San Diego Housing Market News and Analysis
92107 inventory way way down from Summer 2017
User Forum Topic
Submitted by gzz on July 2, 2018 - 1:20pm
July 2 2018 35 houses, 4 condos
Can't wait to see Rich's latest YoY data.
Had a quick look also at downtown and PB, the other markets I used to follow, but have not in a while.
I am pleased to see that OB is finally outperforming these markets after years of lagging. Seems to partly be an inventory issue. Downtown just keeps getting more condo towers, and much of PB can be converted to multifamily, or current 1-floor multifamily apartment complexes built up to the max zoning allows.
Ocean Beach, by contrast, development is severely limited by the 0.7 lot ratio rule plus 25% off-street parking requirements. In practice a development can get a variance to break these rules a little bit. But even with a variance, you might get 0.8 FAR and .2 parking, compared to the 1.2 you get in the rest of coastal San Diego. Thus a 5,000SF multifamily lot in OB can be built with 2250 of living space without a variance, and perhaps 3000sf as a reasonable goal for a variance. In MB/PB I believe you could build about 6000sf on the same size multifamily lot.
Likewise, once you go east of Sunset Cliffs, you often have even more restrictive zoning that for the most part allows nothing more than one big house and maybe a granny flat over the alley garage.
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