San Diego Housing Market News and Analysis

I think a lot of it has to do with the dollars involved here. Much higher prices. Also the liability and disclosures are far more complex here. Too many lawyers in CA waiting to pounce

And NYC isn't expensive? Yet approaching a seller's broker directly is quite common there.

Sp
Just curious as to how long you have been in SoCal and SD?

I'm not full time, and have no desire to live there permanently -- I'm just there frequently and see opportunity in the property market there :)

Honestly, not sure if I'll end up playing with rentals there or in NYC area. Both are good markets -- NYC area has better cap rates, whereas SoCal is more frothy and has more chance for appreciation when the stupids create another Bubble.

The other thing that scares me and is dissuading me is that the properties with good cash flow in the SD area seem to be mainly condos (from what I've seen). A lot of the condos are in not so hot financial shape, which makes financing them with reasonable terms a bear. Whereas out East, there are quite a few small multi-families with 8+% cap rates for the picking. No condo association, fewer financing issues.

If you want pure cash flow then there are many many better alternatives then San Diego.

But SD provides a good balance of ease of renting, cash flow, AND appreciation potential.

Also, as far as some of those places (Florida, Las Vegas, Phoenix), they're basically imbecile-infested dumps. Yeah, like I need to have tenants in a place where all you need to do to carry a pistol around is fog a mirror.

I'll stick to NJ/NY and/or San Diego. I'm not really looking for more than 7-9% cash flow, as long as it DOES cash flow.

What makes you think SoCal or for that matter SD doesn't have it's fair share of imbeciles? Also, you are aware that CA has more of the liberal "pro-tenant" laws and a crapload of very very litigious people...Like if someone backs into you in a parking lot, not only do they not admit fault, they'll come back and sue you claiming you rear ended them. (In case you're wondering...Happened to me twice.. Even in the "nicer" part of town...Dude that hit me was actually an attorney..That's why I got a nice trusty video cam rolling in my cars.) People out here probably just look nicer...Because the image thing... But most likely it's fake.

sp
If you try to apply the rules of living and the way things are back east to SoCal you will be neither successful nor happy. Its basically assimilate or go home here. i've seen it happen at least a hundred times with with people moving here from back east. Some make it and some go back because they focus on what they left rather than what they came to.

sdr

Tenant laws = not worse than NJ.
Lawsuits = scams of that type exist on the East Coast as well -- i.e. someone pulls in front of you, slams on the brakes, making you rear-end them. Then sues for personal injury. Rare, but it happens.
People = I'll take East Coast or CA over Phoenix any day.
Climate = I wouldn't want to live OR do business in a place where 100*F+ is common. Or where it's humid and 90*F five months of the year. I don't handle heat well. This rules out Phx, LV, and Florida.

If you try to apply the rules of living and the way things are back east to SoCal you will be neither successful nor happy. Its basically assimilate or go home here.

I'm not against flowing with the stupider aspects of CA. But I reserve the right to be weirded out by them :)

Frankly, I like BOTH places, in different ways.

I no longer like the east coast. Some things are stupider here but alot of what seems stupider is just different view points than we grew up with.

Its kinda like complaining that they dont have good pizza, subs and bread in SoCal. You'll never be happy with what we have here so just embrace the Mexican food. A carne asada burrito is my new cheesesteak.

The chinese food in SD sucks.

I was gonna mention that also but didnt want to draw the wrath of the Three Asianteers (FLU, AN and OCR)

Meh, there are good 'zza, subs, and bread, AS WELL AS good Mexican food to be had in NYC. Maybe not in the midtown business/tourist district, but if you venture into the neighborhoods with more Mexicans, you can get quite good examples their food.

Unless I leave the US entirely, I'd want to have at least a pied-a-terre in the NY area, even if I also own a few condos on the other coast. Really nothing anywhere in the US compares to NYC, though as far as East Coast, I could tolerate living in Boston.

But most of what (and whom) I love is in NYC, so NYC it is :)

Call it as it is, and no one gets hurt.
If the chinese food here sucks, it sucks. Fact is fact.

And NO...PF Changs is not chinese food...Not even close..
Though it's interesting...Overpriced. But interesting.

What san diego has that is redeeming is good BBQ houses. At least the last time I went... Korean food is pretty good too.

BTW: You listed our handles as if their stock symbols...That or I've been looking at the ticker tape way too long. Funny thing is AN and OCR are actual symbols. I guess no one wants FLU.

*edit* and SDR actually has a 5.7% yield....Hmmm. I think I'm on to something.

Agree about NYC. My first job out of college was with a Big 8 accoutning firm on the 97th floor of one of the WTCs. My uncle owned the highest grossing stereo/appliance store on the east coast in 60's, 70's and 80's a block east of Times Square so we were there lots when I was growing up too. Still have lots of friends scattered throughout the city and love visiting. My favorite thing is running the 6 mile loop in CP. Its an amazing place and what I consider the capital city of the world (even though I hate the fvkin Giants, Jets,Mets and Yankees-I'm a South Jersey/Philly guy)