California is great if you can afford it. The problem is far too many people try to live above their means just to stay here.
For the most part though, my sentiment about CA Real Estate has changed slightly. Compared to rising rents, and the typical payment for a house with 20% down, there are many places hitting rental parity.
People say CA is leaking jobs, and the economy is slowing down here, but I don't see such a drastic slow down (yet).
'13 Audi A6
'07 Porsche GT3 RS
'08 BMW E90 335i