La Jolla real estate Update

October 14, 2009 by · Leave a Comment
Filed under: California, Home Searches 

lajollaHints of a firming housing market are beginning to reinstate trust into one of the most adversely affected industries in the United States.  Kelly Bennett of the Voice of San Diego wrote on August 25, 2009, that local home prices for La Jolla real estate have been on an increase from June, the first change of direction for two-and-a-half years.  According to Bennett, “The price news came as a glimmer of stability even amid a confusing housing market that still shows very different characteristics depending on neighborhood and price. Even while homes priced less than $300,000 attract major interest and spark bidding wars, financing difficulties define the market at the higher levels.”  The article also mentions that while most areas of San Diego are still suffering deflated prices, La Jolla has always maintained relative stability and continues to strengthen every day.

An Associated Press article published October 4, 2009, in the Baltimore Sun, agreed with Bennett in proclaiming the La Jolla market pulling away from the depths of the housing crisis.  In fact, the author draws a comparison between a $112,000 Michigan home that includes four bedrooms and 2.5 baths and several similar La Jolla homes for sale that are selling for prices in excess of $2.1 million today.

LJDecreasing beach property prices doesn’t mean some of San Diego’s most elite residential communities will be inundated by new people.  Roger Shawley of the San Diego Union-Tribune wrote on September 24, 2009, that La Jolla was still the most expensive housing market in the United States, despite the hurting housing market.  As much of the real estate in La Jolla is amongst the most pricey in San Diego, the exclusivity of the area seems to have been reserved thus far.  In fact, “La Jolla and No.?2 Beverly Hills were the only markets among the top 10 most expensive housing markets that saw a price increase from 2008.”  To the surprise of many economists, maintaining this rank is surprising, given the state of California’s high cost of living, cost of doing business, and high taxes.