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What is the Luxury Market like in San Diego?
Sat May 12 2007, 11:37 - San Diego - Market Conditions - 7 answers
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BEST ANSWER
Gena:
It's been a year since you asked this question, and the results are now mixed. If a luxury home bargain in San Diego is the goal, it can be found. However, that bargain will likely not be near the coast. There are luxurious and large newer homes further east in San Diego County where you can find short sales, foreclosures and slashed pricing. Some remarkable bargains can be found, where luxury homes are less than 12 miles to the beach. The coastal market is holding steady, with single family home pricing remaining relatively flat. The beach-close condo market has softened somewhat--especially with one-bedroom units. Roberta Murphy http://www.SanDiegoPreviews.com http://www.LuxuryHomeDigest.com 877-818-8197/760-942-9100 Sun May 11 2008, 09:03 Web Reference: http://www.SanDiegoPreviews.com
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Better neighborhoods always retain value and fluctuate less that other areas. It’s funny because I get requests from buyers to let them know about foreclosures in Coronado or LaJolla or even North County inland. I tell them that I will set up the searches for them that meet their needs but don't count on many (or any) results. The luxury market is pretty much the top 10% of the home values in a given area. Foreclosures and short sales rarely happen in the segment.
Sat May 10 2008, 17:36
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There are luxury submarkets that are being judged separately in the present economic climate. Established properties close to coast are doing well whereas new construction further inland is taking a hit. Even luxury homes in preferred neighborhoods yield to basic principles of real estate value in a buyers' market.
Wed Apr 30 2008, 16:31 Web Reference: http://www.FBS-PM.com
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In the last 25 days, 25 homes closed escrow in La Jolla, Ca. Three of them under $ 1,000,000. Seven, between $ 1,000,000 and $ 2,000,000. Seven more between $ 2,000,000 and $ 3,000,000. Three more between $ 3,000,000 and $ 4,000,000. Three more between $4,000,000 and $ 5,000,000. One more,
$ 6,889,000, and the last one a whooping $ 17,000,000. Not so terrible. And I am not counting condominiums and townhomes. Sun Nov 11 2007, 18:21 Web Reference: http://www.besthomesinlajolla.com
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Glad you asked Gena, La Jolla has some of the most expensive homes in San Diego. According to La Jolla Real Estate Brokers' Association fall 2007 roundup & review, home sales are down 6.1% with only 183 detached homes in the first 9 months. However the average sales price is up by 2.4% to $2,422,700.
Tue Nov 6 2007, 14:43
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Remember the old Timex slogan? That's the luxury market in San Diego County; it takes a licking and keeps on ticking.
That market is less susceptible to interest rate swings and mortgage affordability Sat May 12 2007, 16:40 Web Reference: http://brian-brady.com
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Gena: The luxury market in San Diego is still running strong. In fact, a $50 million beach property in Del Mar will be closing soon. The toughest segment in San Diego's luxury market is for those homes located away from the coast and for the lower end of the luxury market. Days on market can tell us much. Luxury home prices are holding relatively steady because many of these buyers are not affected by tightened loan requirements.
Sat May 12 2007, 11:49 Web Reference: http://www.LuxuryHomeDigest.com
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