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May 26, 2010

HOW ARE THINGS IN LA JOLLA?
Regarding the Real Estate Market, La Jolla, which is a part of the greater San Diego market, is one of the most robustly improving areas in the country. During this past February, the San Diego area was the strongest market nationally. The average cost of a home in the San Diego area was up by quite a bit during this past March, which is an indication that there is a market for homes in La Jolla.

Even considering the dreary economy, local home builders say that more new buyers are committing to purchasing a home than in prior months.

Sales of single family homes above six hundred thousand dollars, especially in the coastal area of North County, have been particularly strong. While we may not be at the "take-a-number" point now, it does reflect that there are not enough new homes available to meet the demand.

Especially in the La Jolla and other coastal areas, there is a limited supply of larger, more expensive homes, which may portend a return to the time when qualified buyers outnumber the higher-end homes on the market. In this case, prices would be driven up, especially if the interest rates remain at a low point. We may ultimately have a replay of the 2005 peak of the market. Should this happen, things in La Jolla should be exceptionally good.