Goodbye to San Diego

[Pbranding]

[quote=sdrealtor]Yes just like here but not as low in comparison. Last I checked we were around 40% of 2019 inventory here. Median Asking prices dropped 100k+ close to 15% in four months. Don’t ask, don’t get as my mom always told me. If that is accurate it is definitely cratering[/quote]

Sdr, you had predicted 10% drop by 2023 do you still think that?

[sdrealtor]

Yes the median which means in many places and in some places more. But I wouldn’t expect uniform drop. I bought a NP condo in 2010 for almost 70% off 2005 price. I sold six years later for almost the 05 price. If I’d held it’s now 60% higher than 05 price. My primary dropped at most 22% and is now more than 2x the 05 price. That kind of thing will happen again

[sdrealtor]

Generally speaking population shifting from big eastern and northern cities to smaller sunbelt cities.

https://www.nbcsandiego.com/news/business/money-report/bye-bye-san-francisco-the-top-7-u-s-cities-homebuyers-are-seeking-to-leave/3006114/

It’s as if boomers are retiring

[The-Shoveler]

My friends on the east coast often joke that its a state law in NY and NJ that you must move to Florida by your 65th birthday.

[an]

It’s very interesting to see that San Diego is actually on the list for people moving in. Considering how expensive it is here. How will this affect RE prices over the next few decades. Considering that we’re still under building. Between boomers retiring and millenials reaching family formation age, which will drive home purchasing demand as they start having kids.

[sdrealtor]

[quote=The-Shoveler]My friends on the east coast often joke that its a state law in NY and NJ that you must move to Florida by your 65th birthday.[/quote]

That’s a rule. Most of my friends have Florida homes and began shifting residency once kids were all out of high school. People been doing that forever

[flyer]

Agree, San Diego is definitely in high demand. Glad to see our city booming in every way.

Have lots of friends who have relocated here over the years. Many considered FL, the Carolinas, etc. but I encouraged them to think twice about those choices.

Having spent time in FL with friends and family, and having had some properties there, we know we’d never want to move there for many reasons. For those who only live there for the few nice times of the year, and can live with the heat, humidity, pests, and many other issues, not the least of which are hurricanes and tornadoes, there are many beautiful places to live, as well as other perks, but it would never work for us year round. We know lots of people who feel that way, but it does seem to work for some people, since that state is also booming.

[sdrealtor]

I grew up in NJ and have tons of friends/family with homes in Florida. They generally fall into 3 categories. This is a broad generalization but its hard for me to think of many exceptions

1. Working class – moved after high school/college (not a highly ranked one) to get to better weather/beach area. They work a regular job, have been there a long time and live there full time. They just deal with it and get out to travel when they can

2. Professional class – at some point in their professional career picked up a second home in Florida that was mostly a vacation home. Many have upgraded over the years. They spend more time there over the years and some upgrade while spending the more than 183 days there to obtain residency. But they are and always will keep homes elsewhere never being full time residents. The other homes typically fall in 2 categories. The long term family home that is often sold once kids are out of college and on their own. The Shore house which they will never get rid of and will spend May through Mid-September. Several have other homes also due to much lower real estate prices than in CA

3. Retirees – sold everything else and moved to Florida. Travel regularly to visit friends/family and see the world if healthy enough.

Most of my close friends fall into #2. Most of my family members not living out West fall into #3

[flyer]

Just like other locations in the country, completely understand how FL works for many people, just not something that works for most of our family and friends.

I agree, it’s great to have multiple homes for variety, and to indulge in creative financial planning for tax purposes, but, as people get older, and/or have health issues, and really can’t travel as much as they once did to escape the heat and snow, etc. every year, in various locations, imo, you just can’t beat keeping a home in San Diego for comfortable year round living.

[sdrealtor]

Undeniable

[The-Shoveler]

I used to work for a Fort Lauderdale Based company and had several friends/co-workers based in the Boston and NJ areas.

I spent a lot of time near Boston and in Fort Lauderdale, kind of liked both areas for different reasons in different seasons.

[scaredyclassic]

for a fun crime novel read on the underbelly of florida scamminess, carl hiassen’s skinny dip is pretty good.

florida sucks in so many ways.

[The-Shoveler]

I remember visiting co-workers homes in Fort Lauderdale,
These guys were just run of the mill engineering types but they owned nice newer homes right on the intracoastal with boat docks. They used to go diving and Ocean fishing pretty much every week end.

[sdrealtor]

[quote=The-Shoveler]I used to work for a Fort Lauderdale Based company and had several friends/co-workers based in the Boston and NJ areas.

I spent a lot of time near Boston and in Fort Lauderdale, kind of liked both areas for different reasons in different seasons.[/quote]

Citrix?

[The-Shoveler]

No ECI

[Author]

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