Year round temperate weather
Proximity to good beaches
Highly rated schools
A (tough to define) mini-Maui surfer/beach hipness
A somewhat common vibe of citizen’s coolness, without Del Mar pretense
Diversity of housing styles, ages and price-points
Well maintained parks and trails
Spectrum of casual boutiques to high-end stores and restaurant selections
Commutable to two large employment centers (SD and OC)
Access to I-5
Environmentally friendly polices, practices and events
Medium panache
With that said, Encinitas housing prices are not immune to RE cycles and the lending insanity of the last 5 years.