August 30, 2013 BY Utechservs
While much of the rest of the country is still trying to recover from the lending and housing fiasco, luxury homes in La Jolla are continuing to be in high demand. Whether it is the pristine beaches or just the allure of this idealistic community, there is no shortage of buyers looking at luxury homes in La Jolla. 2013 has seen an increase in values of luxury homes in San Diego County, including La Jolla. The First Republic Prestige Home Index™ by First Republic Bank measures changes in values of luxury homes over $1 million in California. The bank reported on August 20th, 2013 the following increases in values for the San Diego County area in the 2nd quarter of 2013:
– Year-over-year, the value on luxury homes in La Jolla and the rest of San Diego County increased 8%. This is the largest increase year-over-year since the last quarter of 2005.
– Values have increased 4.9% in the 2nd quarter of 2013 over the first quarter.
– The average luxury home is selling for $1.7 million
The reason for the rise in values in the luxury homes in La Jolla is tied to low inventory and increased demand. Interest rates are low and many homes are even selling above listed price due to the competition between buyers looking to purchase a home in this highly desirable area. With prices rising and homes selling so quickly, those looking to buy in this prestigious area need to be aggressive in their pursuit of one of these amazing luxury homes. For those wanting to sell – now is the time! As your listing agent, you can count on me to be a tough negotiator, getting you the very best price for your La Jolla luxury home.