I attended a conference last week and heard two interesting statistics for the San Diego economy and local real estate. One is that the current payment per square foot for the average San Diego home is flat from 2012. Even though housing prices have been going up, the drop in interest rates has kept the overall mortgage payment flat.
Second is that while there has been an increase in building permits in the County, the majority of those permits are for multi-family homes. Expect higher density in all areas of San Diego and fewer new single family homes to be built. One of the speakers, George Chamberlain, said that he had a conversation with the Mayor of Vista and the Mayor said if a developer came to him now asking to build just 25 houses the City of Vista doesn’t have enough available land for the project. We can expect to see the face of San Diego changing in the not too distant future.