The La Jolla real estate market has a lot going for it already, but some recent studies and reports are providing promising figures for the coming year. Newly released data shows that 2015 ended on a high note. In addition, some analysts and experts are predicting that 2016 has great things in store and that the years that follow may also be rather good for the real estate markets in San Diego and California overall.
Great things in La Jolla
The La Jolla real estate market remains one of the top luxury markets in America with highly-sought after homes in coveted communities. The Times of San Diego reported that the most expensive listing to sell in the entire county last September was a $12.45 million dollar home in La Jolla.
In addition, La Jolla Light reported that some of the restaurants in the Village are being renovated, which will make the area even more inviting for current residents and prospective buyers. Construction began in November and is scheduled to wrap up over the summer.
Great things in San Diego
The San Diego Union-Tribune published a story recently that detailed a study’s findings about San Diego’s wealth of talent. The study showed that San Diego has “talent in abundance.” In fact, the San Diego Regional Economic Development Corporation found that the region added more than 72,000 degree holders in 2014, which is more than any other similar metro area. According to the article, when compared to its peer cities, San Diego also ranked second in the growth of degree-holding Millennials, first in concentration of scientific research and development firms and second in average annual pay for R&D employees.
The San Diego Union-Tribune also published a piece that shared the results of a study conducted by the University of San Diego, which predicted that San Diego will add 35,000 jobs this year. According to the article, this will be the fifth year in a row that San Diego added more than 30,000 jobs. Upward trends like these are good news for all sectors of the local economy.
Great things in California
The Times of San Diego recently published a story that outlined the findings of a survey conducted by UCLA economists that projected a three-year outlook on California’s commercial real estate. The survey enlisted the help of commercial real estate industry leaders and focused on industry forecasts, potential opportunities and challenges. The survey found that developers have continued optimism and offered a favorable outlook that was supported by a number of factors, including job and income growth. Respondents stated that they either have or will start new commercial real estate projects this year.
CBS News also shared a story about the state of California ranking #10 in a nationwide study that determined which states are happiest and have the highest rates of overall well-being. The Gallup-Healthways Well-Being Index ranked California as one of the happiest and healthiest states. In addition to making the top ten, California increased its figure from last year by two points to reach an overall score of 62.7.
California is not only happy and healthy, but also ready to build. The 2016 Winter/Spring Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey showed a promising outlook for multi-family construction in the next few years. The survey polls real estate professionals in development and investment markets on various aspects of commercial real estate and determined that in the two years that the survey was conducted, multi-family construction remained strong and consistent. The survey predicted that multi-family housing construction will reach a 25-year high in the next three years.
Great things in the real estate market
Our nation’s real estate market also received some positive predictions. Curbed published an article that shared the findings of a recent report by PriceWaterhouseCoopers and the Urban Land Institute, which offered some interesting trends to watch for. One of them was the rising prominence of second-tier cities, which are expected to perform incredibly well in the near future. In addition, the report predicted that 2016 will be the year that Millennial parents will begin to move to the suburbs, which may trigger booms in those markets. The article also mentioned a ULI survey, which shows that sixty percent of Gen-Y respondents expect to live in detached single-family homes five years from now.