patrick.net

Would be interesting to see a similar chart for salaries.

I would not refer to a $375,000 house at the asking price of $995,000 to be "40% off".

I don't think a house on a site like this is ever going to drop to that $375k neighborhood. Not that it won't drop further though, but this does look like some boomer's dream retirement home. I'd guess it bottoms out at around $750k.

This is the first oceanfront house I've seen in Northern California for less than a million. I'd be surprised if it sold for less than $950k. Hell, I'm tempted!

Check out the listing price history for 404 Park Drive, Aptos 95003. It's around the corner. I think it started in the mid to high 700's. Now $499k.

Exactly! 404 Park is four houses back from the ocean and is $664/sq ft. Making the $779/sq ft of Coates look pretty good for oceanfront property. Take a look at the google streetview for Park to compare its "view" with the redfin pictures of the view from Coates...

Many of these homes were around 200k before the bubble. its a middle class area. Not a millionairs mekka some make it to be. See 87 prices.
All this did over the past few years was give early retirement for a few who sold their overhyped homes. The prices here were about the same
as in East San Jose. Pretty good aint it...

Price History
Date Description Price % Chg $/sqft Source
09/03/2010 Listing removed * $1,795,000 --
04/22/2010 Listed for sale * $1,795,000 --
09/19/2009 Listing removed * $1,795,000 --
05/30/2009 Price change * $1,795,000 -3.0%
03/13/2009 Listed for sale * $1,850,000 4.2% $973
12/21/2005 Sold $1,775,000 1,083% $934 Public Record
03/03/1987 Sold $150,000 -- $78 Public Record

I dont know why people really want to overspend like this next to the ocean at near zero elevation. The ocean while picturesque can be a 'mother of all hell' during the winter seasons. Great for surfers, but homes like this take a pounding!