[quote=XBoxBoy][quote=sdrealtor]There is a fundamental shift happening as to who lives up here. There was never a healthy $2M plus market here. Those folks just went other places until recently. Now homes routinely sell for $2 to 8M to out of area buyers. We have never seen that before up here.[/quote]
To me, this is the most interesting part of what you have been reporting about NCC. We’ve had 2+ million homes in La Jolla, Coronado, and Rancho Santa Fe, and even some in Mission Hills for a long time. But in the past I would occasionally look on Zillow at NCC and not see much above 2. More recently, I’ve seen a lot of 2+ million dollar homes. (And from what I see on zillow, they look pretty nice.) This doesn’t surprise me since I’m a firm believer that areas change, cycling up and down. (Kensington was a dump in the 60s and 70s from what I hear, but pretty nice in parts now.)
Additionally, be sure to note in that above article, the number one destination for people living in LA who want to relocate: San Diego. Maybe it’s just my biases, but I suspect they aren’t looking to move to El Cajon, but NCC.[/quote]
Ive seen them up here and had listings for $2M homes in last several years and there was virtually no market for them. They did not sell. Im seeing more homes in prime beach areas hit the market then ever before. A lot more. In the past there wasnt much of a market for a $1M-3M tear down. There is now
In RSF there were always a couple hundred for sale but sales were very slow. I have not checked if thats changed but Id suspect it has. The issue with Rancho is many of these homes are old functionally obsolete homes that need to be torn down. Prior to the recent changes in buyer wants they havent wanted lots of land to care fore but now people want more space so it would not surprise me to see that market has improived dramatically also
