"For the typical person who bought at the peak, they are still a long way away," said Richard Green, director of USC's Lusk Center for Real Estate. Places such as Cardiff by the Sea, Newport Coast and Westlake Village are highly coveted areas with good schools that are always in demand, especially after a rare drop in prices. "It became so toxic that [prices] dropped to almost nothing," Green said. "Investors saw great opportunity and started coming into the market at really remarkable bottoms."
