I will not argue your point, that there seems to be more individuals with more money in San Diego. Real Estate has had quite a run over the past 5 years, leverage on the upside is bliss.
But, where are the high paying jobs, that would typically accompany the wealth recently produced in San Diego? Aside from Real Estate, I don’t believe San Diego has seen a demographic change in its job composition. I must have missed the headline about SD becoming a hotbed for the best financial and business leaders of the US. This leads us to the point that underscores the Bear story for the San Diego housing market. If RE flattens in San Diego, where will the capital necessary to drive this market come from?
