Real estate: U-T week in review

Real estate: U-T week in review

There are 1 comment on the San Diego Union-Tribune story from Jan 8, 2011, titled Real estate: U-T week in review. In it, San Diego Union-Tribune reports that:

Saturday, January 8, 2011 at 6 a.m. A local celebrity hoping to sell her high-end home in North County and a series of key financial reports were among the top real-estate stories stories in this week's San Diego Union-Tribune . Here's a recap: Jenny Craig hopes to shrink down real-estate portfolio : Readers devoured our story about Craig putting ...

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Since: Jan 11

Location hidden

#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 ) is somewhat of an anomaly in San Diego. Most other communities still seem to be essentially unaffordable.

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