Nice house
I think most buyers in SoCal are move-up buyers. They've made $$$ on their previous home, throw in a few more $$$ and move into something larger. Start off with a 1 BD condo, as I did 20 years ago and eventually parlay that into a nice home in a family neighborhood. Except for the funny-money borrowers, not many people are coming into the area with $250K down payments (unless they're coming from other parts of the world).