Some of the stats on Chinese buyers looks pretty insane to me (35% of buyers Chinese in CA?)
Overall, SD isn’t Sanfran, but compared to prices there and for a slower pace, I think many people would be ok with being down here and prices are much cheaper compared to LA or SF.[/quote]
NOT that I am for changing restrictions on lending (some people are still not out of the hole from the last loose lending cocktail party)… but this chart is very telling as to why the “locals” aren’t buying the new stuff even though they can handle the debt.
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LA County’s graph is very misleading as the new construction there is likely 100% multifamily (condos). This county’s esteemed leaders (as well as their cities’ leaders) had the foresight NOT to let Big Development run rampant. I couldn’t find any CFD’s in LA County … anywhere. Whatever multifamily projects are currently being built there are very likely infill. All their long-planned open space has been preserved. SFR housing tends to be overall higher-priced in LA County than in SD County except for pockets in South and East LA and in the San Gabriel Valley. The far more expensive close-in areas (i.e. Pasadena and surrounds), Westside and Long Beach areas more than make up for the lower prices in the lesser-expensive areas. Overall, LA County is far more established and more expensive than SD County for a reason. It has a far more diversified job base and is much better-planned than SD County is. That $599K avg price for new construction represents an attached condo price in 2015.
