By Esmeralda Perez / CBS8 / September 20, 2024
San Diego is known as America’s Finest City with its beaches, weather and attractions. It’s also a city driving investors to purchase homes.
In the second quarter of 2024, 23.7% of homes sold in San Diego were purchased by investors according to a Redfin Analysis. That is second in the U.S. Metro areas only to Miami where investors bought 28.5% of homes that sold.
“The reason investors are buying a lot of homes in San Diego is because they study markets all over the country and they perceive San Diego to be a really…really good investment,” Battiata Real Estate Group San Diego Associate Broker and Team Leader Matt Battiata said.
“It’s bad news if you’re a first-time buyer trying to buy a home and you’re getting beat out by investors but at the same time it is good news because it means that they believe that our market has a lot of promise over the long term,” Battiata said.
Some of the other cities besides Miami and San Diego named in the report where investors bought a high share of homes sold are Anaheim, Las Vegas and Los Angeles.
“The local mom-and-pop landlords are usually the best kind of landlord, taking care of the property, making sure that you know, they are getting tenants in that are gonna help them take care of the property. You know, not jacking up rents and doing crazy stuff,” San Diego County Supervisor Terra Lawson-Remer said.
The analysis covers institutional and mom-and-pop investors, County Supervisor Terra Lawson-Remer said it’s important to differentiate both.
“Versus these massive private equity Wall Street investors that really don’t care about our community at all and are just trying to milk us for all its worth and jacking up the rents and price gauging,” Lawson-Remer said.
So almost 1/4 of home purchases were bought by investors. Hmmmmm. Could it be because our state and local cover governments are passing executive orders promoting and mandating high density, supposedly affordable housing? Could it be because Todd Gloria is holding political hands with the State of California (and what a state it is in), to waive, delete, trump, local laws by executive order? The land in San Diego is outrageously expensive, especially in Beach communities. Local folks are pulling up their Calif stakes and moving anywhere but here. No worries for our state government because they are setting a welcome stage for developers. All those pesky rules you and I follow and the people rushing away from California obeyed, are being dredged up and discarded in record time. 30 day permits are passed out like cotton candy at the fair, zoning laws are deleted or waived, environmental and climate rules are pushed out of the way for the landgrabbers, financiers and developers. We voted people ‘in’, and come November we better vote ‘them’ out. The big lie is all of this building is about equity and affordable housing. When you research you discover these buzz words are designed to change your thinking, and get you to embrace more people, tiny spaces in skyward projects, and a sense of pride in your equity mindset. Don’t wait too long to unravel their transparent plan. If we don’t act now America’s finest city will be America’s most crowded city with polluted waters, oceans, and apartment style housing shadowing our most charming villages. In the blink of an eye we will be owned by Blackstone and large corporations, and searching for another place to live, that reminds us of a place called OB.
In 2023 it was 33%.
Don’t forget, in his 1930 discourse “A Single Spark Can Start a Prairie Fire,” Mao Tse Tung wrote that one of the three enemies of the Chinese people was the landlord. (The other two were the imperialists and the militarists.). Sound familiar?