I don’t think the reduction for Coastal properties is too far wide off the mark. For a 200k 2 bed property in 2007, being market today at 152k (reduction of 24%) seems reasonable, It agrees with what I see.
However, for those 2 bed properties that someone may have signed up to in 2007 for 300k and which have not been built, then than it a completely different story.
Also at 152k I know those 2 beds are not selling and they are advertised month after month (or should that be year after year now) And to throw into the mix you can see that 152k apartment vary between 100k and 200k for desperate and deluded sellers.
So taking some sort of middle ground 152k (24% reduction) is at least acknowledging the severity of the housing market.