BayVista Corporate Headquarters

California, your affordable housing woes are far from over

It’s no surprise that affordability has been a tremendous concern for many home owners living in California, and new data suggests that their worries are far from over. According to the Traditional Housing Affordability Index from the California Association of Realtors, the percentage of homebuyers who could afford to purchase a median-priced, existing single-family home edged up to 28% in the fourth quarter of 2018. Although this is an increase from 27% in the third quarter, the percentage is still slightly lower than 29% in Q4 of 2017.

This comes as no surprise, as CAR notes the index has been below 30% for six of the past eight quarters. “Lower seasonal home prices allowed more Californians to afford a home purchase in the fourth quarter of 2018 compared to the previous quarter, but higher interest rates pushed affordability lower compared to the previous year,” CAR writes.

Across the state, it took a minimum annual income of $122,340 to qualify for the purchase of median-priced single- family home of $564,270. Compared with California, 54% of the nation’s households could afford to purchase a $257,600 median-priced home, requiring a minimum annual income of just $55,850.

This affordability disparity may explain why Redfin’s latest migration report revealed that so many homeowners were relocating to less expensive markets.

According to the report, San Francisco and Los Angeles were among  the top metros to report the highest net outflow of residents.

“Rising mortgage rates are exacerbating affordability issues that have been driving people out of expensive coastal metros for the past few years,” Redfin Chief Economist Daryl Fairweather said. “With rates no longer near historic lows, buyers are increasingly cost-conscious, seeking more affordable homes in low-tax states in the South and middle of the country.”

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Lori Honore

Community Manager And Administrative Assistant

After securing a bachelor’s degree in psychology at San Diego State University, Lori was a successful entrepreneur herself for over 30 years. She later returned to academia earning a Master’s in MFT/Counseling at the University of Phoenix. Lori joined our team in November 2021, lending her compassion for children, organizational skills, entrepreneurial expertise and love for the San Diego community to Bay Vista’s endeavors at the Lisbon Vista Village Community Center and the development project at Lisbon Vista Heights. She takes special pleasure in promoting interaction, cooperation and compatibility among the Synergy Imperial and Synergy Escondido coworking clients; linking partnerships and collaboration to help co-create greater opportunities for relationships and contributions to their business outcomes. 

Ricardo Curtis II

Senior Project Manager

Bay Vista’s Senior Project Manager Ricardo Curtis II, made an impression on San Diego as a young college athlete choosing San Diego State University over offers from 92 colleges and universities.

After his successful collegiate career, Rico had a 10-year professional football career playing in San Diego, Omaha, St. Louis, Canada and overseas.

Rico began his business career, spending nine years managing vendor relationships at Raytheon Systems as a logistics and facilities manager in planning and procurement. There he secured inventory and ensured the delivery of millions of dollars of protype equipment housed in multiple warehouses. 

Rico currently works directly with Bay Vista’s CEO on cost containment, property acquisitions, handles multiple property operations and is a member of Bay Vista’s strategic planning team. In the general community and as a Aztec Football Legacy Board Member, Rico continues to mentor young men. Despite his old football nickname “The Hitman”, Rico is an emphatically attentive family man and is married to the beautiful talented songwriter and vocalist, Rebecca Jade, who despite her countrywide, international travel and island hoping, he’s always ecstatic to welcome home.

Cheryl R. Lee

Chief Legal Counsel

Cheryl’s focus is expanding Bay Vista’s community-based affordable housing while improving the lives of families. She holds the positions of Chief Legal Counsel, Commercial Real Estate Broker and Chief Executive Officer at Bay Vista Methodist Heights, Inc., a nonprofit corporation focused on senior and multifamily affordable housing in the Southern California area. As a member of the Senior Management team, Cheryl helped Bay Vista enter into a $14.7M Trust Agreement with the U.S. Housing & Urban Development LA Multifamily Hub office in February 2008. She and the Bay Vista Team accomplished the acquisition of 377 Units of multifamily and senior housing in less than 2 years, by converting conventional market housing units into affordable housing. While Bay Vista as the parent company, a faith-based nonprofit corporation continues to lead their efforts, Cheryl has created several subsidiary corporations to protect and manage the company’s properties, acquire additional multifamily and vacant land sites, and create related opportunities, such as the new community-based coworking operations in Escondido and Encanto, CA. Cheryl’s association with affordable housing has been consistent throughout her years as an attorney. She spent several years as Assistant Corporate Counsel at a Southern California Savings Bank, working in mergers, acquisitions, corporate finance bond offerings, and was trained in commercial lending & appraisals, credit analysis and authored the bank’s Community Reinvestment Act Annual Statement. She is now a member of the Board of Directors of Bay Vista, but has served on the Board of Directors of North County Housing Foundation; Esperanza Housing Association, and the San Diego Delta Foundation. Cheryl has spent 34 years teaching, 14 years teaching Banking Law, Securities Regulation, Contracts, Corporations, Agency & Partnership, Secured Transactions, Commercial Law-Sales & Leases, Employment Law, and Equity & Remedies at several American Bar Accredited law schools around the country. She continues to teach in several community colleges in San Diego county. She authored several law review articles published in the California Western Law Review (and cited by the Harvard Journal on Legislation), the University of Michigan Journal of Race & Law, and the Rutgers Computer and Law Technology Journal. She served on the Michigan Task Force on Race & Gender, was honored as the Golden Gate University School of Law Professor of the Year in 2006. Prof Lee is also a member of the California Bar, Michigan Bar, United States District Courts for the Central and Southern District of California, The National Association of Realtors, San Diego Association of Realtors, and has been active in the National Association of Urban Bankers, the Black Entertainment and Sports Lawyers Association, the Earl B. Gilliam Bar Assoc, Jack & Jill of America, Lawyers Club of San Diego, the National Bar Assoc, San Diego County Bar Assoc, Homer S. Brown Bar Assoc, Ingham County Bar Assoc, various Michigan, California and American Bar Association Committees, as well as many Law School Faculty Committees. Cheryl received a B.S. in Journalism & Communications at Northeastern University in Boston, MA; and a Doctor of Jurisprudence at Duquesne University School of Law in Pittsburgh, PA. Cheryl has a grown son and has lived in the community of Rancho Santa Fe, California for the past 18 years. Please feel free to contacther at Bay Vista at [email protected] or 760-781-1393.