Why is San Diego real estate still so expensive?

[blahblahblah]

I forgot hurricanes.

[permabear]

[quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.

[permabear]

[quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.

[permabear]

[quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.

[permabear]

[quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.

[permabear]

[quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.

[an]

[quote=permabear][quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.[/quote]
Did you cut and paste this post from 2005? I see plenty of great houses in the 800k-1M range. People making 200k+ have to look for a smaller place a way out? What’s considered small (4000 sq-ft)?

[an]

[quote=permabear][quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.[/quote]
Did you cut and paste this post from 2005? I see plenty of great houses in the 800k-1M range. People making 200k+ have to look for a smaller place a way out? What’s considered small (4000 sq-ft)?

[an]

[quote=permabear][quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.[/quote]
Did you cut and paste this post from 2005? I see plenty of great houses in the 800k-1M range. People making 200k+ have to look for a smaller place a way out? What’s considered small (4000 sq-ft)?

[an]

[quote=permabear][quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.[/quote]
Did you cut and paste this post from 2005? I see plenty of great houses in the 800k-1M range. People making 200k+ have to look for a smaller place a way out? What’s considered small (4000 sq-ft)?

[an]

[quote=permabear][quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Yes, but they were closer, say in the late 90’s (after real estate had recovered from the early 90’s crash and before the Greenspan bubble).

Though, I do recall there were a ton of buyers at those levels (I bought a place in ’98). And that was when Qualcomm and other companies were still relatively modest in size. But then again, we had FAR less housing units.

It still seems like we’re at unsustainable levels. I have a few friends with great incomes (combined in the 200’s) and they are having to look for smaller places a ways out. My friends who have decent incomes (combined in the mid 100’s) have no options. I have a few single friends in the low 100’s… good luck.

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.[/quote]
Did you cut and paste this post from 2005? I see plenty of great houses in the 800k-1M range. People making 200k+ have to look for a smaller place a way out? What’s considered small (4000 sq-ft)?

[OBecian]

Well, let’s also not forget that market forces in general are not being allowed to operate freely. I think even most piggs have been surprised by the amount of government intervention in the housing market. Not to mention the constant devaluing of the dollar. As long as nominal prices remain constant, the masses will be happy and not pay attention to real inflation adjusted prices. BB said QE3 could be coming soon…

Yes, SD is a very nice place to live. But that relative value probably did get exaggerated during the bubble because of the false sense of wealth most people felt. How long it will take to return to a higher than average “normal” is a good question.

[OBecian]

Well, let’s also not forget that market forces in general are not being allowed to operate freely. I think even most piggs have been surprised by the amount of government intervention in the housing market. Not to mention the constant devaluing of the dollar. As long as nominal prices remain constant, the masses will be happy and not pay attention to real inflation adjusted prices. BB said QE3 could be coming soon…

Yes, SD is a very nice place to live. But that relative value probably did get exaggerated during the bubble because of the false sense of wealth most people felt. How long it will take to return to a higher than average “normal” is a good question.

[OBecian]

Well, let’s also not forget that market forces in general are not being allowed to operate freely. I think even most piggs have been surprised by the amount of government intervention in the housing market. Not to mention the constant devaluing of the dollar. As long as nominal prices remain constant, the masses will be happy and not pay attention to real inflation adjusted prices. BB said QE3 could be coming soon…

Yes, SD is a very nice place to live. But that relative value probably did get exaggerated during the bubble because of the false sense of wealth most people felt. How long it will take to return to a higher than average “normal” is a good question.

[OBecian]

Well, let’s also not forget that market forces in general are not being allowed to operate freely. I think even most piggs have been surprised by the amount of government intervention in the housing market. Not to mention the constant devaluing of the dollar. As long as nominal prices remain constant, the masses will be happy and not pay attention to real inflation adjusted prices. BB said QE3 could be coming soon…

Yes, SD is a very nice place to live. But that relative value probably did get exaggerated during the bubble because of the false sense of wealth most people felt. How long it will take to return to a higher than average “normal” is a good question.

[Author]

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