What’s a million dollars get you in San Diego?
As I was out showing property yesterday to a client relocating from out of town, we spend more than a little time discussing how prices and values vary among communities. “Why is La Jolla more expensive than Del Mar?” she asked, noting that they are both coastal communities, both enjoy well-respected schools, and are each within striking distance of employment centers. After making all of the logical arguments, arguments not seeming all that logical to my friend riding shotgun, I had to resort to the “it just is” explanation.
So let’s assume you have $1 million burning a hole in your pocket. What can you buy in San Diego? First, it is important to remember that we used to routinely use the word “million” as in “they are asking a half-million.” Today, a half-million is five-hundred thousand, and a million is one-thousand thousand. A million bucks isn’t what it used to be.
For my purposes here, I took the last recorded sale from our Sandicor Multiple Listing Service (MLS) where the sale price was hovering around $1 million. I had hoped to compare this scenario to 2000 prices but, alas, our MLS does not include photos for this bygone era. Case-Shiller I’m not, but suffice it to say that your money went a lot farther back then.
And a couple more…
Fortunately, I am not burdened with this million-dollar decision. I have opted to spend my retirement account at the gas pump.