Tag: real estate

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Simply Stated: San Diego Unaffordable Housing

Three residences all on the same block in University Heights define the scope of the housing crisis in Southern California. This is not a story about limited availability of units, as news media and political prognosticators regularly (and falsely) claim, but about rising prices driven by numerous market dynamics (such as emigrants or corporations paying cash) mixed with insanity that defies common sense.

The market bears what people are willing to pay and they seem all the more recklessly anxious to fall for fear-economics and the privilege of paying more, more, more.

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‘It’s California’

Days ago, the pet grass display disappeared from the local Ralph’s supermarket. I couldn’t accept that the popular item had been forever removed and so, this morning, I walked from our University Heights apartment to the outer edges of adjacent Hillcrest for another look. The grocer is located in a plaza called The Hub, where also is a condominium complex.

Coming across the Vermont Street Bridge, I observed a woman placing an Open House sign. Real estate is costlier than ever in San Diego, with home values rising 24.7 percent year over year in May, according to S&P CoreLogic Case-Shiller Indices data released on July 27, 2021. Only the Phoenix-metro posted higher gains (25.9 percent). Approaching the realtor, as she adjusted the sign, I asked: “But is it cut-off-arm-and-leg prices”. She answered: “It’s California”—with a wry grin!

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San Diego’s Record House Prices Baffle Me

In a pandemic-stricken economy of soaring unemployment and where small businesses fall like dominos—and more risk toppling because of California Governor Gavin “Gruesome” Newsom’s restrictive lockdown orders—you might expect the housing market to reflect real-world woes. Oddly, though, the median sale price of homes in metro San Diego is a record high of $665,000, according to data collected by Redfin. That’s a 13-percent year-over-year increase, as of Sept. 6, 2020. County-wide, according to the California Association of Realtors, median home price is $732,560, and that’s up 13 percent from August 2019.

My neighborhood, University Heights, reflects the trend—with emphasis. Searching Trulia and Zillow, the bargain-basement-priced listing is a single-bedroom, one-bath, 576-square-foot condominium in a three-story complex looking into an open courtyard. You can live there for $299,900, or $521 per square foot. If that’s too small, how about a cozy two-bed, two-bath, 726-square-foot condo for $415,000; $572 per square foot? Both places are indistinguishable from any apartment for rent; maybe not as good-looking.

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The Home We Leave Behind

Our old apartment is up for rent—and for lots less than I expected: $1,750, which is just 15 bucks more than our raised rent had we signed a new lease from first of this month. On the last day, November 8, 2017, while waiting for final inspection and to hand over the keys, I took some quick pics using iPhone X—for the Wilcox scapbook, so to speak, and to document the condition in which we left the flat.

We moved into the place on Oct. 15, 2007, sight unseen. We relocated to San Diego to enable my now deceased father-in-law to remain living independently. He found the second-floor apartment, on the next block from where he lived, during its complete renovation. On the promise of everything being new, we took the chance that benefit would be enough—and it was. We lived at 4514 Cleveland Ave., Apt 9, for 10 years. 

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Graduating from the Schoolhouse

On Oct. 15, 2007, our family of three relocated to San Diego from the metro-Washington, D.C. area. Looking back at my blog posts from a decade ago, I see very little writing about the move and regret not recording the poignant personal history. It’s not a mistake to be repeated. My wife and I will soon change residences—and while the move is nowhere near as dramatic as the last, this missive you read begins the chronicle of our next adventure.

Strangely, or not, the decision to leave the current apartment is fallout from our failed home-buying effort—for the property we call the Schoolhouse (and affectionately, at one time). Anne and I learned enough to know that we aren’t ready to own, certainly not in overly-priced Southern California. As such, staying put for another year looked likeliest option; we have, or had, until October 20 to sign another year’s lease for our second-floor rental of 10 years. 

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Home Buying Lessons from the Schoolhouse

Aug. 18, 2017. I travel back to San Diego after visiting my niece in Long Beach. Meanwhile, two blocks from our apartment, my wife attends an Open House for a cute, Spanish-style property listed for $586,000. Anne tells the seller’s real estate agent that we can’t afford to buy the place—an effective diversionary tactic. But the 900-square-footer is within our means, and we will nearly come to own it.

This is my story of wanting and walking away. I take with me disheartening lessons about the home real estate market.