San Diego Bank Owned Properties

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San Diego is ranked number eight in size among all cities in the United States and ranked second in size in the state of California, right under Los Angeles. It is named after the Spanish Saint Diego de Alcalá. It has a beautiful beach (on the Pacific Ocean) and has a warm climate in general. It has a very large metropolitan area, ranked third in size in the state of California. It is the county seat of San Diego County. This county is the fifth most populated in the country. San Diego is ranked number 33 among the richest cities in the world.

San Diego is a very desirable place to live. It is the economic center of its metropolitan area. It has been consistently ranked among the top ten best places to live in the United States and among the top five richest cities in the country. It was placed recently as the ninth most secure place to live in the country as well. San Diego has a diverse industry, mainly agriculture, manufacturing and defense. It is also a touristic hotspot, thanks to world famous attractions like the San Diego Zoo. It has also consistently been among the most advanced cities in all areas of technological advancement.

The price of real estate in San Diego has dropped sharply in the past year, almost 75%. Strangely, the number of actual homes sold and their average price has not decreased as much, since San Diego remains an extremely sought out place to live. Right now, there are around 5,900 homes available in San Diego as well as about 6,700 houses in some stage of foreclosure. The most popular neighborhoods in San Diego are Pacific Beach (thanks to its beautiful beach property) and North Park, a residential neighborhood with great schools and a relatively low average home price (around $330,000).

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Introduction to San Diego, CA

Nicknamed “America’s Finest City”, San Diego, California is known for its mild climate, tourism, nature, and rich history. San Diego is the second largest city in California and the eighth largest city in the United States with a population of 1,301,617. The city has a temperate, mild climate and is located in Southern California, next to the Pacific Ocean and adjacent to the Mexican border. San Diego is the economic center of two metropolitan areas (San Diego-Carlsbad-San Marcos and San Diego-Tijuana). San Diego was originally the home of the Kumeyaay people for over 10,000 years. The Spanish landed on the coast of San Diego in the mid 1500s and in the early 1600s, the Spanish officially claimed San Diego as one of their cities. In 1821, after winning their independence from Spain, Mexico claimed San Diego as part of what was then the Mexican state of Alta California. After the Mexican-American War, San Diego became part of the United States and was officially admitted into the country in 1850. The United States started to significantly expand San Diego during the early 1900s. The U.S. Navy established various stations and ports into the 1920s and during World War II, San Diego became one of the West Coast’s major military and defense hubs. The city began declining in the 1960s and 1970s, but from the early 1980s to the early 2000s, it experienced drastic urban renewal, bringing life and growth back into the city.

Living in the City

The bulk of San Diego was originally situated in the Old Town district, but from the 1860s onward, residential areas began cropping up in the “New Town” area, which is present day Downtown. Considering its high population rate, there’s a population density of 4,034 people per square mile. San Diego has 52 community planning areas with over 100 district neighborhoods. All of the San Diego neighborhoods are based on geographical boundaries, such as canyons or street patterns. The city’s districts are littered with an overabundance of skyscrapers, some of them residential. The residential areas in each district are very dense, but they’re also close to amenities and public transportation. San Diego’s transportation methods include the trolley bus, Amtrak, Sprinter, Coaster, and freeway. Several major highways run through the city and the primary airport is the San Diego International Airport. San Diego is also considered the ninth safest city in the United States and its crime rate is steadily dropping. For public entertainment, San Diego hosts the San Diego Chargers and the San Diego Padres. There are also many popular museums like the San Diego Museum of Art, the San Diego Natural History Museum, the San Diego Museum of Man, the Museum of Photographic Arts, the Museum of Contemporary Art San Diego, the San Diego Maritime Museum, and the San Diego Symphony. There are also a host of well known schools such as San Diego State University, University of San Diego, University of San Diego, and the San Diego Community College District.

Job Opportunities

San Diego has many industries with job opportunities, and its main sectors are tourism, defense and military, research, international trade, and manufacturing. Based on San Diego’s last annual financial report, the top ten employers are: the United States Navy (55,300 employees), the San Diego Unified School District (21,959 employees), the University of California San Diego (19,435 employees), the San Diego County (17,900 employees), Sharp HealthCare (14,724 employees), the City of San Diego (10,799 employees), Kaiser Permanente (7,220 employees), the University of San Diego (6,086 employees), Qualcomm (6,000 employees), and UCSD Medical Center (5,300 employees). San Diego also boasts the second largest cruise ship and tourism industry in California, making this industry one of the significant areas for job opportunities. About 28.58% of the population work in professional occupations, 23.84% work in sales and retail, 16.07% work in service positions, 15.45% work in management, business, or financial institutions, 9.43% work in production or transportation, 6.46% work in construction or maintenance, and 0.14% work in agricultural jobs that include farming, fishing, and forestry. The city’s current unemployment rate is 10.20% and it has experienced a 0.13% job growth with a future job growth rate of 30.06%. San Diego is a prime spot for starting your own business, especially if it’s in the retail or restaurant industry. With such a high tourist population (over 30 million in the past year), small businesses within each district usually fare well.

Real Estate Market

Because of the city’s dense population, San Diego’s real estate market is incredibly high. As of the 2010 census, the average price of homes rose 60% from 2000. The average price per square foot is $254 which is a decrease of 3.1% from previous years. The average sales price of homes is $305,861 which is a decrease of 4.4% and $14,139. The average listing price for homes is $506,108 which is an increase of 1.1% and $5,393. The median home cost in San Diego is $392,000 with a home appreciation rate of -2.34%. The average home owner is 35.3 years of age and out of 516,033 houses and 479,393 households, the average person per household rate is averaged at 2.6. Popular neighborhood real estate prices range from $434,346 to $872,618. Homeowners in San Diego make up 50.6% of the population whereas renters make up 42.9%. The average price of a one bedroom apartment in San Diego is $760 while two bedroom apartments average a rent of $1,200. There is a very low vacancy rent for San Diego apartments (1% in the last year), making it difficult to find an affordable apartment. However, the price of rent is slow to increase compared to other California cities.

Weather

San Diego is considered one of the top ten best climates by the Farmer’s Almanac and one of the best summer climates in America by The Weather Channel. The city’s climate is a mix between a Mediterranean climate in northern areas and a semi-arid climate in the southern and eastern areas. San Diego has warm and dry summers and mild winters. The average temperature is above 70 degrees Fahrenheit and if there is any rainfall, it falls between December and March and averages around 9 to 13 inches annually. Downtown San Diego has an average January low of 50 degrees Fahrenheit and an average August high of 78 degrees Fahrenheit. Its fair, temperate climate is the reason so many people choose to move to San Diego.

Cost of Living

San Diego is one of the most expensive places to live in the country. As of 2011, it’s 39.10% more expensive than the national average and continually has housing and utilities prices rising. The rising population and lack of room to develop has caused a strain on resources, which has made the price of electricity, gas, oil, water, and other necessities skyrocket. The high sales, income, and property tax rates, combined with the extremely high home owners and rent prices, are also another reason why San Diego remains expensive. There’s currently a 7.75% sales tax, a 9.30% income tax, and a property tax rate of 1%. The average household income is $62,811 (which is around $10,000 higher than the average state income in California) and the income per capita is $31,645. The largest portion of the population (18.06%) earns between $50,000 and $75,000, with 14.58% earning between $100,000 and $150,000, 13.28% earning between $35,000 and $50,000, and 9.81% earning less than $15,000. About 13.1% of the population in San Diego is at or below the poverty line. San Diego has experienced significant financial problems in the past decade, which has also been a factor in the rising cost of living. As it stands, San Diego has many wonderful amenities, attractions, and natural delights, but its real estate and job market are decidedly bleak. Despite this, San Diego still remains a popular tourist destination and keeps experiencing rapid urban renewal and population growth.