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XBoxBoy
Participant[quote=deadzone]Covid is over now for all intents and purposes. Amazon announced return to the office (3 days a week) and no longer requiring vaccine.
[/quote]Funny how things change with time. The above quote is from the very first post of this thread on Feb. 23rd. But today, Covid is more active than then, and just the other day the head of Amazon’s recruiting replied to Elon Musk’s demand that workers return to the office with this:
“If the Emperor of Mars doesn’t want you, I’ll be happy to bring you over to #AWS. If you don’t like to be micromanaged by the Elon Musk’s of the world, come to #AWSIdentity!”
ParticipantAnd today’s news is this great quote of Elon Musk to Tesla employees:
[quote=Elon Musk]
“Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla. This is less than we ask of factory workers,”[/quote]We’ll see how well this flies with his employees. But what’s interesting to me is that his argument is that this is less than we ask of factory workers. I mean, we’ve all known Elon is an arrogant SOB, but to put it out there so blatently? I guess that’s why he’s a multi-billionaire and I’m not.
Participant[quote=gzz] This effect is largest in hot areas with older stock like Claremont, and less significant in new areas and the poshest areas where relatively few homes are in poor shape and extremely dated. [/quote]
This doesn’t match what I see in La Jolla. There are a surprising number of homes in poor shape that are quite dated. There are a lot of flips in LJ. Although these flips tend to be tear down to the studs and build something significantly bigger.
Participant[quote=sdduuuude]
An increase in labor cost is devastating to a business plan because it can force a business owner to raise prices so much that their own business becomes no longer viable. It is a frightening prospect.
[/quote]If a business is no longer viable because market rate for wages rise that’s not something to cry about. That’s called capitalism. The constant replacement of existing businesses with businesses that are more capable of meeting the market’s needs is a strength of market based economies.
[quote=sdduuuude]
To call them “cheap” is very unfair and demonstrates a lack of understanding of what a business owner has to deal with..[/quote]As a former business owner, I don’t agree. If market rates for wages rise, a business owner needs to pay them and/or find other ways to maintain employee loyalty. Not whine to the media about how they can’t find employees. And given how incomes for the wealthiest part of our population have risen so much and how rank and file workers have lagged behind, I suggest you rethink where you put your sympathies.
Participant[quote=JPJones]How does someone with a 16 year old account here (DZ) not own a house in San Diego yet?[/quote]
I think it’s way easier than you might think. It’s emotionally very tough to buy when the market is down. You are always second guessing yourself because it might go lower. Then when it starts to rise, you tell yourself to be patient, it will go back down again. Personally, I’m not sure I would have bought in 2009 if it hadn’t been for my wife who really wanted to own a house.
The stock market is the same way for me, and because of the difficulty of catching the bottom, I’m a buy and hold stock player. Unlike a lot of people on this blog, I pretty much never sell, I just hold broad market ETFs.
May 3, 2022 at 9:18 AM in reply to: Megadrought Threatens California Power Blackouts This Summer #825356ParticipantAnyone know why San Diego isn’t being hit with the watering restrictions that are happening in LA? Does San Diego get its water from somewhere else? Did San Diego make a better deal regarding how much water they would get?
Participant[quote=an]Back to the original topic: https://news.yahoo.com/airbnb-allow-employees-permanently-home-150017087.html
I know people at Amazon and they’re still working from home with no sign of forcing them to go back to the office.[/quote]
Yes, please can we go back to the original topic?
April 25, 2022 at 4:25 PM in reply to: Must read: bullish stats on surging “bulk buying” of RE by hedge funds #825204ParticipantI’m not sure why this would be bullish. If in fact a lot of houses are being bought by hedge funds, they are also likely to be the ones heading for the exits if the market changes. If anything hedge funds buying houses makes me more fearful of a housing decline.
Participant[quote=deadzone]30 year fixed over 5% today according to Mortgage News Daily.[/quote]
When the pandemic first hit I thought, “Boy, that will clobber the housing market.” After all, the economy was likely to go into recession, and people would become cautious. No way people would start buying houses like crazy. Of course, I was about as wrong as I could be.
A year ago, when interest rates started rising, I thought, “Boy, if interest rates get to 5%, that will cause the housing market to slam on the brakes. People won’t be able to afford these crazy prices with 5% loans.” Yet here we are with a housing market that is still rocking. Inventory in the area I watch (La Jolla) has dropped in the last couple of weeks from its already incredibly low level. So it seems I was wrong about 5% interest rates slowing the market.
Now I don’t know what to think. It seems hard to imagine that the pace of price increases will continue. But I’ve thought that for a long time and prices just keep going up at an astounding rate. Inflation will help justify some of the increases, but until inventory increases a lot I doubt we see price drops. Then again, I’ve been wrong before, maybe I am again.
ParticipantI sure would have thought we’d see a pretty big slow down with interest rates going up like they have. Particularly in an area like Mira Mesa. But so far, not seeing the increase in inventory or the drop in demand. Shows you how little I know… or maybe just how crazy the situation is. Either way, I find the situation pretty spectacular. Maybe it’s still to come and deadzone will be right. But so far… not seeing it.
Participant[quote=limkotir]
A lot words in those two articles (opinionated with data), but San Diego was called out as “raising star” tech hub.[/quote]Can anyone give me one good reason why San Diego won’t be as hot a tech hub as Silicon Valley (or any other place) ten years from now?
Participant[quote=scaredyclassic]
The Lake Wobegon effect
The characterization that “all the women are strong, all the men are good-looking, and all the children are above average” [/quote]It’s fascinating to me that the characterization starts with, “all the women are strong” instead of something like “all the women are pretty” or some other stereotype of women. I’m not really sure what it says about gender stereotypes that the women are defined as strong and the men are good-looking, but I like it.
Participant[quote=JPJones][quote=deadzone][quote=spdrun]Average 30-yr was below 3% about 6 months ago. Now, it’s what, 4.25%? And the hikes are just beginning.[/quote]
Actually 4.68% today. But who’s counting? Apparently interest rates don’t impact the local housing market according to the “Professionals” on this board.[/quote]
What are your credentials? What is your source on that 4.68% number?[/quote]
I suspect that deadzone is quoting the rate listed on Mortgage News Daily. https://www.mortgagenewsdaily.com/
3/23/2020 the stated rate is 4.68%. Keep in mind that is an average for loans available yesterday. When sdrealtor quotes that a client just closed at such and such, that loan was started a month or more ago when rates were lower. And with points you can always lower your rate.
From my experience Mortgage news daily is well worth following if you want to see what rates are doing. The question/issue isn’t what rates are today, the question is how will these increased rates impact real estate. So far inventory numbers tell me the answer is not so much. Of course, maybe it’s too soon to tell.
Participant[quote=sdrealtor]A $7M house in Encinitas just sold the 1st day on market.
Buyer must be trying to get in before rates go up!![/quote]
I realize you’re just poking fun, but wouldn’t most buyers of $7mil properties be paying cash? How often are loans even involved in 4mil+ purchases?
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