The historic Woolworth building in North Park has sat vacant on a prime piece of real estate along University Avenue for years, despite the city of San Diego’s attempts to renovate it. But the city is ready to try — once again — to redevelop the property.
There is still a long way to go anywhere.
The city on Friday listed the Woolworth building among the properties it considers “surplus land,” a required first step for any redevelopment. Developers now have 60 days to express interest in renovating it and must reserve 25 percent of the homes in the project for low-income residents if they jump on it.
That’s because of the Surplus Land Act, a decades-old law that the California Legislature amended in 2019 to give affordable housing developers a leg up to develop public land in hopes of solving the housing crisis.
Previously, the Woolworth building was exempt from the Surplus Land Act’s affordable housing requirement because the city had a deal with a development group called North Park Gateway LLC that was nearly a decade old before the law was changed.
When the developer withdrew from the project in December 2021, the grandfather of the deal also made the status of the deal.
Originally selected in 2011, North Park Gateway LLC walked away from the project late last year, arguing that it was no longer penciled in. One of the principals, Lyda Cohen, said the company has already spent hundreds of thousands of dollars on consultants, historical asset management and more.
“I’m a small investor,” she said. “I will not break on this project.”
One of the initial and major causes for the delay was California’s dismantling of redevelopment agencies across the state shortly before the city struck a deal with North Park Gateway LLC. These agencies were created in the middle of the 20th century.
After the redevelopment ended, San Diego had a handful of projects tied up somewhere in the process, but without the certainty of the grant they were counting on when they struck the deal.
“I gave up thinking that anything really was going to happen to the Woolworth building a long time ago,” said Vicki Granowitz, former chair of the North Park Planning Committee. “Especially after the redevelopment fell apart.”
However, Jerry McCormick, a city spokesman, said the pandemic helped kill the project as well, after it caused North Park Gateway to be unable to close escrow on the project in accordance with the agreement with the city.
Before the deal was finalized, the plan designated the first floor for commercial use, while the top would make way for 10 residential units — one of which was considered affordable, meaning it would be set aside for low-income tenants. If no developers express interest in the property during the current 60-day period, the city will be able to seek a traditional sale of the property, with any subsequent housing project over 10 units having to set aside 15 percent for low-income residents.
What salary is considered rich in San Diego?
Here’s what it takes to be considered rich in 2022 by city and ranked by net worth thresholds: San Francisco: $5.1 million. Southern California (includes Los Angeles and San Diego): $3.9 million.
How high of a salary is considered rich? With a $500,000 income, you are considered rich no matter where you live! According to the IRS, any household making over $500,000 a year in 2022 will be considered the top 1% of income earners.
What is a upper class salary in San Diego?
While ZipRecruiter sees salaries as high as $105,144 and as low as $20,516, the majority of salaries in the Upper Class job category currently range from $39,492 (25th percentile) to $68,727 (75th San Diego.
What is a good salary in San Diego 2022?
Most salaries in San Diego range from $51,611 (25th percentile) to $84,288 (75th percentile) annually. Of course, salaries vary depending on your profession, experience and many other factors.
What is upper class income California?
“But that’s still chump change compared to California’s 1 percent,” the study adds, “who earn close to $1.7 million on average.” The minimum annual income needed to crack the state’s top 1% is $514,694, according to the Economic Policy Institute. Nationally it is $421,926.
What salary is considered upper middle class in California?
| persons in the household | household income | |
|---|---|---|
| Low class | Upper class | |
| 1 | Up to $32,793 | $98,381 |
| 2 | Up to $46,376 | $139,131 |
| 3 | Up to $56,799 | $170,400 |
What is considered rich in San Diego?
6. San Diego
- Population: 1,414,545.
- Lowest income to be considered âRichâ (Top 20%): $163,046.
- Average income of the top 20%: $285,383.
- Average income of the top 5%: $497,741.
What is a good salary in San Diego?
As you can see from our breakdown of San Diego cost of living, a $100,000 salary should be enough to live comfortably in San Diego, provided you don’t spend excessive amounts of money on travel, gambling or luxury goods.
What is a livable salary in San Diego?
| 1 ADULT | 2 adults (WITH WORK) | |
|---|---|---|
| 0 children | 2 children | |
| Living wage | for 22.74 US dollars | $30.95 |
| poverty wage | for 6.19 US dollars | for 6.37 US dollars |
| Minimum wage | $15.00 | $15.00 |
What is a good salary in San Diego 2022?
Most salaries in San Diego range from $51,611 (25th percentile) to $84,288 (75th percentile) annually. Of course, salaries vary depending on your profession, experience and many other factors.
Why is housing so expensive in San Diego?
Housing demand in San Diego has also been driven by the desire for additional space as people spend more time at home. Home prices in San Diego County have risen dramatically in the past year due to low mortgage rates, which allow buyers to put more of their monthly payments toward the principal.
Is it too expensive to live in San Diego? San Diego is an expensive place to live. According to NerdWallet, San Diego is the 14th most expensive city in the country. However, like any city, the cost of living in San Diego will vary greatly depending on your lifestyle and living circumstances.
How much do you need to live comfortably in San Diego?
The average salary needed to live comfortably in all major metro areas is $57,013, according to SmartAsset.
What is middle class salary in San Diego?
| population | |
|---|---|
| Income & Poverty | |
| Median household income (in 2020 dollars), 2016-2020 | $83,454 |
| Income per capita in the last 12 months (in 2020 dollars), 2016-2020 | $43,090 |
| Persons in poverty, percent | 11.8% |
What is upper class income in San Diego?
How Much Does an Upper Class Make in San Diego, California? As of Nov 12, 2022, the average annual wage for the Upper Class job category in San Diego is $63,554 a year. Just in case you need a simple salary calculator, that works out to about $30.56 an hour.
Will San Diego prices go down?
The consumer price index for the San Diego area, as reported in September 2022, has increased by 8.2% in the last 12 months. The housing post of the index shows that there was an increase of 7.3% from September 2021. The next report will be released in December 2022, and it should be noted that the change from July 2022 was 2%.
Will house prices go down in 2023 San Diego?
Forecast 3 – Home Prices In San Diego home prices as of August 2022 were 5% to 6% lower than the May 2022 peak. Overall house prices are expected to trend downward, forced by higher interest rates and possible job losses. Both sales volume and prices are expected to decrease in the second half of 2023.
Will home prices drop in 2022 California?
The California median home price is forecast to rise 5.2 percent to $834,400 in 2022, following a projected 20.3 percent increase to $793,100 in 2021 from $659,400 in 2020. Existing single-family home sales are forecast at 80,026 units, Dec. 5.2 percent of the 2021 projected pace of 439,800.
Will apartment prices go down in San Diego?
Now, many markets across the United States are seeing declines. Rents are down in San Diego County for the first time in years. The median price for a one-bedroom apartment in San Diego was down 4.6 percent to $2,500 a month, said rental website Zumper, from September to October.
Why are San Diego housing prices so high?
Reason 1 – A growing population. People like San Diego as a place to relocate. San Diego’s population growth keeps housing prices high due to the demand for housing, which increases as more people move to the city.
Will San Diego home prices ever go down?
It is unlikely that San Diego housing prices will fall next year in 2022 and highly likely prices will increase over 10% by 2021.
Will house prices go down in 2023 San Diego?
Forecast 3 – Home Prices In San Diego home prices as of August 2022 were 5% to 6% lower than the May 2022 peak. Overall house prices are expected to trend downward, forced by higher interest rates and possible job losses. Both sales volume and prices are expected to decrease in the second half of 2023.
What’s the most unaffordable city in the US?
1. Miami
- Median household income: $44,581.
- Median home price: $610,000.
- Share of income: 87.39%
What is the most unaffordable state to live in? Another important consideration is affordability. According to worldpopulationreview.com, Hawaii is the most expensive state to live in, with housing costing three times the national average. New York and California rank as the second and third most expensive states to live in, respectively.
What is the most unaffordable city to live in?
All the cities on this chart are ranked as severely unaffordableâ âand, for the 12th year in a row, Hong Kong takes the top spot as the most unaffordable housing market in the world, with a score of 23.2. â US â US â U.S.A.
What is the most unaffordable county in the United States?
| Rank | County | Own/rent ratio |
|---|---|---|
| 1 | Ada County, Idaho | 2.1 |
| 2 | Collier County, Florida | 1.4 |
| 3 | Travis County, Texas | 1.9 |
| 4 | Williamson County, Texas | 1.6 |
What is the most unaffordable city?
All the cities on this chart are ranked as severely unaffordableâ âand, for the 12th year in a row, Hong Kong takes the top spot as the most unaffordable housing market in the world, with a score of 23.2. – U.S.A. – U.S.A.
What is the most unaffordable country to live in?
1. Switzerland. Switzerland has one of the highest costs of living in the world. Rent is only $1,516.83 but worldwide income tax can run up to 40%.
What will house prices be in 5 years?
It said house prices rose by 6 per cent by the end of 2022, but would fall by 5 per cent in 2023 and a further 5 per cent in 2024 as a result of the sudden spike in mortgage rates caused by the government’s tax plans . This would take home prices back to where they were last summer.
What will the houses look like in 2025? There will be fewer home sales and fewer pending sales. iBuyers will increase as they seek to buy rent. Listing agents will be in demand, while buyers’ agents will need to lower costs. By 2025 there will be fewer real estate agents.
Will 2024 be a good time to buy a house?
In contrast to the six-year housing downturn that began in 2006, Wells Fargo predicts that the ongoing housing downturn should level off heading into 2024. In fact, Wells Fargo predicts that in 2024, housing GDP will increase by 5.1% , while US home prices rebounded by 3.1%.
Will US home prices drop in 2023?
House prices will fall in 2023, but affordability will be the worst since 1985, the research firm says. House prices will fall by 8% next year, but high mortgage rates and a possible recession will continue to hurt affordability, a new report says.
Will 2023 be a better year to buy a house?
Although housing prices are expected to fall in 2023, it will be more expensive to buy a house. According to a new projection by Freddie Mac, the cost of selling a home is expected to fall. 2% in 2023. Meanwhile, the average 30-year fixed mortgage is expected to rise to 6.4%.
Will 2026 be a good year to buy a house?
The GDP is now growing rapidly and could reach up to 10% by the end of 2021. The outlook for the housing market until 2026 is rosy, especially for sellers. Financing looks good and plentiful, housing construction will stop, and there will be endless buyers, especially for single-family homes.
Will 2023 be a better year to buy a house?
Although housing prices are expected to fall in 2023, it will be more expensive to buy a house. According to a new projection by Freddie Mac, the cost of selling a home is expected to fall. 2% in 2023. Meanwhile, the average 30-year fixed mortgage is expected to rise to 6.4%.
Will house prices go down in 2023 us?
But the savings will be negligible because of the wind. Home prices may fall by 8 percent, but rising mortgage rates and a “mild recession” will dent savings and buyers’ pockets, according to Capital Economics’ new US Housing Market Outlook.
Will mortgage rates increase in 2023?
Where will mortgage rates go in 2023? The forecasts published by the Economy Forecast Agency (EFA) take a weak outlook, with a 30-year, fixed mortgage around 7% in January 2023 and exceeding 11% in the fourth quarter of 2023.
What will interest rates be in 2023?
How high will mortgage rates go in 2023? The experts we polled expect average 30-year mortgage rates to land anywhere between 5.0% and 9.31% in 2023 — a wide potential range. Forecasts fall between 4.5% and 8.75% for the 15-year fixed mortgage rate.
How much will my house be worth in 2030?
California is set to have the highest average home in the next decade, with a predicted price of $1,048,100 by September 2030, if prices continue to grow at the current rate.
Will my house be worth more in 5 years?
Overall, the predictions for the next five years are that house price appreciation is likely to be between 15 and 25%, but they will be uneven. A drop in demand due to rising mortgage rates is causing homes to stay on the market longer and slowing price increases.
Will my house be worth more in 10 years?
Based on historical national average data of 3.5% home value growth rates, real estate prices in the United States for residential homes will almost double within 20 years! The reason prices double at that rate is because of compound growth.
Will houses be cheaper in 2030?
The prices will be much higher It is almost a given that despite the current high prices, houses will cost even more 10 years down the line. According to RenoFi, the cost of a single-family home in the United States is likely to be $382,000 by 2030.
