Laguna Beach, CA

[Jane A.]

Hello BP experts. Please advise me if I am right or wrong. My relatives live in the Orange County renting a condo for 2K. They love Laguna Beach and getting very serious about buying a property there with a view. The cheapest condo with a view and walking distance to Montage hotel park is about 500K to buy or 2300 to rent. For me it is clear that to rent is much better than to buy in this situation when I think RE market in CA is near the top. Morgage payments are 4+K, rent is 2+, plus risk of RE market correction. What do you think?