This is definitely real. I passed this segment of Highway 1 at around 8pm one night. If anything, the sign should read "Watch for cars" as cyclists are forced to ride around it.
Here's the explanation. The sign belongs to the new median construction contractor who was warning vehicles of the median construction and lane narrowing further up ahead. Coincidentally, the City was also installing new bike lanes on PCH. The bike lane striping subcontractor striped the bike lanes at night and then moved the other contractor's sign to the location you see it. (Not smart.)The City inspector then noticed the sign and had it moved. The good news is that the majority of PCH is now stiped in Dana Point. The striping was done in concert with the California Association of Bicycling Organizations who reviewed the plans. PW Director and fellow cyclist
Thanks to the Public Works director for being on top of the situation - and thanks to him for giving CABO a chance to review the plans, even though we agreed to disagree on some of the plans.