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Barrington looks pretty! That house for just under a million looks amazing!
When I look at homes compared to peak rates in So. Cal I don't get a feeling we are at a peak. When I think of peak, I think of nearly a decade ago. In what some agents say are typical markets, houses double every decade (true in my mother's case from early 70s to early 2000s). Take a fraction of that thought process and you will see that in the past 10 years many houses haven't gone up much at all (if anything not even factoring inflation) in 10 years given that the recession was a huge "correction".
I have neighbors who paid more than me at the peak in the mid 2000s. Here we are 10 years later and the houses aren't worth more than they paid.
There are specific areas that are still very "hot". These areas are often funded by money from China. I get nervous thinking about the day that money from China stops coming. Many of these areas are huge draws to "just" Chinese people. Makes you wonder if the Chinese stop buying, who will be paying $8mm+ for homes in a densely Chinese populated area.
Then again, even with .001% of the population buying homes, that means over 13,000 homes will be purchased. I remember reading an HSBC ad while traveling in Asia that read, "Every minute there is a new millionaire in Asia"
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