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San Diego on Forbes List as #1 Most Overpriced Real Estate Market

Just as we thought we were getting a handle on things, here we go again. MOST OVERPRICED REAL ESTATE MARKET, a great new mantra for Americas Finest City. Matt Woolsey, of Forbes who wrote the article, admits that " had the weather been factored in, San Diego would have avoided our list of the top 10 most overpriced cities". He added that the rankings were based on a theoretical "price to earnings" ratio. This was attempting to put a price on the measure of what a homeowner paid for every $1 on return and then the housing affordability was also factored in.

Forbes also identified a list of the least overpriced markets. The least over priced real estate market city was... drum roll..... Charlotte, North Carolina. Yeah! The median price stands at $190,600. In San Diego, there is nothing resembling a home for that price. To read the article from Forbes, click here on FORBES

The only one good note in the article for San Diego was that it did not rank 1st in any of the individual measurements but taken over all, it landed in the top position as the most overpriced real market in the United States.

Posted by San Diego Real Estate Voice authored by William Johnson on 05/13/2007 09:12 AM

Comments (14)

san diego, forbes magazine, real estate, localism, americas finest city

This post has been included in California Information San Diego County, CA Information

14 Comments on San Diego on Forbes List as #1 Most Overpriced Real Estate Market

MAY

2007

You may be pricey but I love your City!! We started visiting there when the America's Cup was still there. I sure wish you would get it back!!

Hi Marcel,

I was there for that wonderful and colorful Regatta. It enlivened the city and everyone who lived here even if they were not into boating. One of my friends ( my title rep) took us out to see the action first hand. It was so awesome. Thanks for bringing the memory back.

Hope your market is doing well. I moved to San Diego from Dallas. I was in the design industry as President of the Oaklawn Design Center ( I owned a wholesale to the trade showroom-my retail design showroom was in Palm Beach, Fla) near the World Trade Center. I loved Texas and the people were so gracious. In many ways, I miss Dallas , especially the people who lived there.

All the Best!

I was interested in seeing the article.

Here is a link to the Forbes Article so others can see it.

I used to work in San Diego. It may be expensive but it is a great city.

I think San Diego is a very beautiful area to live. San Diego Zoo and Sea World are both there and the warmth of the town being so far south makes it very tropical while still being close to the commerce of Los Angeles. I can see why prices are so expensive in this town. When I went there about a year ago to take my kids to Sea World I really thought it was a great city even though I really don't like big cities.

John, It is indeed a great city and it will shine aagain one day soon!

Abraham, We all hope you will return soon! The Zoo has some new additiions. The "Zoo At Night" is one of the beautiful and pleasnat experiences I have ever had. It is totally awesome and hope you will come to see that. It has night shows with special lighting and entertainment that really enhance the experience. Thanks for the post.

Haven't been to San Diego in years. What a beautiful area and city. When you finally get the news media to quit talking about you, they crop up from behind and slam dunk you. I'd like to see the media focus on all the great cities and homes that have weathered the slowing market. Real estates agents should be commended for all the hard work they have done to just get these homes sold.

Well, it is definitely an extremely pricey city. Are the prices holding up, has San Deigo seen a dip recently? It is definitely a beautiful place....

Hello Kay,

Thanks for your post. I am about to post about tonight's 60 minutes rather biased presentation on real estate in this country. Seems Redfin feels they can overnight remake what it has us over a 100 years to create. Watch for my blog. Selling homes is not the only thing many of us do. We also serve the community and the greater communities of our states and country. We didn't just set up a screen scrap of data and decide we have the right to give council to sellers and buyers based solely on someones photograph and lower the quality of work for a lower scale of compensation.

Dear Kaushik,

The market is slow as might be expected but the prices are holding relatively well. We have had pricing adjustments but it has not been nearly like what some predicted. It is indeed a beautiful city. Thank you for your comments.

Most Sincerely,

William

MAY

2007

Hi William: This is too funny! My husband just called me to record the America's Cup for him. I didn't even know it was going on right now when I left that message on your post. There is not a San Diego based boat that is competing but the Oracle out of San Franciso has a chance. It would sure be nice to get the America's Cup back to America.

As an ex-SD resident, I'm OK with the values - the place is worth it.

Hi Marchel , That is too funny. Just goes to show you that what we have on our minds is often no accident. At the very least it becomes the unintended ( benefit) consequence of our thinking. Thanks for the reminder post!

Jeff, Thanks for your re-enforcement of my my thinking, I had always thought it was, then I wasn't sure, NOW I AM SURE!, Thanks for the post.

MAY

2007

Thanks for sharing this, William. I had not seen it. Wonder where they got the "only 5% can afford the median." Doesn't match the numbers I recall seeing from C.A.R. It's true in some towns but I don't think for the county as a whole - seems lower that what I have seen. BUt maybe I am remembering incorrectly. But no question, the prices here are high.

Jeff

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