While this is supposed to be a tour of mid-market REOs, there is a 4,745sf bomber slipped in that will help demonstrate the substitution effect.

Last year there was a $1.895 million cash sale on Amber Lane, and two others are for sale now for $2 million. But now that you can buy a similar-sized house on the Encinitas Ranch golf course around $1.2 million, are people going to spend that much or more to be in La Costa Greens and the San Marcos School District? We’ll see!

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