San Diego ranks 10th in real estate market to watch in 2011

San Diego is 10th & smL.A. 9th from the annual "Emerging Trends" report.

From the San Diego Union-Tribune:

The overall assessment for San Diego was this:

"San Diego's story largely copies that of Los Angeles. These two markets, not surprisingly, can track closely together. But San Diego does not rate LA's gateway status, lacking a major port or international airport hub like LAX.

"'Traditionally, the local economy creates startup jobs, but doesn't retain headquarters. When companies get large, they leave,' [says an interviewee]. For global and domestic business, the city sits just outside primary jet ways, making travel a pain.

"As is the case everywhere else in Southern California, housing prices have dropped from stratospheric levels, savaging mortgage holders. In particular, downtown condos are badly oversupplied. Demand builds back for housing in better neighborhood: more buyers with cash want to take advantage of market bottom near Pacific coastlines.

"What's not to like about arguably the country's most desirable climate? Public-company homebuilders buy relatively cheap residential land to prepare for an eventual upturn. On the wobbly retail front, put a hold on any more lifestyle centers."

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San Diego ranks 10th in real estate market to watch in 2011