Real estate: U-T week in review
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Since: Jan 11
#1 Jan 10, 2011
It seems that financing is a key factor in what is shaping the market. Up in North County inland - Fallbrook, Bonsall, De Luz, Rainbow area - very little is moving at prices above $500k -$600k even though some of these properties are spectacular estate type homes. But for homes priced under $400,000, there is a steady stream of qualified buyers - and homes are selling.
The way I figure, the average income in San Diego is say $50,000 -$60,000. So the average two income couple earns about $120,000. Using the old, but perhaps not obsolete formula for affordability of 3x annual income (3 x $120,000 =$360,000) we can see why this segment of the market is still working. This market area (see example http://northcountyhomesandestates.com ) is somewhat of an anomaly in San Diego. Most other communities still seem to be essentially unaffordable.
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