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cyphire
Participant??? I am talking wages and you are talking per capita GDP. Gross domestic product isn’t median income per worker.
71% of UK families are dual income, 84% of US are.
Median UK salary (per person, not per household!) = 22,500 (pounds) or $43,600
Median US salary $32,000.
Guess I was wrong – the average British citizen makes only 50% more than their US counterparts.
We also work like dogs compared to them, have 2 weeks vacation (if lucky) – I think they get 8 weeks, etc.
Also – just to keep things real – the top 20% of US households got every dollar of wage appreciation since 1975. Thats right – the top 20% got all the money above 1975 levels.
Hard to find these general statistics on the internet – but GDP only shows how wealth the wealthy have become since Reagan and of course how much the gap has dramatically changed since George Bush and his thieving Republicans have had the keys.
Keep up the greed baby!
ParticipantSorry paranoid – it’s not the density in NYC which makes the apartments worth so much – its the density of jobs. 1.3 Million people commute into Manhattan each day. I lived there up till 7 years ago. If you live in the city you don’t have to commute (well maybe the subway or a cab).
NYC is where the money is played with. It’s the center of the financial world (London is possibly as big now). It’s pay scale is huge compared to out here. Downtown San Diego is a cow town compared with Manhattan.
ParticipantSorry paranoid – it’s not the density in NYC which makes the apartments worth so much – its the density of jobs. 1.3 Million people commute into Manhattan each day. I lived there up till 7 years ago. If you live in the city you don’t have to commute (well maybe the subway or a cab).
NYC is where the money is played with. It’s the center of the financial world (London is possibly as big now). It’s pay scale is huge compared to out here. Downtown San Diego is a cow town compared with Manhattan.
June 11, 2007 at 11:51 PM in reply to: Need advice on the pros and cons of interest only loans #58606ParticipantHey – RUstico – You got me addicted to this also! I only started blogging a couple of weeks ago!
Lurk a little and we both will try to post less. I know what you mean – I’m gonna start only doing this once a day.
June 11, 2007 at 11:51 PM in reply to: Need advice on the pros and cons of interest only loans #58633ParticipantHey – RUstico – You got me addicted to this also! I only started blogging a couple of weeks ago!
Lurk a little and we both will try to post less. I know what you mean – I’m gonna start only doing this once a day.
June 11, 2007 at 11:49 PM in reply to: NEED your input, About to buy a new Pienza home in 4S Ranch #58604Participantocrenter – I think you may be forgetting that the 150K down payment is tied up and is not earning any income. Also – if it’s a new home – there will be 30-100K of landscaping, etc.
June 11, 2007 at 11:49 PM in reply to: NEED your input, About to buy a new Pienza home in 4S Ranch #58631Participantocrenter – I think you may be forgetting that the 150K down payment is tied up and is not earning any income. Also – if it’s a new home – there will be 30-100K of landscaping, etc.
ParticipantSorry – doesn’t wash…
The number of second homes / vacation homes here is a tiny tiny bit of the housing. Now if you are talking west of the 101 or on the beach sure… This accounts for 1% of the houses. What about the other 99%?
I don’t know of one house in any of the neighborhoods where I have friends in CV where there are any ‘second homes’. Great post Bugs – you hit the nail on the head.
I’m not being emotional about this. You aren’t being realistic. Sure the land from the beach to 3 miles inland is pretty full… But there is still 5 miles of the same weather up and down the coast.
More importantly – where is the updating happening? La Jolla? Del Mar? If there was true pricing and scarcity pressure (which of course there is not – as Bugs said look at the developers running away from their deposits) – then areas outside of the wealthy ones would be getting spillover and would have tear-downs – upgrades – etc.
Not happening.
Because we haven’t run out of room. Bugs (I think it was Bugs) said that there will be water / job shortages / etc. before we have used up the space.
One other thing….. We pollute our residential spaces like no other place. In England there is a town, then there is a greenbelt around it, they don’t jam a dozen houses into an acre or two from the city to the next city!!! They actually keep country, city, and suburbia separate. Our noble developers will probably build houses above other houses pretty soon – won’t be pretty!
ParticipantSorry – doesn’t wash…
The number of second homes / vacation homes here is a tiny tiny bit of the housing. Now if you are talking west of the 101 or on the beach sure… This accounts for 1% of the houses. What about the other 99%?
I don’t know of one house in any of the neighborhoods where I have friends in CV where there are any ‘second homes’. Great post Bugs – you hit the nail on the head.
I’m not being emotional about this. You aren’t being realistic. Sure the land from the beach to 3 miles inland is pretty full… But there is still 5 miles of the same weather up and down the coast.
More importantly – where is the updating happening? La Jolla? Del Mar? If there was true pricing and scarcity pressure (which of course there is not – as Bugs said look at the developers running away from their deposits) – then areas outside of the wealthy ones would be getting spillover and would have tear-downs – upgrades – etc.
Not happening.
Because we haven’t run out of room. Bugs (I think it was Bugs) said that there will be water / job shortages / etc. before we have used up the space.
One other thing….. We pollute our residential spaces like no other place. In England there is a town, then there is a greenbelt around it, they don’t jam a dozen houses into an acre or two from the city to the next city!!! They actually keep country, city, and suburbia separate. Our noble developers will probably build houses above other houses pretty soon – won’t be pretty!
ParticipantEven if London does drop as much as we do, our currency is crap compared to theirs. I remember reading about 5 years ago that the average American makes 1/2 as much as the average UK resident.
Don’t count on being able to afford London – I was there during new years and a cup of noodles was 14$.
PatientRenter – people in the UK, etc. don’t come and live in Carmel Valley because of the awesome climate… They might buy a second home on the beach in La Jolla or Newport – but they aren’t buying a home in a planned community.
The people living in So Cal make their money from being in finance, services, and other consumer driven things. You are in OC and OC has lost thousands? of jobs in mortgage brokering alone.
I think that as the economy cools and contracts – consumer spending will suffer and will drag down the economy. That and interest rates. Plus really greedy wealthy people and the folks that they keep electing.
Time will tell
ParticipantEven if London does drop as much as we do, our currency is crap compared to theirs. I remember reading about 5 years ago that the average American makes 1/2 as much as the average UK resident.
Don’t count on being able to afford London – I was there during new years and a cup of noodles was 14$.
PatientRenter – people in the UK, etc. don’t come and live in Carmel Valley because of the awesome climate… They might buy a second home on the beach in La Jolla or Newport – but they aren’t buying a home in a planned community.
The people living in So Cal make their money from being in finance, services, and other consumer driven things. You are in OC and OC has lost thousands? of jobs in mortgage brokering alone.
I think that as the economy cools and contracts – consumer spending will suffer and will drag down the economy. That and interest rates. Plus really greedy wealthy people and the folks that they keep electing.
Time will tell
ParticipantI also want to add my 2 cents… There is still so much builder land in the hands of builders! Look at the huge swaths of homes going up, lots being prepared from Carmel Valley to San Marcos! While you are right that some of the developers (Pardee) bought these properties for a tiny fraction of what they are worth today, the current prices for these tiny plots has lost all grips with the fundamentals.
The builders aren’t even building right now, they are doing 1 at a time to not show how many vacant lots (all from 1-14 miles from the beach) are still sitting there.
There is a ton more properties than people who want them. The suckers have bought at the top (no offense suckers – I was one of you but got out even) and the property prices will still go down.
The funny thing is that the Realtors keep lying about the supply and demand. People leave San Diego in droves because they can’t afford the cost of living. We have a HUGE impediment to future business and services because of the high cost of real estate. Everyone isn’t flocking to San Diego (other than the rich) – compare our housing prices to the rest of the country. In NYC salaries are huge compared to here – so we have higher home prices and lower salaries – not a prescription for growth.
p.s. Have you driven out the 56 only 3-5 miles from the beach??? It’s the real estate graveyard tour! Free kitchens for every sucker!
ParticipantI also want to add my 2 cents… There is still so much builder land in the hands of builders! Look at the huge swaths of homes going up, lots being prepared from Carmel Valley to San Marcos! While you are right that some of the developers (Pardee) bought these properties for a tiny fraction of what they are worth today, the current prices for these tiny plots has lost all grips with the fundamentals.
The builders aren’t even building right now, they are doing 1 at a time to not show how many vacant lots (all from 1-14 miles from the beach) are still sitting there.
There is a ton more properties than people who want them. The suckers have bought at the top (no offense suckers – I was one of you but got out even) and the property prices will still go down.
The funny thing is that the Realtors keep lying about the supply and demand. People leave San Diego in droves because they can’t afford the cost of living. We have a HUGE impediment to future business and services because of the high cost of real estate. Everyone isn’t flocking to San Diego (other than the rich) – compare our housing prices to the rest of the country. In NYC salaries are huge compared to here – so we have higher home prices and lower salaries – not a prescription for growth.
p.s. Have you driven out the 56 only 3-5 miles from the beach??? It’s the real estate graveyard tour! Free kitchens for every sucker!
ParticipantGood for you beanmaestro… DON’T make the mistake of sinking all your green and your potential green into a house at the top of a falling market. We still are close to the top in my opinion, and I’m sure that someone with your academic credentials can do a little trend analysis with imperfect data!
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