 |
Search the San Diego MLS(includes all areas in San Diego County)
December 25, 2007
Planning for the 2008 real estate market in La Jolla, California
As if the perfect year round climate, the beautiful beaches at La Jolla Shores, the La Jolla Cove, and the surfing
at The Shores, Blacks Beach and Windansea, the great schools, and being nestled on the cliffs above the beautiful Pacific isn't enough, La Jolla also has one of the finest Universities in the country, UCSD. All of these things and a few more have combined to insulate the La Jolla Real Estate market. The average home price in La Jolla has remained about the same for two years and the average condominium price over the last couple of years is actually up a tick according to the R.E. Report. The Average home price in 1998 was about $850,000, in 2005 it was about $2,200,000, this year will probably report the Market average within a few hundred dollars of that price. The number of days on the Market 10 years ago in La Jolla was 93 days and for 2006 it was 72 days, and counter intuitively the Number of homes sold last year was down almost 18% from the prior year. All in all, the chances are if you invested in your
family home in La Jolla in 1998, today you would have seen almost a 300% increase in your family investment.
|
One insulator, perhaps, from the national market trend may be UCSD. The University of California at San Diego's Main Campus, the La Jolla Medical Center and Scripps Institute with the Birch Aquarium are all located in La Jolla. Because the University has many Colleges and Graduate and Professional Schools and so many residents, it has its own zip code. The La Jolla zip code is 92037 and it surrounds the University zip of 92039. The insulation also extends to the La Jolla Golden Triangle and University City areas of San Diego. The Campus provides a wonderful supply of trained professionals in Biotech, Medical, Biological and Chemical research, Electronic and high tech engineering and design fields. That has attracted many businesses to the area.
The Campus cannot house all the students attending UCSD, so living space is always at a premium, close to the campus. There are more than 26,000 students at UCSD and with a Faculty, Research, Clinical and administrative Staff population of another 15,000 plus. UCSD is the county's second largest employer. Perhaps this is just one more reason that La Jolla is considered to be "Simply the Best Place in the World to Live".
Merry Christmas!!
Back to Real Estate News
Search San Diego Real Estate
|
