The answer is that the market has declined and this is a great time to buy. I own an investment property that was worth $435,000 at the peak of the market (2005)for a 3bed/2-bath condo. It is now worth about $230,000. When I bought it for $137,000, I got it as a rental property. When I bought it the rent almost payed the mortgage. After about 3 years the rental rates went up and my mortgage payment stayed the same. It now began to pay for itself along with it's property taxes. I was stoked! I currently get $900.00 in passive income from this single 3 bedroom condo.
My point is that there has never been a better time to buy with rates being low and properties being low it is a killer time to buy a condo in SLO. Our constant flow of Students from Cal Poly needing good rentals, keeps our rental rates up and demand high. Purchasing a condo in SLO is never a bad investment.
If you have any questions or would like me to crunch some numbers for you to see if it's the right investment for you, please give me a call or shoot me an email. I'd be happy to help.