Tom York on Business: San Diego homebuyers get slight relief from auction wars


A house for sale in Point Loma in September. Photo by Chris Stone

Residential real estate service provider Red tuna says 60% of offers written by its agents faced competition nationwide – a number similar to September’s number but down from the feverish peak of the COVID-19 pandemic of 74.5% in April .

But the easing hasn’t hit markets here in the West, including San Diego.

Salt Lake City had the highest bidding war rate of the 42 U.S. metropolitan areas in this analysis, with 79.5% of the bids written by Redfin agents facing competition. Next come Sacramento, California at 77.1% and Indianapolis at 74.1%. San Diego and the Bay Area round out the top five, with rates of 72.1% and 69.5%, respectively.

Redfin says the increase in the number of offers has diminished with the arrival of the typical seasonal cooling of the housing market, but the decline has stabilized with the reshuffle of buyers.

“There is always a shortage of housing”, according to the economist Daryl fairweather, adding: “which means some homes continue to receive up to 22 offers and go for $ 100,000 to $ 150,000 above the list price.”

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that of San Diego Jack in the box The fast food supplier recently announced its financial results for the fourth quarter ended Oct. 3. And there were some not-so-subtle clues about the future, as well as what the company has achieved in the past.

The company said sales for the quarter rose 8.6%, or just 0.2% excluding a 53rd week for the sake of comparison with a year ago. Sales for the full year 2021 were up 13.1%, or 11.0% excluding that boring 53rd week.

What I found interesting were the company’s expectations for inflation, which is now booming in the economy. The report said commodity prices would increase 6-7% in 2022 compared to 2021, and it noted that wages would increase by $ 8-10%.

The company also said that due to “a single expected cost environment,” it provides annual margin forecast at company-owned restaurants for 2022. The margin at the restaurant level is expected to be 20 to 20%. 21% “, which includes mid-single-digit price increases.

Thus, inflation is forecast for next year.

Jack in the Box claims it is one of the largest burger chains in the country, with more than 2,200 restaurants in 21 states and on the island of Guam.

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New charter flights, a San Diego-based company that offers charter flights on demand, recently noted that it saw a 72% year-over-year increase in October.

The company attributes the boom in the charter market in part to its availability of aircraft to the entire industry, not limited by a defined fleet or specific agreements with operators. The industry includes 2,722 charter jets and 778 business turboprop aircraft for economical regional travel.

“When demand exceeds supply, it is essential to have a high availability of quality controlled aircraft and operators in all corners of the country for our customers,” commented the president of the company. Rick colson.

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The San Diego office of accounting and consulting firm Ernst & Young recently said that Caesar Enciso, founder and CEO of Evotek, was selected as one of the national finalists for Entrepreneur of the Year.

According to a statement, E&Y selected Enciso from a pool of 222 regional winners representing 185 companies nationwide. The E&Y Rewards Program rewards entrepreneurs who create the products and services that “define the way we live, work and play, and those designed to improve the communities they serve.”

Evotek describes itself as “the premier enabler of innovation-driven digital commerce”.

A panel of third-party judges appointed Enciso taking into account factors such as leadership, financial prowess and successfully overcoming obstacles to be successful, according to the release.

The prestigious rewards program is now 35 years old.

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Based in Anaheim Northgate González Market teamed up with an online personal loan provider Opportune and car manufacturer Hyundai over Thanksgiving weekend to donate over 5,000 coupons for turkeys, groceries and charge cards to provide relief and encouragement to those in need.

Northgate says it has worked with more than 65 nonprofits, schools and elected officials to identify families in need. Over Thanksgiving weekend, about eight food distribution events took place in Los Angeles, Orange County, Riverside and San Diego, according to a press release.

The 41-year-old chain, which operates five stores in the San Diego area, says it has donated more than $ 1 million to local food banks and other organizations since the start of the pandemic.

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Good news for those worried about the spread of omicron, the new variant of the COVID-19 virus recently discovered in South Africa.

San Diego Medical Technology Company Health index said on November 29 that its COVID-19 test, which uses molecular technology, can detect the omicron variant which is now a matter of concern among global health authorities.

Cue said he found that more than 99% of the 127 published sequences available in the virus match the primers used in his tests.

The company’s test delivers accurate, lab-quality results straight to a mobile device within 20 minutes.

Cue Health, 11, says its products allow customers to put “diagnostic information at the center of care.” The company says its COVID-19 test was the first FDA-cleared over-the-counter molecular diagnostic test to be used at home without a prescription.

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Finally, this little piece of good news.

The Oceanside Chamber of Commerce will host its second Rising Star Student Recognition Breakfast on December 7th. The chamber organizes the program to recognize high school students who have overcome significant challenges, but “who have managed to maintain or return to their studies”.

Students thus honored can apply for scholarships at the end of the current school year.

The December winners are Jesus “Chuy” Rivera of the Surfside Educational Academy, Angel Padilla from Oceanside High School, and Javier Murillo, Jr. from El Camino high school.

Scott Ashton, CEO of the chamber, said the organization is hosting the program as part of its larger workforce development initiative.

“We are focused on engaging with our educational partners to ensure a strong workforce pipeline for Oceanside businesses,” said Ashton. “

Genentech contributed a $ 20,000 scholarship to launch the program.

ODD & E and Tri-City Medical Centerr sponsor the event.

Click here for more information.

Tom York is a Carlsbad-based freelance journalist who specializes in writing about business and economics. If you have any tips you would like to share, send them to [email protected]

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