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Look on the bright side of things -- you could have bought a house in non-coastal California, or Florida, or Nevada, or Arizona... My houses in California and Florida both view and waterfront properties, but not on the beach, are down 60% from the peak in 2006 and won't be back to what they were at the peak for at least ten years. My MC villa has held its value the best of my real estate investments. The key to our MC villas appreciating is the golf course. I walked where the first golf course is going to go and it will be the most spectacular/famous golf course in the world. Even a joy to walk the topography in its undeveloped/landscaped state.