Thanks for all the feedback, both positive and negative.
First, I agree with the crotchety old man description. You young whippersnappers may some day come to the same conclusions as me.
To be clear, I thoroughly enjoyed living in San Diego and still miss aspects of it. But as a long-time real estate investor, I fear for its future and thank Piggington for the opportunity to warn others.
San Diego RE prices are having somewhat of a sugar-high due to factors that are largely temporary: unusually low mortgage rates, an influx of sellers of LA and Bay area properties, and the artificial shortage of buildable land (ocean, the border, Pendleton, mountains, etc.). Above all, CA politics are driving away families and blue-collar types who hope some day to own a house. This will likely accelerate, since CA is 2 to 1 Democrat vs. Republican. It was evenly balanced when I came here, and our housing prices were very similar to other big cities. Now the flight to cheaper states will accelerate.
I suspect Piggs are well above average in income, home ownership rates, and neighborhood quality. But it is a bit unseemly to laud the runup in prices and rents considering who it hurts. Yes, I know–I benefited as well during my decades of investing in San Diego RE. But RE investors should look at long-term demographic trends in their decision-making.
