ResalesLa Jolla, California Housing Prices Keep Climbing
Condos have doubled in price, and single-family homes have risen 68 percent in La Jolla, California, a community of San Diego which is experiencing one of the hottest housing markets in the country.
"La Jolla is bounded by the Pacific to the west, Pacific Beach to the south, Del Mar to the north, and University Town Center to the east," says Realtor Joanne Fishman. "The jewel of the city of San Diego, La Jolla features secluded coves and beaches, ocean caves, and a marine preserve. The village district hosts cafes, boutiques, coffee houses, galleries, and fine restaurants. More than 8,000 people live in this city of expensive, ocean-view custom homes, making use of the La Jolla Beach & Tennis Club at La Jolla Shores, just south of the Scripps Institute of Oceanography. La Jolla also is home to the University of California at San Diego, numerous research institutes such as the Salk Institute, as well as tech and biotech companies. The Torrey Pines State Preserve is one of the largest ocean-front preserves on the coast and includes the nationally-known Torrey Pines Golf Course along with takeoff sites for hang gliders.
About the market, Fishman says, "The La Jolla market is strong, but not as strong as some of other north county communities in that the average number of days a home stays on the market before being sold is 78 compared to 35 or less in some other areas. This is attributable to the high average sold price of $1,722,668 in May, up 19 percent this year over the average sold in 2003, according to MLS statistics. Currently there are 154 homes on the market in La Jolla ranging in price from $939,000 to $29 million."
Says Realtor Jason Yow, "La Jolla is the coastal community in San Diego where most of the priciest homes exist. It boasts a very high literacy rate due to its proximity to University of California, San Diego. It also has an abundance of desirable local shops and dining establishments. If I had to be stuck anywhere in San Diego County, it would have to be La Jolla!
He says, "Real estate news reveals that La Jolla rose significantly for May "04 in comparison to the same time last year. The median sales price for a single-family detached home was $1,739,773 which represents an increase of 68.1percent from May "03. The median sales price for a condo was $669,000 which represents an increase of 52.8 percent from last year. The interest rates have ticked significantly upwards in the in past few months. This will scare away those with a short memory. But interest rates are still at historic lows. Also, there is a frenzy of people trying to lock in their rates by purchasing before it goes up even more. I have noticed a significant increase in the number of homes available for sale and time they stay on the market.
"In La Jolla, in the local MLS, there are currently 168 single-family homes from $799,000 to $29 million and 126 condominiums from $379,000 to $4.5 million," say Realtors Max and Edith Ricketts. "Residential sales continue strong throughout San Diego County. Although San Diego County inventories of available resale homes and condos have increased sharply in the past two months, inventories and prices in La Jolla appear to be stabilizing."
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