Yup… It’s no Orange County which has the same weather by the way! Our industry is second tier and the housing prices are insane. I don’t think that San Diego – sleepy as it is ever had the same type of neighborhoods and money that a lot of other cities have. I like it here… Don’t get me wrong. But I’m from New York City and this place is cow town. I have recently looked at Seattle and liked what I saw. But after a week there with no sunshine, decided I couldn’t hack it.
I think that it is insanely overpriced. As the economy softens a lot of people will be trying to sell to cash out. They are in for a rude awakening. We have diversified here in town, but we are still tiny industry-wise compared to other places. The level of debt here matches or exceeds any place in the country because of the home prices.
More importantly – the cost of doing business here is very high. Home prices for employees, electricity, water, wages, a work force that goes surfing!!!!, ahhh for a wet weather climate where people stay at their desks!
I think that the corrections will stay in place for many years to come. I have no crystal ball though – time will tell.
