San Diego Water Price Increase Is Up for Discussion - Rate Hike Expected in 2025

 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.   

PBS Report on Real Estate and Climate Change - Ten Percent of US Homes Impacted

 

PBS reports on climate change and how this is impacting real estate markets.   

Apartment Construction in San Diego

 

The Construction Industry Research Board Reports the Final Numbers for Apartment and Housing Construction in San Diego.  According to the report, San Diego County built more housing in 2023 than in the previous 17 years. The 2023 total for multi-family was 9,100 units. The additional inventory has done little to curb apartment rental rates. The San Diego apartment market has very limited vacancy and historically high rental rates.

San Diego Real Estate - Home Ownership Trends

 Channel 10 News reports on the cost of San Diego real estate increasingly placing home ownership out of reach.

San Diego Moves Into Top Slot As The Most Expensive City In the United States

 

According to US News and World Report -

San Diego Tops Rankings - Moves to Number One

Real Estate Insurance Costs Are Becoming Primary Drivers In Some Markets

 

Insurance has started driving multiple real estate markets across the U.S.  I see posts about people losing their insurance regularly here in San Diego. The loss of insurance and higher HOA fees in Florida are impacting condominium appraised values.  State governments are concerned and trying to assist. Unfortunately, there is no easy solution to this problem.  

NPR Reports on New Zoning Laws to Encourage More Apartments and Housing

 

NPR reports on New Zoning Laws where cities are adopting new laws that allow for higher-density apartment projects with reduced parking requirements and allow for multiple units on standard residential lots.  As a result of changes in local zoning laws and the sharp increase in residential values and apartment rents, the highest and best use of many properties has shifted. 

Commercial Real Estate Update from Sixty Minutes

Sixty Minutes has an informative report on commercial real estate and the post-pandemic office markets in major cities.

Boomers Not Selling

   

This article explains why boomers are not downsizing and selling their homes.

Apartment Renters

 

CNN has a report on apartment renters who are getting tapped out. 

Restaurants and Retailers Deciding to Close Locations with High Crime

 

This is a very sad sign of the times - In-N-Out Restaurant to Close Up in Oakland. National retailers typically invest close to 2 million dollars for a state-of-the-art fast-food restaurant.  Obtaining the permits for a restaurant site with multiple curb cuts and drive-through lanes can be a very time-consuming task because it impacts the traffic flow in the area.  For a national retailer to walk away from a modern, profitable location due to crime and employee safety indicates a very serious problem.  We are also seeing this in San Diego with Target opting out of a downtown San Diego location. 

San Diego Insurance Premiums Increasing in 2024

 

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 State of California Is Requiring Cities to Approve New Housing Projects

 

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.  

New Laws In California Attempt to Address Housing Shortage

 

The Business Insider has an interesting article about New Laws Attempt to Increase Housing Stock In California.   A high percentage of the homeless in the U.S. are in the State of California, and the governor has been signing a number of bills to increase the housing stock by making it easier to develop apartments and condominiums on sites that would not have normally qualified for multi-family development.  The increase in housing prices by approximately 5,000 basis points since the pandemic has created a situation where most properties must be carefully screened during the commercial appraisal process to determine their highest and best use, especially in coastal areas.  Many more properties qualify as tear-downs because real estate developers are willing to pay top dollar for buildable sites.  

San Diego Reaches Top Rank - Most Expensive City in US in 2023

San Diego - America's Most Expensive City in 2023 according to U.S. News and World Report.  The sharp increase in housing purchase prices, apartment rents, and gasoline prices within just a few years is largely responsible for topping this list.  

Some Airbnb Rentals Shifting Back to Monthly Apartment Rentals

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.  

City of San Diego Homeless Ban

 

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

San Diego Approves New Tenant Protection Ordinance

 

New laws to take effect for local apartment owners.

According to KUSI, "The Tenant Protection Ordinance will apply protections from day one of a lease with exemptions for short-term leases, offer financial assistance to tenants from landlords when a tenant’s lease is terminated through no fault of their own and have accountability measures to punish those violating tenant protections."

Bed Bath & Gone - New Retail Uses Planned For Commercial Real Estate Spaces

 

Bed Bath & Beyond Store Closers to Add New Retail Inventory

CNN reports on the Bed Bath & Beyond home goods retailer that was not able to weather the pandemic and increases online shopping and is having to liquidate its commercial real estate portfolio. Most of the stores are in the suburbs of mid-size and large cities with square footage under 50,000 square feet.

More Tiny Houses Coming to San Diego

 

More Tiny Houses Coming to San Diego