Tom York On Business: San Diego Not Alone In Falling Home Prices

By Tom York, Times of San Diego

March 1, 2023

The price of housing in the top 20 U.S. cities declined slightly in December, according to the most recent S&P CoreLogic Case-Shiller Indices report released by a division of the Wall Street Journal.

The report is one of the leading measures of the trend in U.S. home prices.

San Diego, one of the 20 cities in the update, was a bit behind, reporting a 1.3% decline prices in December.

Before seasonal adjustment, the overall U.S. national index posted a -0.8% month-over-month decrease in December, while the 10-city and 20-city composites posted decreases of -0.8% and -0.9%, respectively.

For the year ending in December, San Diego reported a 1.3% gain, while the 20-city composite posted a 4.6% gain.

Miami, Tampa, and Atlanta reported the highest annual gains among the 20 cities. Miami led the way with a 15.9% year-over-year price increase,

Interestingly, housing prices declined 1.8% in December in usually hot market of San Francisco, with an overall decline in 2023 of 4.2%.

Seattle, another busy market before and during the COVID-19 pandemic for buyers, also declined for the year, dropping 1.8%.

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San Diego-based Jaan Biotherapeutics is among a dozen life sciences startups selected to receive 12 weeks of business mentoring from expert advisors through Fast California, a California Life Sciences’ program.

Now 10 years old, FAST supports founders of disruptive and innovative life sciences startups.

After a record number of applicants, the 2023 Spring cohort is the largest group of founders to date, bringing solutions to health problems like cancer, neurodegenerative diseases and metabolic diseases.

Each of the startups chosen will be matched with a group of advisors to hone their business models, assess strategic focus, maximize IP and help develop a milestone and scale-up plan to exit. The FAST California help is offered at no cost and no equity taken.

Jaan is developing novel therapies to activate the cardiac regeneration process in diseased hearts using proprietary technology.

The technology manipulates microRNAs to activate an endogenous cardiac muscle regeneration process which has been shut down in the adult human heart during evolution.

The company says it has more than 24 patents, with four U.S.-issued patents covering our drug design and targets.

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Western Alliance Bancorp’s Torrey Pines Bank has opened a new location in downtown San Diego at 450 B Street.

According to a news release, the new office will now feature experienced banking teams from nearby Symphony Towers and a branch at 550 C Street.

Also relocating to the Twenty by Six building is Western Alliance’s settlement services group, a national banking group with clients in Southern California and across the country, which provides services for law firms, claims administrators and related businesses managing complex class action, mass tort and bankruptcy settlements.

Western Alliance Bancorp has more than $65 billion in assets and ranked #1 among top-performing large banks in 2021 by industry trade pubs American Banker and Bank Director.

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San Diego-based Cask & Coast Spirits Co. said its first batch of premium blended California bourbon has been awarded a gold medal at the San Diego International Wine & Spirits Challenge, which featured wine and spirits from around the globe.

It was the only San Diego bourbon to receive a Gold Medal.

Cask & Coast Spirits was founded by former City Councilman Mark Kersey and Richard Montaño, an entrepreneur, real estate investor, and certified sommelier.

“We are so thrilled and honored to receive a coveted Gold Medal from the judges at the San Diego International Wine & Spirits Challenge,” said Kersey. “Rich and I made a bourbon that we wanted to drink and it’s great to see other people enjoying it so much too.”

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Adamis Pharmaceuticals, a San Diego-based biopharmaceutical company focused on developing new products in many therapeutic areas, including opioid overdose, allergy, respiratory and inflammatory disease, has merged with DMK Pharmaceuticals, a private, clinical-stage biotech firm developing novel treatments for opioid use disorder and other neuro-based diseases.

Adamis will acquire DMK, including its library of 750 small molecule neuropeptide analogues and on-going government funding for its development programs.

Eboo Versi, DMK’s CEO, will assume the role of CEO and chairman of the combined company. According to a news release.

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Virginia-based Navy Federal Credit Union, which claims to be the largest credit union in the world, was recently selected as the San Diego Armed Services YMCA’s Community Partner of the Year.

The award comes as a result of extensive volunteer efforts from the credit union’s members who lent their support to active duty servicemembers and their families.

More than 80 volunteers from the credit union donated 340 hours to the Y’s food pantry and helped collect, organize, and distribute food to those in need within the community.

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The San Diego-based Jack in the Box fast-food chain said it has added several new menu items, a mint mobile shake, popcorn chicken and fish sandwiches.

This new variety of menu items will be added for a limited time.

Jack says it has partnered with Mint Mobile and Ryan Reynolds to put a minty twist on its classic Oreo shake — the mint mobile shake.

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San Diego bakery Hommage Bakehouse says it has expanded into a 2,000-square-foot retail and production space in Sorrento Valley and has plans to open a flagship store in Mission Valley in the Civita development project in August.

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Alaska Airlines is celebrating its one-year anniversary of offering subscriptions enabling fliers to book flights in advance with no blackout dates. New subscribers who register for Flight Pass by March 8 will be eligible for a 20% discount for the first three months of their subscription. 

“With Flight Pass, subscribers can book roundtrip flights to destinations including San Francisco, Las Vegas and now Salt Lake City at a fixed and consistent price,” said Neil Thwaites, regional vice-president. “Subscribers now have an affordable and convenient way to connect with friends, family and colleagues.”

The Alaska program was launched in February 2022 as the only flight subscription service in the country with nonstop flights in California and select cities in Nevada and Arizona. The service allows subscribers to lock-in lower-than-average fares for a full-year with plans starting at $49 per month and no change fees. 

Tom York is a Carlsbad-based independent journalist who specializes in writing about business and the economy. If you have news tips you’d like to share, send them to tom.york@gmail.com.

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