Your analysis is pretty correct especially about Point Loma. I have three different buyers who are looking in the areas you mentioned. Two in the Pt Loma area, the other one in a sprinkling of areas including Del Cerro and Mt Helix. The denial in Pt Loma runs deep and wide. Same with the other two areas but not quite as bad. Right now in each of the areas we are actually coming off of a seasonal lower point inventory wise as inventory traditionally bottoms out in the December/January timeframe and then starts to ramp up again. You will need patience in these areas but let’s see how things look in the summer. I don’t envision huge chunks down (a la perhaps 2010) but I do believe you will see a few price reductions once realizations hit some of these sellers.
