that is very hard to imagine currently.
