Currently there are about 110 homes for sale in the area ranging from a 500 sq.ft. 1 bedroom condo priced at $170,000 to a 4 bedroom 2,800 sq.ft. Townhome priced at $1,190,000. The average time on the market for these homes is a little less than 60 days. There are a couple of the complexes with current litigation and those homes tend to be on the market much longer because lenders are hesitant to make a loan on property in litigation, as it could potentially impact the property's value. Taking those properties under litigation out of the mix (some have been on the market for over 15 months) and the average time it takes a home to sell in the UTC area is closer to 45 days, many that are in good condition and well priced are selling in a week or less. The average listed sale price is currently is about $416,000.
Because of the continual student turn-over in UTC there is a constant demand for rentals and homes/condos to purchase. The average home in UTC is a two bedroom, two bath condo with about 1100 to 1200 sq.ft. and priced between $300,000 and $400,000. With a 20% down payment, a monthly mortgage payment may actually be less than renting, so parents of students often consider the purchase of a small condo on the UCSD shuttle route a very good investment.
For many professionals the overall convenience of UTC is very appealing. Many of the Bio-Tech research labs and companies are located a short 5 minute commute with perhaps no freeway time. Qualcomm one of San Diego's largest employers is five minutes away, and The Scripps and Salk research institutes are also very close by.
For recreation there are parks and trails close by, Theaters and beaches, some of San Diego's finest restaurants are close and most of San Diego's recreational areas, ball parks and stadiums are less than 20 minutes away. UTC is an exciting dynamic area that is always worth a second look. Let the Mills Team know if you would like more information about this great Location in San Diego.
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