Category: Econolypse

Photo by Joe WilcoxOct 18, 202310:51 pm

The Most Unaffordable City

San Diego is too prestigious a place. In July 2023, rents exceeded San Francisco. Yikes! Last month, the median-selling price for residences (houses and more) topped $1 million. The city earns yet another distinction: U.S. News & World Report has crowned San Diego as “#1 in most expensive places to live”. Uh, yeah.

Los Angeles is second; broadly, California cities capture seven spots in the top ten. Oh joy. I marvel at how suddenly—catastrophically—was the transition from, quoting the motto, “America’s finest city” to America’s most unaffordable place to live. Four years ago, food, sundries, and housing cost so much less.

Photo by Joe WilcoxSep 16, 20239:17 pm

Six Dollar Gas Returns

Yikes! When I walked by my local Valero two days ago, price per gallon held steady at godawful $5.50—as when I filled up on Sept. 10, 2023. The Featured Image tells the story: 50-cent increase to, gasp, six bucks a gallon! This is typically a bargain station, too.

The photo comes from Samsung Galaxy S23 Ultra. Vitals: f/2.4, ISO 250, 1/30 sec, 70mm (film equivalent); 7:57 p.m. PDT.

Photo by Joe WilcoxSep 12, 202310:46 pm

Housing’s New Selling High is a Low Blow for San Diego

In July 2017, when we were home shopping, I started to monitor—and occasionally write about—the local housing market. The next month, countywide, median price for a single-family residence reached $610,000, according to San Diego Association of Realtors. Fast-forward six years and $1,025,000 is median, according to SDAR, which released the data yesterday.

By my quick math, that’s a 68-percent increase, which makes homeownership an outstanding investment for anyone owning before SARS-CoV-2 (severe acute respiratory syndrome Coronavirus 2)/COVID-19 lockdowns in early 2020 or increased interest rates this year and last. For anyone else not fairly wealthy, the choices are rent, move, or live on the streets—something of an increasingly common lifestyle.

Photo by Joe WilcoxSep 9, 20239:48 pm

Drives Me Crazy

I can’t complain about the weather, because inland San Diego County scorched today. Here in University Heights, which is closer to the coast, temperature reached toasty 30.5 degrees Celsius (87 Fahrenheit). As I write, it’s cooler 25 C (77 F) and best reason for the evening walk recently completed.

For days, I meant to document gasoline prices on the rise, after something of a decline that nevertheless was ghastly high compared to other states. According to AAA, the national average, as of this very day, is $3.83 per gallon. What a break. My local station at El Cajon Blvd and Texas Street is only $1.77 higher. Average for all California is $5.41 per gallon, which, by the way, is highest price for any state—even Alaska and Hawaii.

Photo by Joe WilcoxMay 4, 20239:06 pm

Bye Bye Books

You would think with so many LittleFreeLibrary boxes about the neighborhood that the owner of these books could deposit them in one. That person is learned, presumably at a local college, or pretends to be. Maybe smarty sees that the extra energy to walk a few blocks is wasted when curb depositing is quicker. Dunno and don’t really care but gotta speculate.

What a collection of titles, too. Let’s start with “how to use Tarot spreads” for “effective crisis communication”. Or “I’ll grant you that” “what happens on campus stays on YouTube”. Use “pre-sausion” and “the culture map” to locate “the CEO next door”.

Photo by Joe WilcoxApr 17, 202311:07 pm

The San Diego Housing Boom is Bust

About two weeks ago, Reventure Consulting posted a YouTube short spotlighting a house for sale in my neighborhood: “$1 Million Listing in San Diego that has no buyers“. I wanted to snag a photo and write something sooner, but our daughter’s medical crisis and recovery consumed my time.

At the time that Reventure Consulting CEO and Founder Nicholas Gerli released the 53-second clip, the University Heights home listed for $1,099,000, following several price reductions. Recent history: For sale at $1,222,000 on Dec. 15, 2022. Less than a month later, January 12, price dropped to $1,192,000 and to $1,162,000 thirteen days later. That led to a pending sale for the lower list price on February 21, which quickly collapsed, and the home returned for sale at $1,162,000 on February 24. Sellers dropped the price, again, on March 1 to $1,135,000 and to $1,099,000 on the 23rd.

Photo by Joe WilcoxMar 19, 202310:43 pm

Do You Feel Rooked?

If not today, you may soon. The sudden shakeup toppling several banks was long foreshadowed. Classic run ruined Silicon Valley Bank less than two weeks ago. Dominos fell. First Republic required $30 billion bailout to avoid similar fate. Regulators took over Signature Bank, which was besieged by cryptocurrency losses. Over the weekend, 166-year-old Credit Suisse agreed to be acquired by UBS, in a $3.2 stock swap that is a mere pittance.

Long before the SARS-CoV-2 (severe acute respiratory syndrome Coronavirus 2)/COVID-19 pandemic, I told my wife that too many companies, banks among them, had assumed too much debt during the long period of low interest rates. Wall Street Journal story “First Republic, SVB, Credit Suisse Show How Higher Interest Rates Caught Up With Banks“, dateline today, affirms my hypothesis and gives analysis you want to give some attention.

Photo by Joe WilcoxNov 4, 20229:33 pm

Down the Drain

I sit and wonder on Friday evening before Election Tuesday what will be the outcome for the Midterms. For months, gleeful pundits predicted a Red Wave, as an angry and dissatisfied electorate boots Democrats from local political offices all the way to the halls of the U.S. Capitol. If the prognosticators prove right, red will better describe the bloodbath than resurgent Republicans.

Even in deep Blue California, Red rises enough that Joseph Biden stumped for candidates in San Diego County—last night and today. Supposedly, Democratic Rep. Mike Levin risks being unseated by Republican challenger Brian Maryott in the 49th District. If a Dem incumbent can’t defend against a Repub upstart in the Bluest state, the Jackass party is just that before the Elephant in the room (these folks really need better mascots/symbols).

Photo by Joe WilcoxOct 2, 20229:01 pm

Pain at the Pump

If you’re wondering why another gas price photo, so am I. But the cost—a full dollar more than the Mobile Mart just three days ago—demands documenting. Today, I came upon the Shell station while walking to Petco in search of a potted plant for our cats Cali and Neko (out of stock, of course). Location: Fourth and Washington in San Diego neighborhood Hillcrest.

What can you say about seven dollars and twenty cents per gallon, unleaded? This place inched up to $7 during that last big rise (June 2022), but not higher. To think that in October 2021 $4.94 was outrageous. Now we can only wish that the price was as low.

Photo by Joe WilcoxSep 29, 20228:35 pm

Oh No, Not Again

A week ago, price at the pump was 90 cents less than it is today at my local filling stations. This evening, in North Park, I passed a Chevron sign for $6.60 per gallon, regular unleaded. Oh my, what’s going on with gas going up the cost ladder again?

In the Featured Image, captured using Leica Q2, the Arco across Texas Street (at El Cajon Blvd) seemingly offers a deal for 10 cents a gallon less. But hours later, the station had matched Mobile Mart.

Photo by Joe WilcoxSep 23, 20229:02 pm

The Price of Gas Rose 30 Cents Overnight!

When I drove past the local filling station late yesterday afternoon, a tanker parked and offloaded fuel. I wondered: You don’t suppose the delivery means Valero will charge more? Fleeting thoughts come, go, and never manifest into anything. But on this occasion, I was right to wonder and wish to be wrong. Gas prices had fallen recently and stabilized at $5.30 per gallon.

Ha! And I thought the 24-cent overnight increase, back in February, was a big hike.

Photo by Joe WilcoxAug 9, 20229:52 pm

San Diego Housing is Beyond You

What I want to know: Who rented this University Heights home? When my wife and I passed by on Aug. 3, 2022, a “For Rent” sign welcomed interest—well, until looking at the asking price of, uh-hum, $5,450 monthly. Granted, by square feet, the place is one of the larger houses in our San Diego neighborhood. But who commits to $65,400—more than an annual salary for many locals—to rent?

Buying is no bargain. One of the, ah, affordable homes for sale nearby lists for $1.1 million. Zillow estimates a monthly mortgage payment, along with insurance and taxes, of $5,797; that’s after 20 percent down. Who can afford to buy? Answer: The fine folks at Visual Capitalist rank San Diego as the nation’s third costliest home market, with a median price of $905,000. Necessary salary: $166,828.