The over one million dollar market has slowed by about 19% in Southern California from the 2008 sales figures, and that brought luxury home prices down. The older more established markets like La Jolla, Del Mar, Rancho Santa Fe, and Fairbanks Ranch along with areas like Bel Air in the LA area and Hillsborough in the San Francisco bay area have maintained sales at a better rate than the newer over a million areas like those in Riverside County. This slowdown in the over a million market has also introduced some real bargains into the La Jolla market. If you have been looking, list prices of homes in La Jolla are down by a substantial amount.
This has been happening in the under $400,000 market in San Diego County for a couple of years. Not to over dramatize but it is almost like the perfect storm for those buyers looking in the luxury home market now too. Interest rates are at all time lows, prices are down and a there is a good inventory on the market to choose from.
The "Good Ones" in the Luxury Home Market are going quickly, sometimes in less than a week, but if that is what you have been looking for, now might be the very best time to find that special home. Interest rates are predicted to go up this year, maybe in the fall, so this perfect storm may vanish. The Mills Team knows the La Jolla market very well and we are happy to watch for the "Good Ones" for you, so you don't get the left over's.
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