Saturday, November 15, 2008

San Diego as cheap as Austin?

No, overall, not quite, but at the rate prices are dropping, it might be true by the end of next year. The real estate market in California and Florida has been obliterated over the past couple years. It seems like it is now possible to get a condo in downtown San Diego about the same price as downtown Austin, especially once you factor in the much lower property tax rates in California compared with Texas. Not everywhere has dropped, but there are sections of the city that seem to have been cut in half. The northwest part of the city such as La Jolla seems to have held up very well, while the downtown condo market seems to have gotten destroyed.

Austin was not my first choice of cities to move to if cost of living was not a factor. I would probably choose to move to southern California or Hawaii if I had unlimited amounts of money. San Diego would be my first pick. But now that prices are rapidly coming down, I might actually considering moving again. Prices seem to have come down a lot, but rent still seems to be much more expensive than Texas, especially out in the suburbs.

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