Last login: Monday, November 12, 2012
California Defender: There's no question that San Diego has qualities that don't exist in other cities, but you're far too gungho about the housing market here. As an employee to one of San Diego's primary Real Estate Developers- I can comment with increasing confidence that San Diego prices will continue slide (though not in double digit percentages as seen over the last 3 years), even if we do see a slight increase in volume from time to time. The comparison between SF and NY only comparable in the cost to purchase/rent. The comparison doesn't hold a candle when examined next to SD's income per capita vs. that of the 2 larger cities. SD per capita income is far less. It's not rocket science. Unless per capita income increases, Real Estate values will meet demand - and if income is low, demand will lessen and values will fall. Even against a massive exodus from SD, as you suggest, those remaining here in SD need to be able to afford the remaining home prices, and that is not likely with our current per capita income.
November 12, 2012 at 12:57 p.m.
( permalink | suggest removal )