New San Diego County real estate projects opening in 2025. Some much-needed multifamily and single-family projects are coming online in the South Bay this year. The South Bay also has the Gaylord Pacific waterfront development. A new extension and exit on I-5 is now dedicated to this significant bayfront hospitality project.
The Case Shiller San Diego County market appreciation year-to-date, through July 2024. This table shows the annual market appreciation by year.
As Amazon and other vendors sell and ship prescription medications to your door, retail pharmacy storefronts are increasingly in trouble. Big box retailers such as Costco and Walmart also have in-house pharmacies that compete directly with neighborhood drugstores. Traditional neighborhood drug stores have experienced increased losses due to theft in the front-of-store general merchandise retail area. These changes are causing many locations to shutter.
Pharmacy closures happening all over the United States.
Section 8 Apartment Voucher System - Not Working in 2024. USA Today has an article about apartment tenants needing help finding Section 8 rental units in the current market.
Rent Cafe has reported the new Multi-Family market rankings based on the most recent Yardi Matrix data from July 2024. According to the report, which tracks Apartment properties with 50 units or more, the units had an average lease renewal rate of 53.10% and an overall occupancy rate of 94.8%. The apartment units turned over were vacant for an average of 43 days and had an average of 10 applicants. You can see the full report here: San Diego Apartment Ranking
The Voice of San Diego reports on potential increases to the local water costs. The San Diego County Water Authority is considering increasing water prices by 18 percent in January 2025.
Channel 8 News reports higher insurance premiums being rolled out in 2024 for many homeowners in San Diego County.
Insurance Rates in 2024 Increasing in San Diego
The Voice of San Diego reports on what the State of California is doing to make sure that smaller cities approve local housing projects in order to expand the housing stock and address the housing crisis: Small Cities Housing Laws.
The inevitable paradox of profit is seeing a reckoning in some market areas where investors purchased apartments, condos, and single-family homes to convert to short-term rental use. The combination of competing inventory and operating expenses (especially the property taxes and local municipality hotel taxes, which are now being enforced in most markets) have changed up the math and have some operators shifting the properties back to monthly rentals.
Some Airbnb owners are shifting back to monthly rentals.
In response to the concerns of many property owners, the City of San Diego has implemented a new ban on encampments in public areas. City of San Diego Homeless Ban
Curious about what your after-tax income by state will be in 2022? Forbes has an app for this that will allow you to compare tax rates by state.
After many years of debate, the City of San Diego has formalized its short-term rental regulations. The new laws have been summarized and posted on the City website.
City of San Diego Short-Term Rental Regulations Implemented in 2022
Worried about the fact that there is no reasonably affordable housing in San Diego?
Relax - The Government Says It Has A Plan!
"WASHINGTON — Amid skyrocketing housing prices, President Joe Biden's administration is taking new steps to spur more affordable housing as the White House seeks to close the U.S. "housing supply gap" in five years.
Among the efforts is increasing federal assistance to help finance and produce more factory-built manufactured homes including mobile homes.
Freddie Mac recently announced it is exploring purchasing chattel loans, on which the majority of homeowners who buy manufactured homes rely rather than traditional mortgages.
The Federal Finance Housing Agency has also committed to work with lenders to begin a pilot program to offer financing for the construction and renovation of accessory dwelling limits, which are typically cheaper than traditional homes. This housing includes garage apartments, backyard homes and in-law suites.
These and other measures were outlined in a new housing supply action plan the Biden administration unveiled Monday." Source: USA Today
