Category: Money

Photo by Joe WilcoxJul 12, 202310:06 pm

The Winslow

Sometime soon, I will share more about the evolution of the apartment complex that now occupies the property where was New Vision Christian Fellowship. I remember when families and old folks lined up for free food Fridays. Now the church’s former location is a cathedral for, according to promotional material, a “truly timeless, amenity-rich living experience”. Oh yeah?

The massive, block-long mixed-use structure, Winslow, packs in 379 apartments, which will lease in staggered fashion over the coming months. At a time when San Diego touts new buildings like this one as being the forebears of more affordable housing, Winslow rental prices sure make me wonder how.

Photo by Joe WilcoxJul 11, 202310:14 pm

San Diego Rents Exceed San Francisco

Holy doggie do-do, Batman. San Diego reached another shocking milestone in the housing market. Average rents are higher than San Francisco and rank third among American cities. No wonder homelessness rises across the county. Crapola, this stinks—for us peons. Landlords likely feel differently, eh.

Zillow has the skinny in its June 2023 rental report, which observes that “the most expensive major market is San Jose, where typical monthly rent is $3,411, followed by the New York City metro area ($3,405), San Diego ($3,175), San Francisco ($3,168), and Boston ($3,045)”. Maybe you don’t see $7 as all that meaningful, but SF is notoriously known for being a pricey market for housing. Not San Diego.

Photo by Joe WilcoxJul 6, 20238:48 pm

Christmas in July

I can’t say that I will jump through hoops seeking the ultimate sale-priced goods during Amazon Prime Day next week (11th and 12th). But keeping with the concept of Christmas in July and opportunity for me to share a previously unpublished photo, here we are together. Shop if you want.

The Featured Image comes from Leica Q2 on Dec. 21, 2022. Vitals, aperture manually set: f/5.6, ISO 100, 1/320 sec, 28mm; 12:24 p.m. PDT. Location: Maryland Place in San Diego neighborhood University Heights.

Photo by Joe WilcoxJun 22, 202310:06 pm

The Caustic Costs of San Diego Housing

Some posts need little explanation, because the numbers so clearly speak for themselves. Based on a report from a Chamber of Commerce, the median annual income in San Diego is $66,536. The median monthly rent for a one-bedroom residence (presumably apartment): $2,543. Based on a “rent-to-income ratio of 30 percent”, the yearly salary necessary for that same flat: $101,720. Ah, yeah.

That’s an income shortfall of $35,184. Stated differently, that median one-bedroom costs $30,516 over 12 months. And that ignores other intangibles that jack up the cost of living. How much? San Diego ranks No. 1 in U.S. News World Report’s list of the “Most Expensive Places to Live in the U.S. in 2023-2024“. Hell, what an honor!

Photo by Joe WilcoxJun 21, 20239:01 pm

Come and Get Me, Apple

If you believe Wired story “Apple Is Taking On Apples in a Truly Weird Trademark Battle“—and I do—the company is running about the globe seeking the “rights to the image of apples”.

One court case could cause big problems for 111-year-old the Fruit Union, according to reporter Gabriela Galindo, who writes: “The oldest and largest fruit farmer’s organization in Switzerland worries it might have to change its logo, because Apple, the tech giant, is trying to gain intellectual property rights over depictions of apples, the fruit”.

Photo by Joe WilcoxJun 13, 20239:19 pm

Got Cash? Go Elsewhere!

Marking a trendy trend among the trendy artisan set, Communal Coffee in San Diego’s North Park neighborhood won’t accept your money for payment. Your credit or debit card is legal tender, even Apple Pay, but keep bills or coins in pocket, purse, or wallet.

The privilege of digital currency comes with a perk—and one some of you won’t want: The tip nag screen that appears during the purchase process. Oh, don’t feel guilt or pressure, with the glaring eyes of the barista bearing down on you with expectation of 20-percent or more gratuity to top off that swank latte with almond milk.

Photo by Joe WilcoxMay 9, 20239:52 pm

Squatter Villas

The never-ending pattern of eviction, renovation, or teardown and rebuild provides temporary residences for San Diego’s homeless. I had wondered why encampments suddenly vanished along either El Cajon Blvd or Florida Street here in University Heights. The so-called unhoused moved into unoccupied flats.

What a sad, tragic state of affairs across from Kindred Hospital on Georgia Street. Around the beginning of the year, a woman living in a charming Craftsman-like house had to leave, because the property had been sold for redevelopment. I once chatted with her about renovictions and calico Rosie. Renters of the apartments next door were forced out some months later. I had photographed ginger kitty Harvey there in June 2021. Both animals appear in my “Cats of University Heights” series.

Living by Joe WilcoxApr 27, 20239:49 pm

The Estate Sale

Today, my wife and I drove down Texas Street from University Heights into Mission Valley and our local Bed Bath & Beyond. About 24 hours earlier, liquidation sale started—as the retailer begins to wind down all operations in U.S. stores following an April 23, 2023 Chapter 11 Bankruptcy filing. Some people will say that SARS-CoV-2 (severe acute respiratory syndrome Coronavirus 2)/COVID-19 lockdowns killed the company, and they would be mistaken.

Bed Bath & Beyond’s demise is more complicated but two causes are fundamental, and one was exacerbated by the nation’s pandemic response. The first: Unnecessary debt. I told my wife years ago that too many public companies used cheap credit to buy back, and therefore bolster, shares. That’s the real reason for tech stalwarts like Amazon, Facebook, Google, Microsoft, and the like laying off tens of thousands of workers. Trust me: It’s not the economy but cost-cutting because of debt.

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 WilcoxApr 13, 202310:23 pm

Measuring Inflation by Cat Math

In early February 2017, the Wilcox household purchased its first set of Katris blocks for our kitties Cali and Neko. The modular cat tree can be assembled in numerous configurations. According to the company: “Each block is made from over 200 sheets of heavy-duty paperboard and can withstand more than 300 pounds of weight”. The upper layer is ready for paw scratching. For such value, we purchased three more sets.

Few days ago, I considered buying more—that is until seeing how shockingly higher is the selling price: $395.95, which is a 65 percent increase over our first Katris kit; 97 percent more than the second (July 2017); 90 percent increase over the third (October 2017); and 72 percent more than the fourth (December 2018). How’s that for an indicator of inflationary pricing?

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 WilcoxJan 12, 20239:26 pm

What Would You Pay to Live Here?

Zillow lists 30 places for rent in my neighborhood of University Heights. You are looking at the most expensive: $5,950 per month. For a rent like that, I think Manhattan or San Francisco—not a somewhat middleclass area of San Diego. But, hey, the deposit is only $5500 (plus another $500, if you have a small pet). Lucky you.

Strangely, the place is a bargain, because half-a-block distance is a $5,450 rental that may be less monthly but poorer value for the size:1,450 square feet, compared to 2,325 sq ft for the pricier property.