Buying A House Or Condo In La Jolla

La Jolla CA is a gorgeous modest beachfront town with a population of approximately 29,000 inhabitants. It’s celebrated as one of the most well known resort towns located inside the city of San Diego. The stunning coastline is hypnotizing and entails the idea fusion of hillside to take advantage of the striking view. It’s charming and sun soaked nearly the entire year. Cleanliness and safety are two other attractions that draw people to the vicinity with various levels of stature and property prices.

For example, Beach-Barber Tract is an area with varying home styles within a broad price range. The highlight of the area is the world famous Windansea Beach. If you go to the south, you’ll run into Pacific Beach and easy shopping. Dwellings worth millions of dollars and an adequate amount of condominium developments range in price from $650K to $1.5 million.

Other locations in the La Jolla area are enticing as well. There’s Bird Rock, a cozy Oceanside neighborhood with real estate ranging from $1.5 million. Additional locations include the Country Club district made up of attractive slopes, hills, a canyon, and country club. Alternatively, Alta is known for its impressive views in San Diego blessed with glistening downtown city-lights. Farms is an area recognized for its equestrian panache with expansive residences. Houses usually start at $1.5 million and go as high as $25 million.

Shores Heights overlooks the beautiful ocean shores and neighboring area with La Jolla real estate starting in the $2 million range. Additionally, Mesa holds some of the most magnificent views in the vicinity. Residence headed up the hill include views of Mission Bay and onward to Coronado and even Mexico on a cloudless day. Many homes go for $1.25 million and more, and it doesn't stop here. North is in the 92037 area code and has a more University Town Center ambiance. Numerous condominium projects are in the works and a number of houses as well. Prices are more modest at $500K and normally stay under $1.4 million.

The world renowned Shores Beach was developed during the early 1900s encompasses attractive custom residences ranging generally from $1.5 to $5 million. The Avenida De La Playa avenue features fantastic restaurants, a tennis club and beach, with specialty shops and commercial spaces. The area known as the Village has a more city like appeal and is close to shopping and various businesses. It’s great for students attending UCSD. The area mostly consists of townhomes, condominiums, and apartments. Prices hover around the $300K and up to $1 million for special properties.

This beautiful district is filled with many more entities like Hidden Valley. These La Jolla homes for sale are priced starting around $1.4 million and increase depending on lot size and the panorama. Hidden Valley has a reputation for opulent foliage and luxurious houses that surpass $5 million. Lower Hermosa is a tiny neighborhood and one of the most popular locations. Beachfront homes perched on short cliffs start at around $2 million with private beaches. Prices can go as high as $30 million. Fantastic views, unique winding roads, and astonishing landscapes are all part of the Muirlands area with homes at the base of the hill starting around $1.2 million and houses at the top starting at $3 to $8 million. Murilands West is smaller than Muirlands and is perfect for families due to its close proximity to schools for every grade-level. Houses range from $1.5 million to $3 million.

Soledad South offers views of the city lights, and Upper Hermosa offers a variety of homes styles in the $1.5 to $4 million range. Downtown La Jolla is the heart and soul of the town. There is delicious food, wonderful entertainment, lots of shopping, fun, an elitist nightlife and top hotels. All the excitement and exquisiteness is available for $500K and up for a condominium and $1 million and up for residence near the village.

La Jolla is also known as the Jewel of California and with good reason. The vast expanses of the cobalt-blue ocean and the swaying palm trees make La Jolla quite an attractive place to live in. The community borders 7 miles of breathtaking Pacific Ocean coastline surrounded by the sea on three sides.  La Jolla offers resort-style living to its residents right at home with the atmosphere and climate of a Mediterranean village.

La Jolla is the ultimate destination for scientists and artists alike.

Whether you have more of a scientific outlook on life or you are a free spirit, the bountiful opportunities and inspiring natural beauty you will find in La Jolla will leave you feeling right at home.

The La Jolla community has a long established reputation for being a haven for creatives. In fact, as far back as the late 1800s, the community was known as a colony for artists. La Jolla was chosen in the early 1940s to be the location for a museum and art center that eventually became the Museum of Contemporary Art San Diego. In the 1940s, a group of well-known actors including Gregory Peck established the La Jolla Playhouse. Currently, the playhouse is the primary theatre for the University of California San Diego.

Vibrant research and scientific communities call La Jolla home partly because it is the perfect location for oceanography and marine sciences.  The Scripps Institution of Oceanography, the Scripps Research Institute, and the Salk Institute for Biological Studies all have their headquarters in La Jolla. The Scripps Institution of Oceanography was established back in 1903 and is one of the largest and oldest institutions of its kind.

The Lifestyle: The Melting Pot for European Resort Living and Classic California Beaches

The European village charm and the best of West Coast living are all conveniently found near downtown San Diego in La Jolla. From dynamic cultural attractions including art galleries and museums to upscale dining and shopping, it is hard not to feel like you are at a vacation destination.

La Jolla may be popular with tourists because of the over 10 lovely beaches to choose from, residents here enjoy good weather all year round with temperatures that rarely go above 90°F or below 50°F. Outdoor activities normally associated with vacationing including hiking, golfing, surfing, or swimming, can all take place any time you feel like it. If you fancy doing a round of golf after work or a morning swim on a weekday, all these are possible in La Jolla.

The Real Estate Market

La Jolla is regarded as being an affluent area generally with plenty of luxurious homes available. Many of the residential areas consist of oceanfront properties overlooking one of the beaches from a bluff or a hill. However, you will still find condominiums, townhouses, and single-family homes in this community.

Some of the Featured La Jolla Neighborhoods

-    Muirlands West

-    Soledad South

-    Upper and Lower Hermosa

-    Village of La Jolla

-    La Jolla Heights

-    La Jolla Shores

-    La Jolla Farms

An Outdoor Paradise

La Jolla is able to accommodate you whether your idea of enjoying outdoor living is going for an all-day hike or catching catnap on a warm beach. The perpetual summer weather means that you will never have to cancel your plans for outdoor recreation again.

While water sports such as sporting and beach lounging are both big attractions, a golf course is also available in La Jolla. Torrey Pines Golf Course is situated on a high bluff revealing stunning panoramic views of the Ocean. The Torrey Pines Golf Course comprises of two 18-hole courses and since 1968, it has hosted the PGA Tour Farmers Insurance Open.

If you are not a big fan of golfing, you can always visit the nearby Torrey Pines State Natural Reserve. Here, you will enjoy plenty of hiking trails with amazing views of the coastline. If you are among the lucky hikers, you will be fortunate enough to spot some dolphins or whales. Some of the trails have access to the beach, which is always great for picnics or even just dipping your toes in the tide after a long hike. You can choose hikes of varying difficulties and lengths but since they are usually open all year, you have enough time to try them all.

Some of the Distinguished La Jolla Schools
-    The Gillispie School: Grades K to 6

-    Stella Maris Academy: Grades PK to 8

-    La Jolla High School: Grades 9 to 12

-    Muirlands Middle School: Grades 6 to 8

-    La Jolla Elementary School: Grades K to 5

-    Bird Rock Elementary School: Grades K to 5

-    Children’s School: Preschool

The University of California’s San Diego campus is also found in La Jolla.

Utilities in La Jolla

-    Wastewater: City of San Diego Public Utilities

-    Water: City of San Diego Public Utilities

-    Recycling & Trash: ESD

 


Education & Healthcare

Education is one of the top employment sectors in La Jolla because of the community being home to a major college campus. In fact, the San Diego Campus of the University of California situated in la Jolla is the number one employer based on employee figures.

Scripps Clinic, affiliated with the Scripps Research Institute is another major employer in the County of San Diego. Three other health-affiliated companies rank among the top 10 employers in the area.

Laid-Back City Living in a Tranquil Environment

La Jolla is one of the wildest stretches of coastline in Southern California. La Jolla feels like worlds away from the fast-paced life of a big city and the stunning views are not blocked by smog or high rises. In fact, the Torrey Pines State Natural Reserve, which is 2,000 acres of pristine nature is located just nearby.  However, living in La Jolla does not mean that you are living in the middle of nowhere. You will find all the accessories that you like from art galleries to museums and from dining to shopping. You get to enjoy the best of both worlds in La Jolla: all the perks of city living and the unadulterated natural beauty.

La Jolla Real Estate Market Trends

The following stats will help you gain a better understanding of the La Jolla real estate marketing. If you are a prospective seller or buyer, you will gain insight into the best approach for selling or buying property in La Jolla.

Townhomes/Condos

In La Jolla, the median price is currently just over $900,000. Just over 100 homes have been on the market for about 6 months. The days-on-market is falling and the inventory is tightening. The Market Action Index indicates that demand is heating up. All these are relatively bullish signs for the prices.

Demand and Supply

The sales of homes are still outstripping supply with the Market Action Index moving higher for some weeks now. This could still be a market for sellers and it would be wise to be on the lookout for pricing pressure upwards in the coming months if this trend continues.

Median Price – Currently, it seems that the market is hovering at a plateau. Watch out for persistent change in Market Action Index before the prices start deviating significantly from there.

Price per Square Foot – The market plateau is apparent in the value and price. Both the median price and price per foot have been reasonably stagnant. Monitor the Market Action Index for any persistent changes as a leading indicator.

Market Action index – Currently, the market in La Jolla is greater than 30 meaning that it is in the Seller’s Advantage zone. The 90-day Market Action Index is currently at 31.27, meaning that demand is quite strong and the current supply of homes is running out relatively fast.

Single Family Homes

In La Jolla, the current median price is just shy of $3 million. The 206 properties have been on the market for just over 3 months. The days-on-market and inventory are going higher while the market index has flattened relatively. All the indications are that the market is weakening.

Demand & Supply

In the recent months, the market has shown some signs of slowing. Both the inventory levels and prices are relatively unchanged in the recent times. Monitor the Market Action index since it could be a leading indicator for future price changes.

Median Price: Currently, the median price for single family homes is heading downward. Prices are still pulling back from the highs of the market. The Market Action Index is a great leading indicator of how long the trend is likely to last.

Price per Square foot – In spite of the falling prices in the recent months, the price per square foot has stagnated. This is indicative of a part of the market being priced at a premium. You can find out more about the condition in the quartile details.

Market Action Index – Currently, the La Jolla market is below 30 meaning that it is in the Buyer’s Advantage zone even though not quite strongly. The 90-Day Market Action Index currently stands at 25.27 meaning that buyers should expect reasonable levels of selection.

If you are living currently in a condominium, it might be the time to upgrade since the single family residence market is a buyer’s market while the condo market is a buyer’s market.

Why Should You Consider Buying Property in La Jolla

When it comes to high-end real estate in La Jolla, most people are usually discouraged by the high prices associated with the acquisition of any type of property available for sale. However, investing in property in La Jolla has some perks including:

Prices on the Rise

If you have enough funds to invest in property in La Jolla, it is the time to do so. As stated previously, the market for single family homes is a buyers’ market. In the recent months and years, the property prices in La Jolla have been on the rise. The reasons why this is the case include great scenery, great living conditions, and the location near the coastline along with great job and education prospects. The availability of smart houses and low crime rates also makes the area highly desirable to live in.

Smart Homes

Some La Jolla homes and apartments are equipped with advanced technology. They typically use green power technology such as solar panels along with green lighting options through thoughtfully designed windows that increase the amount of light from the sun that houses get throughout the day. In some cases, living spaces are also equipped with energy and water efficient appliances such as high efficiency washing machines that use considerably lower volumes of water than regular ones.

The eco-friendly smart homes and apartments also feature green construction using materials that have minimal impact to the environment. Landscaping is also handled in an environmentally conscious way by the use of drought-resistant soil that requires minimal irrigation. In terms of zone amenities, La Jolla provides most of the things associated with luxury housing from clubhouses to BBQ areas, to Gyms and pools.

You Can Rent Property Out All Year Round

One of the key considerations is the fact that you can rent out your property all year round. If you have another home elsewhere, you can always move there and rent out your apartment for a couple of months to generate an additional income. Even if you work in the County of San Diego, you can still rent out your home during your holiday break.

The high standards of living, the diversity of amenities, and the great vacation location of La Jolla makes it quite a tempting option for those looking to rent  an apartment for a couple of weeks. The other option would be letting out just a single room in your home or apartment to help you have the peace of mind that nothing will go wrong during the stay of your tenant.

Final Thoughts

If you are considering investing in real estate in La Jolla, CA, then wait no more. La Jolla is one of the most beautiful cities in the US. Living here has many benefits including a great active life, amazing scenery, great shopping, restaurants and so much more. Invest in real estate in this amazing location and you will wonder why you had not thought about it before.

Related Information:

Latest La Jolla Real Estate Listings

board logo

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by Sandicor®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2017 Sandicor®, Inc.