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September 20, 2015 at 4:34 PM in reply to: How will Qualcomm layoff impact SD housing market? #789475September 20, 2015 at 4:21 PM in reply to: How will Qualcomm layoff impact SD housing market? #789473
bearishgurl
Participant[quote=Escoguy]15 years ago (when I was 30) I picked a GP who is a few years younger than me as I was thinking long term. We are both in our 40s now, I do realize if I stay here, I will likely need to change doctors in 20 years or so when things start to get really interesting.[/quote]
Escoguy, I don’t know if you are aware of this, but many (most) physicians AND attorneys (if they are any good at all) work until they have one foot in the grave … SS payments be damned.
It doesn’t behoove this set of professionals to attempt to keep their salaries low to qualify for SS (or full SS) if they are still healthy enough to work (or at least have their “finger in the pot” teaching class, acting as an “expert witness” or an “of counsel” for a law firm, sitting on boards and running charity functions) :=D
September 20, 2015 at 4:12 PM in reply to: How will Qualcomm layoff impact SD housing market? #789472ParticipantAnother HUGE problem of many (most?) members of Gen Y is that their expectations for the type and location of their first home are through the roof …. HUGELY unrealistic for a first-time buyer … especially one working in SD for a SD-based company.
Hence, they don’t end up buying any home … and many didn’t even buy a home when the getting was good (when values plummeted from late 2009 thru late 2011). Many of this group missed the boat to buy their first home in SD and are now seeing these same or similar homes in same or similar locations being actually sold for twice the price paid just 4-5 years ago!
September 20, 2015 at 4:08 PM in reply to: How will Qualcomm layoff impact SD housing market? #789470Participant[quote=flyer]It’s interesting to try to figure out “why” San Diego and CA housing prices continue to escalate in desirable areas, but, that said, “it is what it is,” and potential buyers need to evaluate things based upon their personal situation, and decide if they want to get into the game or not.
The largest group of “whiners” we have been encountering on this topic are those who have kids who want to find jobs and buy homes here after college.
Most of these folks are thrilled that their property values have skyrocketed, but, for reasons that escape me, they don’t seem to be able to understand why their kids can’t just walk into the jobs and homes they want, where they want them. Apparently, they didn’t plan for this eventuality.[/quote]
flyer, I think there are hundreds (if not 1000+) entry-level resale homes on the market in SD County at any given time. I do not feel that Gen Y suffers from a lack of available homes in SD County.
This group’s main problem is the substandard pay here in relation to the pay the same job commands in other metro areas of the state. This pay gap will never be closed, imho, partly due to a very porous international border (yes, thousands of “professionals” working in SD County live on the other side and thus can …. and will …. work for less money).
Unfortunately, SD’s “Sunshine Tax” is still alive and well after all these years and isn’t going anywhere.
September 20, 2015 at 12:16 PM in reply to: How will Qualcomm layoff impact SD housing market? #789466ParticipantBack to the OP, I’ve posted before here than I don’t think QC layoffs will affect the local RE market. Mostly because I feel most of the laid off employees will be the least senior (currently renters) or the most senior (forced into retirement). The employees forced into retirement likely bought their SD County residence 15-30 years ago (or even earlier). They’re just going to retire and go on about their business and maybe teach at CC, SDSU or UC extension or consult, etc for pocket change. This group will be fine.
Also, the QC employee base is spread out all over the county. Many of the employees who were already established in SD prior to being hired by QC never moved to be closer to work and stayed in their “home turf” areas where the bulk of their families reside and commuted to work every day.
I don’t even feel that MM or CarmelV RE markets will be affected by the layoffs. Perhaps some apt complexes may have to find some new tenants because those recent hires who got laid off had to relocate for new jobs. But that will be the extent of it.
These layoffs are a drop in the bucket compared to what happened in the mid-nineties in SD with the mass layoffs within the local corporations which were part of the military industrial complex.
September 20, 2015 at 12:01 PM in reply to: How will Qualcomm layoff impact SD housing market? #789465Participant[quote=flu]IF you say so.[/quote]Yes, I DO say so, flu. Check it out for yourself! And, if you don’t already have an acct there, check out all the services this bank offers to out-of-country LL’s and their (local) property mgrs.
The wheel has surely been invented.
September 20, 2015 at 11:53 AM in reply to: How will Qualcomm layoff impact SD housing market? #789464ParticipantI don’t blame any one group in particular for higher RE prices in CA coastal counties. RE should be higher-priced in these counties than other CA counties and inland states …. especially within 5 miles of the coast. This has always been the case. If a prospective buyer isn’t satisfied with what they can qualify to buy in SD County, then they should rent or relocate to another county or state with cheaper real estate. It is what it is.
September 20, 2015 at 11:48 AM in reply to: How will Qualcomm layoff impact SD housing market? #789463Participant[quote=flu]Anyway, blame all you want on whatever group you feel like blaming it on as to why real estate prices are high, rent prices are high. Whether it’s because you feel like it’s foreign buyers, speculators, low interest rates, too many cash buyers, weather, too many well paid people.
One of my neighbors just paid close to $1.3 million for a home in my neighborhood. Previous peak price was closer to $1.15. And they aren’t from china. Just a two income family which both adults are doctors relocating from out of state.
I’ve been seeing a lot of doctors relocating to CA buying in my neck of wodds, much more so than engineers. This is the third doctor family around me. Perhaps, you can blame the sudden uptick of doctors migrating into CA because of Covered California?[/quote]
Yeah … I noticed Sharp has been heavily recruiting for medical professionals of late. The truth is, many (most?) of the best doctors in SD are over the age of 70 and a good portion of them are over the age of 75. I KNOW all mine are and they were all Aexcel designated providers (the cream of the crop) when I had Aetna for several years. My current carrier (Blue Shield) has all but one of them in network, which is why I chose BSoC.
These doctors (mostly all male) aren’t going to last forever. Except for the occasional “expert-witness” stint in court, I see most of my longtime providers finally retiring.
Advanced age of longtime SD providers is the sole reason for Sharp/Scripps and other SD medical groups recruiting en masse, imho.
September 20, 2015 at 11:14 AM in reply to: How will Qualcomm layoff impact SD housing market? #789460Participant[quote=FlyerInHi] . . . Over the years, I know a few people who sold and left California. They are now unable to return.[/quote]
I know more than a few people (even SD natives who are now senior citizens) who moved out of state after retiring in their 50’s and cannot now return even to their old “working-class” home turf in CA.
This is the main reason why I will “retire” in CA. I’m just not sure exactly where yet, and may have to lease my home for 1-2 years and lease elsewhere in the state before I make that decision.
FIH, you are a SD native and still have relative(s) in SD, no? I feel you may still be young enough to return to CA and buy a home for yourself.
September 20, 2015 at 10:53 AM in reply to: How will Qualcomm layoff impact SD housing market? #789458ParticipantI don’t think the average Chinese citizen who bought RE in the US (most of whom still live in China) are attracted to “trophy” properties. They want rental income from bread-and-butter real estate investments, plain and simple. Chinese investors cleaned up big time in over 20 East LA County cities during the recent downturn of 2009 through early 2012. This group bought up SFRs and condos en masse, almost all of which were built from 1950 to 1985. The vast majority of these investors still live in China to this day. They have hired local property managers who mainly speak Mandarin, Tagalog, English and Spanish to keep them filled and properly managed.
Oh, and btw, I am told that almost all of these investors bought these properties sight unseen (from internet pics and with a local agent). They didn’t particularly care about the condition and did whatever improvements were necessary after COE (thru their property mgr) to immediately get their propert(ies) advertised for rent.
These Chinese investors weren’t stupid. In hindsight, almost all of the properties in their new RE portfolios (in LA County) turned out to be cash cows 🙂
September 20, 2015 at 10:26 AM in reply to: How will Qualcomm layoff impact SD housing market? #789457Participant[quote=mixxalot]Well I am seeing a lot more Chinese in San Diego renting and buying places in group tours than just a few years ago. I will preface my thoughts that I have no issues with them as I do have friends from China and Asia but the problem is lack of common sense with overpaying real estate prices. I was telling my buddy the other day that I can buy a home outside of coastal areas for under 500K and a nice sailboat with a live aboard slip for a fraction of coastal real estate and have a better experience being in a big place and have water recreation.[/quote]
Uhh, mixxalot … a “live-aboard” slip, such as those with full utility hookups on the (secured) J Street Marina in Chula Vista, cost quite a bit more than the $500 month you stated earlier here that you were considering paying on Harbor Island (SD) on the “Are home prices just silly right now” thread.
If you already had a <=$500K home in SD County, you would ostensibly have no need for a "live-aboard" slip in SD County if you owned a vessel longer than 25'. You could park it on your own property for free (if you bought the "right kind" of property). Why don't you just focus right now on accumulating your downpayment and qualifying for a mortgage for that home right now and save your boat/plane dreams for a later date? It's not going to get any easier to buy a house in SD County a few years from now because the last vestiges of distressed property left over from 2011 and prior is now being marketed in pockets of East County (and likely inland North County as well). Once these properties are gone, distressed property listings will be fewer and farther between, IMO (stemming from random HELOC defaults, no doubt). Of course, this suggestion is all predicated on the notion that you will stay in SD County for the long haul and not move or get transferred to another locale. If you don't know where you will be in five years (or have no control over this), then it is probably not worth it for you to buy a house here.
September 19, 2015 at 7:46 PM in reply to: How will Qualcomm layoff impact SD housing market? #789447Participant[quote=flyer]Many articles indicate that fewer and fewer of the native-born population are able to buy homes, so the influx of foreign funds in certain housing markets like CA may end up being a sustaining force for housing prices in those areas longer term.
That’s a good thing for those who already have property–but not great for those who don’t–especially not for young people who would like to buy in the areas in which they were raised. We bought property for our kids years ago, but it’s a different world today.[/quote]
flyer, that’s all well and good …. um, except that you have posted here several times that your kids are currently living and working in the LA area and SF bay area, respectively (as my kids are). How are your kids (theoretically) going to one day occupy a home (in SD County?) that you have “earmarked” for them if they are making a much better living elsewhere in the state??
Are your property “investments” actually spread thoughout the state, and if so, are your kids currently occupying them?
For the record, my kids (all SD natives) have (vociferously) stated that they will NOT return to SD for a job when they can make much more money elsewhere in the state. And frankly, I don’t blame them. If I was a freshly minted 22-year-old college graduate, I would NOT be here in SD, plain and simple.
H@ll, no …
Participant[quote=livinincali][quote=bearishgurl]
Why should we pay higher rates so those “super-users” in buried-cable lizardland can be “comfortable” under their central A/C? What exactly is it that I’ll be getting for my money if my utility bill happens to double under a two-tiered rate system (to make it more “fair” for super-users, lol)?[/quote]Their bills will continue to be much higher than yours. A lot of people will see their bill go up somewhat a few people will see their bill go down significantly. If your neighbor uses twice as much power as you does he deserved to be billed 4 times as much when he’s in your same shoes when it comes to infrastructure. Go look at this document where you can see that rates for tier 3 and 4 are more than double 1 and 2. The future proposal shrinks that down to about 25% and there still is a heavy penalty for super users.
Let’s just be honest with ourselves that low energy users were getting a pretty good deal. I haven’t really seen my bill go up much at all in the past 7 years using tier 2 or below power 99% of the time.[/quote]
I downloaded the recent SDG&E bill insert, livinincali. I don’t get paper bills so I haven’t seen this yet. I’ll take a closer look at it later tonight. Thanks for the link.
ParticipantLet us take into account that a larger household size than one person creates an “economy of scale” of sorts (i.e. 3 people in a hshld watching TV together or 2 kids sleeping in the same room, etc).
Speaking of “super-users,” I want to know how much energy (gas & elec) each person in a household SHOULD use. In other words, if I can run a 4/2 2200 sf one-person hshld on $35 to $50 mo in the warm months (gas + elec svc in a near-coastal location), would it be safe to say that $35 – $50 PER PERSON is a fair amount of utilities to use in a hshld of MORE than one person (even if they use A/C periodically or have a pool)?
Would $250 be a fair bill for a 5-person hshld? Coastal or inland? Pool or not? What is the REAL reason people complain about $400+ monthly gas/elec bills in SD? If they don’t have a household of 8+ people, WHY are they using so much energy??
I don’t have a pool or A/C but use power tools for several hrs per month, run an electric lawnmower twice per month and have a sprinkler system.
Participant[quote=livinincali][quote=bearishgurl]
I disagree, Livinincali. My neighborhood is over 65 years old and thus, we were “here first.” as were the rest of our “brethren” neighborhoods. Existing unburied overhead lines or no, it is what it is and we are frequently/likely “coastal” in location. We should not have to subsidize the Lizardland inhabitant hshld (more often with A/C as well as backyard pool). IT’S NOT OUR PROBLEM that other ratepayers chose to live in lizardland. Many of us ALREADY PAID OUR DUES IN THIS LIFE and wish to retire with utility bills reflective of OUR OWN USE USAGE ONLY, NOT that of subsidizing a family of five who can’t manage to turn off their lights or TV’s they aren’t using.In other words, the “infrastructure” was always there for ME. Why should I pay for it over again when my infrastructure was paid off in 1962?? What about YOU? Your choices are YOUR problem …. not mine.
IT’S NOT MY PROBLEM, NOR SHOULD IT BE!![/quote]
So you mean when Chula Vista blew up the 1950’s era fuel oil power plant a couple years ago you shouldn’t have to pay for the replacement power plant to provide you power (you paid for that plant but now it’s gone and has to be replaced because it doesn’t last forever). Maybe you should get no power since you aren’t contributing to the new power plants that need to be built to replace the old power plants that were inefficient and at the end of life. How do they replace the power generated by San Onofre which was a lower cost nuclear power plant?. With more expansive Solar farms and other renewables but you shouldn’t have to pay for that either. LOL.
http://articles.latimes.com/2013/feb/03/local/la-me-0203-power-plant-20130203%5B/quote%5D
Well, we’ve had numerous power outages over the years (all 4-12 hours long). Most notably, last week, on the 8-9th (8 hrs) and 10-11th (6 hrs). They happen on the hottest, muggiest days, the above days being 97 and 94 degrees, respectively. The exact same transformer blows up every time (I can hear the crackling popgun sound sitting at my desk) and on the 8th, a power line went down in the same vicinity, sending out a popping explosion. (Fortunately, it missed hitting motorists.) Invariably, all the stoplights go out on the main drag for a mile-plus, causing sirens for the next hour. It’s extremely annoying and I’m finding myself now needing to buy a heavy, battery backup surge protector, even though I already have two surge protectors. I almost lost a portable SATA drive on the 10th (with all my business files and cases on it) but fortunately was able to resurrect it on another computer. I’ve already lost two routers in past years and am currently on my 4th router and 3rd modem in 14 years (due to them getting “fried” in power outages), with only one router actually purchased as an “upgrade” upon receiving a letter from Cox to do so.
How would YOU like to sleep on a sheet on the floor in front of your front door (security screen) in one of the muggiest nights in history, whilst listening to all your neighbor’s generators running? My poor pets!
Yeah, the folks around here ALL KNOW THE DRILL …. very well. Like many (most?) coastal areas, we don’t have buried cable and we’ll all likely be dead before SDG&E gets around to their undergrounding schedule around here.
Why should we pay higher rates so those “super-users” in buried-cable lizardland can be “comfortable” under their central A/C? What exactly is it that I’ll be getting for my money if my utility bill happens to double under a two-tiered rate system (to make it more “fair” for super-users, lol)?
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