It seems to have been pretty much bullet proof even to this day when it comes to the downturn.
Are there certain homes and areas that may be more difficult to sell yes but that is pretty much everywhere. It has not happened much in Encinitas and therefore the value is pretty clear cut long term, short term, all term two thumbs up.
Is Encinitas in blue chip territory?
The schools are excellent, the beaches are nearby and there is a wide choice in neighborhoods.
For additional information about Encinitas, visit http://www.SanDiegoPreviews.com/encinitas and for real time market reports about Encinitas, click the link below:
Generally improvements will reap you benefits, and certain things are more likely to pay back nearly what you put in, over the longer term (kitchens and baths). This can be offset in a declining market. And overimproving a home relative to neighbors will work against you.
Encinitas, like other coastal communities (Carlsbad, Solana Beach, Cardiff, Del Mar) remains a desirable, due to the climate, beaches, schools and general location. On average, median prices are down about 5% from January 2005, and during 2006 dipped lower, but have increased again and have been fairly stable since January 2007. I expect to see minor changes in pricing, unless we see dramatic changes in the inventory or the interest rates rise significantly.But we do not yet know the full impact of the short sale and foreclosure market. There may be some pockets of decline and it may be well into 2008 before we start sseeing a general improvement.
1. You don't over-improve for a neighborhood
2. You choose popular features in popular areas such as kitchen or bathroom remodels, new flooring, new paint, etc
3. The overall real estate market is flat or improving.
I've also seen that an appraised value for the purpose of a refinance is not the same as the market price...it could be quite a bit higher or lower.
Home prices in general for North San Diego County Coastal properties have been flat or increased a bit through 2007, but we may have peaked for this year. Coastal properties(west of I5), unique homes, or those with larger lot sizes seem to be holding their values better. As Catherine mentioned, foreclosures and also short sales will continue for the next couple years. These types of sales will skew prices lower in certain markets where they make up a larger percentage of all the home sales. However, non-distressed sale situations, where a seller can wait the 3 months it takes to sell a home, will find that prices may hold fairly steady for the next couple years unless interest rates go above 7%.