The short answer is 'i dunno'

The longer answer is 'my guys says wait'

I put on offer on a house in the SFV that was a total inside deal for a realtor/developer. Log story short it was listed on friday and all offers were due monday am. I offered $300k and it sold for $260k cash. developer did about $20 in repairs (central a/c, etc) and listed for $425. It 'sold' last week but is back on market today for $380s as it fell out of escrow.
Some investors are getting burnt. Dont believe any of the crap about the market improving or prices getting better. Option mortgages are gunna hit the fan in 2010.

Obviously West LA/SM will be last to go down. There is a great website that tracks that market. If I find it again. I will send URL.

Give me a square footage and zipcode that you are looking for , or boundaries. If you have $600,000 cash my guess is you could get something adequate...somethign listed for $800,000.