I think the issue here is that San Diego is not NY, it’s not LA, it’s not Vienna, it’s not Tokyo, etc. But it is priced that way at least from a home perspective!
There is little to do here compared to a world-class city. The diversity and experience of NY makes San Diego pale in comparison.
We don’t have the industry or the business here. The housing cost vs. the business climate is way out of whack. My friend just sold his condo in NY for 650K…. It’s in the west village one of the coolest spots in Manhattan. While it is more expensive and smaller than a San Diego condo, it’s still in the same range. The difference is that NY salaries are huge compared to San Diego’s.
It was the building and the interest rates which allowed this place to go up in price the way it did. This always happens in CA. And just like before, our bottom will be much worse that the rest of the country….. Why? Because we are still San Diego, not NY, Chicago, Vienna, Stockholm, etc. And if you discount the really rich on the coast, and look at the rest of the population here, they are riding a dangerous roller coaster headed down.
By the way – perfect weather is great… But seasons are also. Most people would prefer the great weather, but fall and spring in NY blow away San Diego. Summer is hot – but there the beach is great when it is really hot – we don’t get the water temperatures or heat to make a beach great. Winter sucks in NYC – but there is fashion! Sweaters! Coats! Fur coats! Vacations! Snow!
The movers and the shakers live in NYC not in La Jolla. La Jolla is wealthy retired people. Rancho Santa Fe is wealthy retired people. The people in San Diego are great – but for example cute bubble-headed servers in restaurants don’t make this a world class city – just the opposite!
