QUOTE The association report estimated that a mere 8 percent of San Diego County families can afford to buy the median-priced home in North County, compared with 9 percent one year earlier.
“Granted, affordability is at an all-time low,” Hunter said. But she said the high prices constitute a sort of “sunshine tax” that people pay to live in San Diego County because of its popularity.
Campbell countered that, while residents indeed have always paid more to live here, the difference is far greater now than ever before, and that suggests housing is overvalued. He said that, on average over the last 35 years, San Diego County residents paid 73 percent more for housing than the national average, and today they are paying 180 percent more.
UNQUOTE
FACT: The sun is now worth 100% more than 5 years ago because Google maps just discovered SD in the last 5. Hard to argue with the billionaires.
there’s more sun because it is now hotter. so you pay more for the sun tax. That’s why Phoenix appreciated by 50% last year and should continue to do so until it is the priciest town in the continental US.
but in the same article the same realtor also said the sun is what’s keeping buyers away. what gives?
Sunshine and heat seem to get a lot of extra credit these days. I read an article today about Las Vegas where the realtor claimed that it was the summer heat that drove buyers away. Then they went on to say that summer sales were down some 30% from last year. Last I heard, it is always hot during the summer there. People must be more heat sensitive this year.
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