Axios San Diego

September 04, 2024
👋 Happy Wednesday. Some say Labor Day marks the end of summer, but real heads know it's the end of the San Diego City Council's legislative recess.
🎂 Happy birthday to our Axios San Diego member Andy Lopez!
Situational awareness: The National Weather Service has issued an excessive heat watch for inland San Diego County from Wednesday morning through Friday evening.
Today's newsletter is 726 words — a 3-minute read.
1 big thing: Why our new builds are cheaper than old homes
Home shoppers could get a better deal buying new than used around San Diego, according to a recent Zillow report.
Why it matters: People typically pay a premium for brand-new houses, but in San Diego, location is king and existing homes are on the most desirable land.
By the numbers: New homes in San Diego County are selling for $552 per square foot, compared to $609 for existing homes, per the report.
- That $57 discount is the largest among major U.S. metros.
- Land value is the biggest factor contributing to that difference, according to local real estate analyst Gary London.
Between the lines: Existing homes tend to be closer to the high-cost, highly-desired coastal areas, whereas new homes tend to be built further east and south.
- A new, 3,000-foot home in La Jolla would be worth three times more than the same new house built in El Cajon, London said.
- Coastal communities are mostly built up already, so new homes are less common there. The exceptions: some infill development with townhomes and higher-density housing, or homes that are torn down and rebuilt.
- Most new builds are in more affordable places like Chula Vista, Otay, or inland Oceanside and San Marcos, he said.

Reality check: There's not a lot of new housing being built at all around San Diego, according to London.
- The city issued more permits last year than it has in decades, but it's still not enough to keep up with demand.
- Low inventory is keeping prices high.
Zoom out: Home buyers are seeing these discounts in 21 major U.S. metros, led by San Diego, Salt Lake City and Los Angeles, per Zillow.
The big picture: With elevated interest rates hammering housing affordability, many builders are shrinking homes to cut costs or offering incentives, including lower rates on mortgages, Axios' Sami Sparber reports.
- The average 30-year fixed mortgage rate has fallen lately, reaching 6.47% last week, according to Freddie Mac.
The bottom line: In San Diego, "new builds are in inland areas and existing homes' resale reflect the fact that they're better locations closer to the coast," London said.
2. 🗳️ Measures on California's November ballot
Elections in California aren't just when we choose our leaders. They're also one-day legislative sessions, when voters determine some of the state's biggest policy decisions.
Why it matters: Voters are facing 10 big questions that could redirect the state's approach on issues like crime and criminal justice, school funding, rent control and climate spending.
Here's a brief rundown on the ballot measures coming your way:
📚 Proposition 2: Allows the state to borrow $10 billion to fix and build school facilities, with $8.5 billion headed to K-12 schools and $1.5 billion to community colleges.
🏳️🌈 Proposition 3: Amends the California Constitution to remove language that still says a marriage can only be between a man and a woman.
🌎 Proposition 4: Allows the state to borrow $10 billion for climate spending, including $3.8 billion for water projects, $1.5 billion for wildfire prevention, $1.2 billion to mitigate sea-level rise and $1.2 billion for land conservation.
🗳️Proposition 5: Lowers the voter approval threshold needed for local housing and infrastructure bond measures from two-thirds to 55%.
🚫 Proposition 6: Amends the state constitution to ban involuntary servitude as punishment for a crime, and disallow state prisons from disciplining inmates who refuse to work. Prisons can still give time credits in exchange for work.
3. The Lineup: Pet adoption fees waived
⚓ The commander of a Navy warship protecting a San Diego-based aircraft carrier was relieved of duty four months after appearing in a photo shooting a rifle with its scope mounted backward. (NBC 7)
🐶 The San Diego Humane Society is waiving adoption fees Saturday for its "Clear the Shelters" Day, as it continues to cope with overcrowding. (Fox 5)
4. ⚾️ 1 photo to go: Bebo is back
Fernando Tatis, Jr. returned to the Padres Monday after two months on the injured list, just in time for the stretch run.
Why it matters: Before his injury, Tatis, aka Bebo aka El Niño, was not playing at quite the superstar level of his first three years in the league, but he nonetheless fortifies a Padres roster with eyes on October run.
What's next: San Diego play the Detroit Tigers at Petco Park tonight at 6:40pm as part of a homestand that runs through the weekend.
- Yu Darvish is returning to the mound for the first time since May 29.
Our picks:
🏈 Andy is ashamed (not really though) of his anticipation level for the NFL's return.
🥰 Kate is off this week for her wedding!
This newsletter was edited by Ross Terrell.
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