When is the Next CA Housing Price Collapse Supposed to Happen? (San Diego: apartments, calculating)

[bad debt]

Originally Posted by max210

I agree with everything you're saying, except that (obviously) new land is not being made, but we have a lot of open land. I was alluding to that CA makes it extremely difficult to develop land with it's crazy permitting. CA needs to back off the crazy requirements and encourage business to expand to other areas. There's plenty of land in the Riverside county for large companies, as a matter of fact, a lot of people live there and have to commute to DTLA and OC for jobs. There's plenty of people with the education and skills in those areas, take the jobs to them instead of forcing the people to commute.

Not really. 1) Look at the % of people with professional degrees living in San Bernardino County -- 79% of people age 25+ with HS degrees or higher. 20% with bachelor's degree or higher. Riverside County - 81% with HS degrees or higher, 22% with bachelor's or higher. Compare that with Orange County 85% with HS degrees or higher 40% with bachelor's or higher. It's basically double and the employers know this and want to be near the talent.
2) Where do you think the CEO that lives in Newport beach wants to locate his new company? Out in the godforsaken desert of Beaumont or a quick trip up the freeway to his office in Irvine?

[msgsing]

Originally Posted by HereOnMars

Exactly And for us, we still had to calculate the price of a home at 2 1/2 times our annual salary. Our first home cost us $18K and we thought that was a lot of money. Wow, can't even buy a decent car today for that amount.

Good point. In the early 70's after getting out of the military and getting a college degree my first real civilian job was $9,000 dollars per year. Remember buying a Chevy Camaro for $3,000 and feeling overwhelmed by my debt obligations.

[BB_210]

Originally Posted by bad debt

Not really. 1) Look at the % of people with professional degrees living in San Bernardino County -- 79% of people age 25+ with HS degrees or higher. 20% with bachelor's degree or higher. Riverside County - 81% with HS degrees or higher, 22% with bachelor's or higher. Compare that with Orange County 85% with HS degrees or higher 40% with bachelor's or higher. It's basically double and the employers know this and want to be near the talent.
2) Where do you think the CEO that lives in Newport beach wants to locate his new company? Out in the godforsaken desert of Beaumont or a quick trip up the freeway to his office in Irvine?

Yes really. Maybe saying Riverside county is too broad of a net. A lot of the talent that works at those large companies live in the 909/inland empire. I'm including places like Corona.

And to use your data as a point, the jobs are in Irvine/DTLA so people tend to want to be closer to those areas. CA.gov should encourage businesses to expand branches out to areas like Riverside, if they truly care about people's commutes, pollution, COL. There are high end living areas in the 909 as, maybe not ocean front villa but there's mansions and such.

[1AngryTaxPayer]

Originally Posted by msgsing

Good point. In the early 70's after getting out of the military and getting a college degree my first real civilian job was $9,000 dollars per year. Remember buying a Chevy Camaro for $3,000 and feeling overwhelmed by my debt obligations.

Bet you wish you'd have kept that Camaro? Three grand buys a decent AR-15 these days. I still have my race motor from the 70s but wish I had the Nova it was in instead. Old muscle cars are going for bank.

[1AngryTaxPayer]

Originally Posted by expatCA

True, but not that much in the popular areas and environmental concerns cannot be totally ignored just to build more homes. This has been going on for decades in Riverside and San Bernardino Counties, SD County, The Palmdale and Lancaster areas, Apple valley and more, in SoCal. The problem is the growth leads to more congestion on the Freeways and a longer trip to the places people want to enjoy in SoCal and rising home costs. Eventually an area gets built out and ... no body can easily move in without a LOT of money. When I was growing up in SoCal the Temecula/Murrieta area was empty and the 15 freeway was just being built. Now it is very crowded, though open land does exist, but further from the popular areas of SoCal. What will new families do when all the current growth areas are built out and the prices keep going up? Move to Blythe?

Areas like San Diego need to redevelop what they they have. Open space is precious and what keeps San Diego from being LA, which is concrete and asphalt. The last thing we need is to pave over our canyons and river valleys. What's left of them anyway.

[CA4Now]

The Southern California median home price barely budged in May, a sign that the housing market remains soft despite a sustained drop in borrowing costs.

The six-county median — the point where half the homes sold for more and half for less — rose just 0.2% from May 2018 to reach $530,000, according to a report released Wednesday by CoreLogic.

Southern California home prices are flat in May as sales fall:
https://www.latimes.com/business/la-...626-story.html

[expatCA]

Originally Posted by CA4Now

The Southern California median home price barely budged in May, a sign that the housing market remains soft despite a sustained drop in borrowing costs.

The six-county median — the point where half the homes sold for more and half for less — rose just 0.2% from May 2018 to reach $530,000, according to a report released Wednesday by CoreLogic.

Southern California home prices are flat in May as sales fall:
https://www.latimes.com/business/la-...626-story.html

Typical flattening at this point. Prices only go up for so long and then flatten and then drop a bit and then ... go up again.

[bad debt]

Originally Posted by max210

Yes really. Maybe saying Riverside county is too broad of a net. A lot of the talent that works at those large companies live in the 909/inland empire. I'm including places like Corona.

And to use your data as a point, the jobs are in Irvine/DTLA so people tend to want to be closer to those areas. CA.gov should encourage businesses to expand branches out to areas like Riverside, if they truly care about people's commutes, pollution, COL. There are high end living areas in the 909 as, maybe not ocean front villa but there's mansions and such.

Why should the CA government force any jobs anywhere? That is not the role of government, nor is it to "care about people's commutes". If you want to start a business in Corona you are more than welcome to do so. Nobody is stopping you.

[BB_210]

Originally Posted by bad debt

Why should the CA government force any jobs anywhere? That is not the role of government, nor is it to "care about people's commutes". If you want to start a business in Corona you are more than welcome to do so. Nobody is stopping you.

Apparently you never heard of tax incentives to attract business to areas to encourage development. Very basic concept, look it up.

The government doesn't care about people's commutes, that's why they have multiple transportation departments, tried to build a high speed train, expanded the 5 freeway, 91 freeway, etc. Lol.

Check out this massive government plan address housing, traffic and congestion. You should write them a very angry letter, tell them it's not their job to address housing, traffic and congestion.
Government's Regional Transportation Plan

You're arguing for the sake arguing, a trend from a few posters here.

[CA4Now]

Mortgage interest rates have steadily declined this year, however, which real estate agents say has drawn some people back into the market. This week, the average rate on a 30-year fixed mortgage was 3.75%, down from 4.94% in November, according to Freddie Mac. For a $500,000 mortgage, the change would lower a borrower’s monthly payment by $280.

But despite those savings, agents say buyers are still pickier than in years past, when bidding wars were furious and homes flew off the market.

Southern California home prices rose only a little in June, and sales slid:
https://www.latimes.com/business/sto...budged-in-june