Recently a client asked me to find listings in Coronado with private pools, and after our initial search he was disappointed. “Coronado doesn’t have enough homes for sale with private pools” – he mentioned after reviewing our search results.
Coronado’s life style is surrounded by beaches, water sports, tennis, and great golf. A true resort-like community, and when some buyers consider a home in Coronado they want a private pool with it.
Unfortunately, due to the high density in the Island and small property lots, swimming pools come at a high price.
Today In Coronado we have close to 22% of all detached homes listed as homes with pools. This is not bad at all, the problem is the average prices on homes with pools is $5.5 Million, where no-pool homes listed average at 2.6 Million.
There are only 4 detached homes listings with pools priced below 2.6 Million.
If a pool is a must have, what are my options?
- Building a pool might be an alternative, given you have the yard space and if the cost-benefit analysis make sense to you.
- Buying a detached home that is part of a community with a pool such in the Coronado Cays.
- An alternative also would be the Coronado Community Center. This newly remodeled and well maintain center has 3 pools including an Olympic lap pool. I know is not a private pool, but not owning a pool also means no pool maintenance cost to you.
I captured these images during a recent trip to San Miguel De Allende. This amazing 16th-century colonial city with its cobblestone streets, terracotta walls, and an abundance of bougainvillea creates a welcoming feel to anyone.
A common trend in colonial architecture in Mexico is the used of tall walls fencing homes and businesses, a trend that is not foreign in San Miguel. These terracotta colored walls provide complete privacy, allowing for doors and windows to be the main architectural attraction of these properties.
The following display of doors and windows attracted my interest. The use of Mesquite wood, which is an abundant natural resource in the area, is vastly used to build doors and windows in san Miguel de Allende.
Also, Cantera stone, the porous volcanic stone found in the region, is used to frame these doors. In some cases, the Cantera becomes more elaborated than the door itself.
I know San Diego doesn’t have the construction style of a San Miguel De Allende, but we might get ideas from this doors that can inspire many of us. I hope you enjoy them!
San Diego’s 2013 Rock ‘n’ Roll Marathon came in loud and strong this year!
The yearly event welcomed close to 30,000 runners from all around the world. The marathon and ½ marathon races started early Sunday morning with its traditional live music throughout the race course.
Many were awakened by the loud music while others were standing along the sidewalks eagerly waiting to see the runners passing by. In my case, despite having a band playing at no more than 50 yards from my window, the music was welcome while I was enjoying my morning espresso.
Participants of all ages were seen, and many were displaying very interesting outfits.
There was a runner that got my attention, he completed the 26.2-mile course bouncing 2 basketball. A challenge, in addition to having the physical conditioning, coordination to bounce while running, talk about multitasking!
Interesting data about 2013 Rock ‘n’ Roll Marathon:
- New half-marathon USA record broken. Winner finished in 58 min, 41 sec.
- Women participants outnumbered Men
- San Diegan resident finished in the top 10 best times
When I see events of this magnitude taking place in the heart of many of our high-density communities such Downtown San Diego and Hillcrest, it makes me realized residents of these communities appreciate this type of venue as part of their urban lives.
Around the race excitement, I overheard a standing neighbor comment “I would like to have a live band playing every Sunday!” That is a little extreme, but I appreciate her passion.
I am looking forward to next year’s marathon, I might even consider running it this time.
San Diego home prices are increasing at a staggering rate, where double-digit increases are not uncommon.
The San Diego Association of Realtors (SDAR) compared detached homes sold in the first quarter of 2013 against detached sold for the same period of 2012. The top 10 Zip Codes with the highest increase in median dollar per square foot exceeded 25% price gain. Solana beach and East San Diego experienced more than 35% price gain. Very active marketplace, let’s look at all 10 zip codes.
What do we make out of these numbers? Housing Inventory is 40% down from a year ago, home prices are at least 20% higher from last year, and 30-year fixed rates are in the 3% range. This confirms that San Diego is in a seller’s market.
San Diego home prices can’t keep increasing at the same rate. In order to sustain double digits growth salaries will need to increase. Also, interest rates will eventually increase, a jump from 3% to 5% will definitely affect affordability.
As of today, many listings are getting multiple offers, and many of them are cash offers. On the other hand, buyers, are having a tuff time getting their offers accepted and they have to make concessions.
It is a very dynamic San Diego market, and we are looking forward to what is next for the rest of the year.
California housing permits on the rise, as reported by the National Association of home Builders (NAHB). Some California metro areas have shown consecutive improvement for at least the last six months from their respective lowest points in housing permits, employment and house prices.
Many of us don’t know the difference between median price and average price, or why median price is used more often. Let’s analyze the following data from a San Diego neighborhood with the following 9 sold homes to find out.
The median is where out of these 9 homes we have four homes priced lower, and four are priced higher, the median price is $325,000. On the other hand, the average price is calculated by adding all 9 homes and dividing them by 9, this is $5,631,000 / 9 = $625,666.
Median price: $325,000 Average price: $625,666
Median price is best used when analyzing a general area such a zip code, a city, or when there is a big discrepancy in price, such our example above.
Average price provides a sense of ‘true’ value when all homes are close in sale price and are of similar style, size, etc. Homes in a condo complex, or track housing communities would be the best candidates to use average price.
When local news speak about the ‘San Diego housing market’, they analyzes countywide sale prices where multimillion dollar homes and entry level condos are all consider. As shown in our example above, in that case median price gives us a better perspective.
When there are sizable discrepancies in sale prices the median does a better justices. When properties are close in sale price and comparable in all respects, average works best.
San Diego is considered as one of most desirable vacation destination not only for its beautiful weather, beaches, multiple attractions but also for the more than 80 golf clubs.
Among these golf courses on of the most visited is La Jolla Municipal Golf course.
The San Diego housing market has been in a correction for the last 5 years. Many homeowners are waiting for San Diego property values to come back to pre 2005. Unfortunately, that is not happening, and it is not surprising, considering the changes in home financing, local unemployment and buyers’ lack of confidence in the market.
Interesting enough, inventories for San Diego homes and condos are low. Traditionally low inventory meant higher prices, but in today’s environment not only we no longer have stated income financing but any “great deal” is purchased by investors paying cash, leaving traditional residential homeowners out of luck.
Chula Vista is the largest city in the San Diego county and holds a big number of distressed properties. Short Sales and Foreclosures have been dominating the market for the last 5 years.
In Fact, when driving by some of the newest communities in Chula Vista, 65% of for sale signs were distressed properties. Foreclosures or REOs homes got most of the attention, buyers were seeking these listings thinking that the bank (owner) was just looking to get rid of the property and that will sell the house for pennies on the dollar. Well, that want the case, lenders not only are less emotional about transacting a sale, but they will expect to receive an offer that reflects the market conditions.
International buyers relocating or looking for a second home are finding homes in San Diego. Anywhere from Mexico, Canada, and other countries had been relocating to the beautiful San Diego coastal communities.
The most popular destinations are Coronado, Downtown San Diego, and north county coastal cities such Encinitas, La Jolla, Del Mar, and Solana Beach.