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San Diego, CA

Real estate: U-T week in review

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://northcounty homesandestates.co m) is somewhat of an anomaly in San Diego. Most other communities still seem to be essentially unaffordable.  (Jan 10, 2011 | post #1)

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