Tom York on business trip: Buying a home in San Diego just got a little easier this summer

Refurbished home for sale in Point Loma. Photo by Chris Jennewein

According to a survey conducted by the California Association of Realtors, the trading group of residential real estate brokers and agents.

But long-term affordability is diminishing, in large part due to the recent dramatic rise in house prices.

Here in Southern California, affordability improved from the previous quarter in San Diego, as well as in the Los Angeles, Orange, and Ventura counties.

Here, 23% of those interested in buying could afford a house at an average price, an improvement of 1% compared to the previous quarter. But less than 27% a year ago.

Nationwide, only 24% of California households could afford to buy the house at an average price of $ 814,580 in the third quarter, up from 28 percent in the third quarter of 2020.

The numbers are daunting. A minimum annual income of $ 148,400 was required to make monthly payments of $ 3,710, including principal, interest, and taxes, for a 30-year fixed-rate mortgage at 3.07% interest.

According to CAR, 37% of buyers were able to buy the condo or townhouse at an average price of $ 600,000. A minimum annual income of $ 109,200 was required to make a monthly payment of $ 2,730.

Compared to California, half of US households could afford to buy a home averaging $ 363,700 that required a minimum annual income of $ 66,400 to make monthly payments of $ 1,660.

* * *

A local financial services company appears to be benefiting from the huge surge in car prices as buyers look for cheaper alternatives to buying a Jalopy.

Credit Union Leasing of America Its portfolio has exceeded 100,000 car leases valued at $ 3.8 billion, according to a press release.

That portfolio has nearly tripled in five years as credit unions increasingly use indirect vehicle leasing. CULA now works with more than 30 credit unions and has expanded its dealer network by 22% in the past three years.

The company says current market conditions have driven new and used car prices to all-time highs.

New car transaction price exceeded $ 45,000 in September, with used car retail prices averaging more than $ 25,000.

“At a time when inventory problems persist and new car prices continue to skyrocket … leasing could save consumers’ day,” said CULA spokesman Mark Chandler.

San Diego, Los Angeles, and Orange Counties are among the tightest real estate markets in the country’s major markets.

* * *

Frontier companies are booming or are they threatened with bankruptcy?

The San Ysidro Chamber of Commerce says the local economy is back to normal now that the Biden government allows vaccinated visitors to enter the United States

That comes from a news report from NBC 7 San Diego. According to the broadcaster’s website, chamber members say that 95% of their customers are from Mexico as it is close to Tijuana and Baja California.

The federal government closed the border due to the COVID-19 pandemic, which resulted in the closure of 275 companies in this border community due to a lack of business.

However, despite the good news, the recent supply chain crisis has hurt the region’s businesses in terms of their recovery.

The television station reports that the small companies in the region “have been disproportionately affected by delays, bottlenecks and other interruptions in the supply chain for months”.

* * *

Starwood Real Estate Income Trust, managed by investment house Starwood Capital Group, says it has acquired a 15,460 unit apartment building portfolio in southeast San Diego Strata Equity Group. The REIT did not disclose the terms of the transaction.

According to a press release, the apartments are located in 27 metropolitan areas in 10 states, mostly in southern states.

Strata is a private real estate investment and management company founded by Carlos Michan 1983.

* * *

Founder of the first CDC, a local nonprofit that supports small businesses with diversity, has launched a $ 100,000 grant program to help grow the wealth of minority entrepreneurs in San Diego.

The new program hopes to help a variety of small businesses create high-paying jobs in San Diego, the nonprofit said.

The application deadline is November 30th.

The criteria for receiving a scholarship? The agency will work extensively with diversified companies with revenues of between $ 100,000 and $ 3 million and up to 20 employees.

Different founders can be black, indigenous, person of color, LGBTQIA +, military veteran, female, or be based in a low to middle income area.

* * *

LA based Broadway Law Office, specializing in personal injury and family law, has opened a new office in San Diego with an emphasis on motor vehicle accident negligence.

According to the latest available data from the California Traffic Safety Office, There were 20,270 victims (injured and killed) in motor vehicle accidents in San Diego County in 2018.

Although the number of car accidents in San Diego is not as high as it is in Los Angeles, the law firm’s president said Mark R. Kiran, said he saw a need to set up a law firm to support San Diegans.

* * *

San Diego Nonprofit Support the registered project is one of 53 agencies selling 100 one-way tickets from Southwest Airlines as part of a one-year birthday party of the major airline.

Southwest, the high profile airline of San Diego International, recently announced the gift to nonprofits at a celebration of the Texas airline’s 50th business anniversary.

STEP says it is building financial self-sufficiency among active-duty juniors and recently discharged veterans and their families facing a financial crisis.

The agency also says it has served more than 5,600 military families with more than $ 2 million in grants, and it reports that 94% of that aid has not returned for additional assistance.

* * *

Despite the bottlenecks threatening to disrupt the retail economy, Christmas shoppers have no plans to change their buying behavior.

Cross Marketing Platform in San Diego Heartfelt found that despite widespread concerns about product availability and delivery delays, most consumers don’t shop early this holiday season.

These are the results of a recent survey published on PRNewswire.

The survey of 1,002 people conducted earlier this month reveals a significant gap between consumer concerns about supply chain issues and early purchasing decisions:

While more than 70% of consumers are concerned about online orders not arriving in time for the holidays, 41% have not started yet any shopping at the time of the survey, with only 20% having made “most” or “all” of the seasonal purchases.

More than half of consumers expect to spend similar amounts on these traditional blockbuster sales days as they have in recent years. 26.3% expect to buy more than in the past and 22% say they are spending less.

* * *

Finally, a little bit of that holiday feeling.

Amazon – yes, this Amazon! – Will host a two-day “Shop Local” event in downtown San Diego November 20-21 to showcase the merchandise from 10 San Diego retailers and other businesses selling in the Amazon store this holiday season.

The event takes place at the Sparks Gallery in the Gaslamp neighborhood and features ten local small businesses, including Uncle Keith’s Gourmet Foods, a family-run business selling condiments, marinades, condiments, and hot sauces that distinguishes black-owned, family-owned, women-owned, and veteran-owned.

The company was co-founded by Keith and Crystal Fairley. Keith is a retired Navy chief and Crystal is an Air Force veteran.

Other companies that will be attending are: PupLid, which sells bespoke hats for dogs and Play the song what sells Party games for music lovers created by Eric Richardson while training sporting events for his two children.

For a list of the 10 companies participating in the event, click here: amazon.com/ShopLocalSanDiego.

Tom York is a Carlsbad-based independent journalist who specializes in writing about business and economics. If you have any news tips you want to share, send them to [email protected]







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