Tag: US economy

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.

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 WilcoxJan 21, 20236:41 pm

Do I have Egg On My Face?

Two days ago, I smugly boasted about finding plenty of egg-dozens—and same price as the previous week—at my local Trader Joe’s. Happening by the store this afternoon, I passed the cooler where eggs are supposed to be and—as you can see from the Featured Image—there were none. Goodness me.

“Decrease in chicken population” is a great excuse that fits with all the bird flu hysteria. I don’t doubt that supplies are somewhat constrained right now. But I also recognize that fear of shortages drives people to panic purchase, leading to the predicted predicament. That TJ’s receives “deliveries every morning” means the supply chain flows fluidly enough that not only are eggs available but prices stay stable.

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.

Photo by Joe WilcoxNov 17, 20229:16 pm

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.

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 29, 20229:27 pm

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.

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.