Wow. When you think about all of the new homes that are not even included in this data that were built in Carlsbad from 2000-2006 versus new homes built in 2008-2009 the sales volume situation may be even worse than what these numbers indicate. Back in those days everyone I knew was buying a new home not a resale.
In addition to the house size growing during the bubble years, people spent an excessive amount of $$$ on fancy upgrades, restaurant style kitchens, and resort style landscapes. That stuff is being heavily discounted now. People just want basic living these days and aren’t going to pay up for the fluff.
People are still paying up for the best locations, lots, and views. This leads me to an interesting question. What is really depreciating here? Is it top quality SD coastal real estate or is it granite countertops, designer paint schemes, and giant boxes on postage stamps?
