Category: Money

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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.

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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.

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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.

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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?

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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.

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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.

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The Costs of Natural Gas Gouging

You might think that the year hasn’t progressed far enough along to designate the most notorious email. But we have one, delivered yesterday, without pomp nor apology, from SDGE—the so-called utility serving San Diego County. Excerpt: “Effective Jan. 1, 2023, a typical residential customer can expect an increase of $120 on their monthly natural gas bill relative to last January”. Say what?

Gosh, “new pricing became effective on” the first day of the year, according to the service provider. That’s a polite way of warning customers that they are about to get whacked aside the head with mindboggling blow. KPBS explains:

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Beating Black Friday at Banana Republic Factory Store

I wish there was a better way to combat inflationary pricing than Black Friday discounts. Banana Republic Factory emailed about the big 60-percent off storewide, topped by another 15 percent with special code. Since, coincidentally, two years ago nearly to the day I last purchased boxers—and none since—time had come to follow my wife’s advice: resupply. BRF’s undies are comfy and durable, which is why I buy them.

Two BRF stores are about equally far, North and South, from our San Diego neighborhood. We chose the one farther from Mexico’s border, for no particular reason. Decision was figuratively a coin toss.

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Sonic Boom of Behavioral Change

Around lunchtime today, when walking home from Von’s supermarket with cheap canned cat food, I got a hankering for a Sonic burger. We rarely eat out and the fast-food place was one of my father-in-law’s favorites. I thought to simultaneously see how the take-out experience has changed and to venture down memory lane. Surprise doesn’t enough express what I found or—stated differently—didn’t.

I stepped inside the restaurant to see chairs stacked on tables in fashion to cordon off most of the dining room. The menu screens were dark, as was the overall ambience. I could enter because roller-skating servers (e.g. carhops) exit through the same doors to deliver meals to parked vehicles. I vamoosed.

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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).

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Sale Sofa or a New Car?

Few San Diego neighborhoods can compete with Hillcrest for the financial gulf between those with means and others with little or none. People pay beaucoup bucks to live and party in what I unaffectionately call Hellcrest, where the homeless camp or roam rampant and the housed sidestep those who aren’t like someone might a piece of dog poop.

Sofa sale at one of the finer furniture boutiques had me laughing on Oct. 13, 2022. I can’t say which is funnier: The 50-percent discount or the original price—both of which you can see in the Featured Image, which I captured using Leica Q2 Monochrom through the display window. Vitals, aperture manually set: f/5.6, ISO 200, 1/100 sec, 28mm; 10:37 a.m. PDT.

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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.