News and information about the La Jolla and Del Mar real estate markets.

View of La Jolla Cove from the shore

Recent reports and forecasts indicate that 2016 is already shaping up to be a banner year for La Jolla and greater San Diego. Real estate trends and news from the medical and tech industries all look rather promising, which should have a positive impact on the La Jolla real estate market. Below are five recent stories that highlight what this year has in store:

1. La Jolla has one of Southern California’s best beaches

La Jolla Cove earned a spot on the Travel Channel’s “12 Best Beaches in Southern California” list. La Jolla Cove made the list because the picturesque beach is a popular place to scuba dive and snorkel. Per the article, La Jolla Cove is also one of the most photographed beaches in Southern California.

2. UC San Diego opens Jacobs…

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Upscale deck overlooking the ocean

A recent real estate report suggests that there are a number of trends within the luxury real estate market that are tied to generational cohorts. There also other trends that are spanning all buyers, such as increased interest in certain high-end features. With the La Jolla luxury real estate market being one of the top 20 in America, these trends may lead to increased buyer interest in some features over others possessed by luxury properties in La Jolla. They may also lead to more investment property purchases in La Jolla in the coming year. 

The report suggests that buyers are showing increased interest in investment properties within the luxury market. Active interest has increased from 48 percent last year to 54 percent this year, with 33…

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iron rod staircase in luxury home next to graphic that says La Jolla was named one of the tope real estate markets in America

La Jolla is one of the top 20 high-performing luxury real estate markets in America. A recent real estate spotlights the market’s high performance and once again proves that luxury homes in La Jolla are highly sought-after and truly remarkable properties.

The report highlighted five areas where La Jolla’s luxury real estate market is out-performing others across America: 

1. Highest number of luxury listings valued at $5 million

La Jolla ranked #12 on the list for highest number of luxury listings valued over $5 million. La Jolla had a total of 60 luxury listings in this market segment.

2. Highest number of active luxury listings valued at $1 million

The La Jolla luxury home market has one of the highest amounts of active luxury listings…

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Graphic that reads Millennials Gravitate Toward the La Jolla Condo Market

Single-family homes in La Jolla have undeniable appeal, but there are viable townhome and condo markets within the Jewel as well. In fact, a recent article in The San Diego Union-Tribune highlighted some growth indicators in the greater San Diego condo market that may strengthen in the coming years. This potential uptick in sales is thanks in part to Millennials gravitating toward mixed-use and multi-family housing options.

Measured Growth in the Condo Market

Last year, CoreLogic reported that condos made up 12.3 percent of all real estate sales in 2014. Sales prices for this sector of the real estate market are increasing steadily across greater San Diego and the nation. According to the The San Diego Union-Tribune, the median condo price in…

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Graphic that reads The Village shows signs of emerging national trends

PricewaterhouseCoopers and the Urban Land Institute have released a report on emerging real estate trends every year for the last 37 years straight. The latest report identified real estates trends that are expected to sweep over the country in 2016. Based on indicators outlined in the report, it appears that the Village of La Jolla may be gravitating toward a couple of national trends.

A new take on suburban life may emerge in the Village

The Village of La Jolla has recently allowed some mixed-use projects to move forward to their next phases in the approval process. Should these projects be fully “green-lighted,” they will open up the Village to not only retail and office space, but also townhomes. 

This move toward townhomes in the Village…

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Picture of a home with circling arrows and a graphic that reads

In recent weeks, a number of La Jolla homeowners welcomed new residents to their neighborhoods. La Jolla Light recently published a list of home sales in La Jolla since September 1, 2015. The article listed 47 homes purchased in La Jolla over last month with an average sales price of $2,080,947.

If the buyers who purchased La Jolla real estate last month opted to use financing, they were able to take advantage of low interest rates courtesy of the Federal Reserve’s decision to not raise the federal funds rates in September. Whether the federal funds rate will remain at or near zero throughout the end of the year remains to be seen, but there are some indications that it may be increased.

Will these homes be some of the last purchased with the…

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Graphic of a cluster of homes that reads

The national, San Diego, and La Jolla real estate numbers for July and August are out. Two separate sets of stats were released recently, the first being the highly trusted Case-Shiller home price index and the other being CoreLogic’s August Real Estate Data Report for Southern California. Between the two reports, news media were able to identify upward trends in national and local home sales prices over last year’s figures. 

National market stats

The New York Times attributed the nationwide rise in home prices in July to buyers vying for homes amidst a reduced supply. The Case-Shiller home price index revealed a five percent increase in home prices across the country in the past year and an eight-year sales high.

In addition to this, new…

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 Graphic of an open book that reads" From parking lot to condominium: The story of a vacant lot on Girard Avenue in La Jolla"

After years of rejections and a number of project redesigns, a vacant lot on Girard Avenue is one step closer to becoming the home of a 5,000 square foot commercial property and six condos.

PQ Design Studio’s quest to develop the property next to Vons stretches back years. According to the developer, the San Diego Development Services Department approved a three-story version of the project in 2011. However, the following year, the La Jolla Community Planning Association found that the design violated the La Jolla Planned Development Ordinance.

Last year, the La Jolla Town Council disapproved the redesigned project because it violated parts of the La Jolla Planned District Ordinance, including the two-story limit. La Jolla Light reported that…

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Graphic that reads "La Jolla may trade Pearl Street gas station for new townhomes  

Earlier this month, the La Jolla Development Permit Review Committee unanimously approved the Conger Project, which aims to replace a gas station on Pearl Street with commercial property and townhomes. 

La Jolla Light reported that the committee’s approval allows the Conger Project to move forward to the La Jolla Community Planning Association. From there, it will be elevated to the city Development Services Department, should it pass muster. 

In years prior, the Conger Project experienced several rejections that ultimately forced the developers back to the drawing board. The plan that won approval this month is courtesy of a new architect, Alcorn & Benton, and incorporates requested changes made by previous committees. Prior designs were…

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Picture of a computer wiht a home atop
Image courtesy of jannoon028 at FreeDigitalPhotos.net

The Washington Post reported that all but ten percent of today’s real estate searches are conducted online. Given that online real estate searches are the main way buyers are finding homes in La Jolla and across the nation, it’s vital that online listings are accurate, but that’s not the case with all real estate information sites. 

With millions of users every month, Zillow is the largest and most widely known real estate information site, but name recognition doesn’t denote regularly updated and accurate information. Buyers have devoted time and resources to researching properties on Zillow only to find out that the homes they were interested in were no longer on the market.

Estimated home…

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