While I agree with you CONCHO mostly, the fact is there area a significant amount of wealthy people just to the south of us that love San Diego as a vacation town and a weekend destination. They will continue to be a factor in the market. Maybe not a big one but in certain areas they will be, no doubt.
Two problems with this argument — one, the dollar isn’t losing relative to the peso, it’s losing relative to the Euro. Two, the number of Mexican citizens who are going to fork out money for a vacation home in San Diego is very small. You’re basically talking about the old Spanish money families, the factory owners or the drug kingpins. And they’re gonna be shopping in La Jolla and Del Mar in neighborhoods that are out of reach of most of us anyway. There have been quite a few businessmen from TJ buying homes in Chula Vista and the South Bay and commuting to work — I suspect that trend is going to continue. But a dollar still buys about the same number of pesos as it used to. The same’s not true for the Euro…
