I heard another perspective on that “price discovery” question we’ve been asking. We heard from reader MM on Monday, and here are some thoughts from JD:
The prices of homes do not reflect the interest in owning. I for one am a renter in the Gaslamp and have happily been here for over 3 years. After many many open houses and tours of just about every building downtown, I was amazed at how the selling points changed over the 3 years to justify the prices! …
I know many people that make well above that median income here in SD that just don’t see the reason to buy. … Unfortunately, the stigma for SD is that it IS a great place, but just too expensive to justify even a moderately pricey mortgage.
Until then, I am waiting it out until reality comes to town and SD finally allows people that really want to invest do just that.
As always, I’d love to hear your perspective. Send me an e-mail with your thoughts.