A year in review. 2010 San Diego Real Estate Market Analysis -Rina Podolsky Carmel Valley Homes For Sale-

Here we are once again at the close of a year. I find it helpful to look back and see how the Real Estate Market in San Diego, specially in the areas where I do most of my business trended. I am sharing with you a very brief summary of the Real estate Market of homes that sold in Carmel Valley, Del Mar, La Jolla, Rancho Santa Fe, Solana Beach and Coronado. I am hoping you find it useful or at the very least interesting. In a future blog post I will be talking about the Real Estate Forecast for 2011.

• CARMEL VALLEY 92130

Sold Homes :

Detached

# sold 411

Price:

High: $5,100,000    Low: $522,000   Average: $1,026,345

Price per S.F:

High: $573.03             Low: $221.07      Average: $337.78

Selling Price vs. Asking Price :  Average 96%

Days on Market: Average 51

Attached

# sold 256

Price:

High: $712,000  Low: $198,100 Average: $408,806

Price per S.F:

High: $447.76             Low: $251.91      Average: $339.13

Selling Price vs. Asking Price :  Average 97%

Days on Market: Average 68

Most Expensive Home Sold in Carmel Valley in 2010. Sale price was $5,100,00

• DEL MAR 92014

Sold Homes :

Detached

# sold 93

Price:

High: $8,000,000    Low: $685,000   Average: $1,726,665

Price per S.F:

High: $2580.65             Low: $241.63      Average: $637.40

Selling Price vs. Asking Price :  Average 93%

Days on Market: Average 101

Attached

# sold 44

Price:

High: $1,850,000  Low: $182,500 Average: $534,783

Price per S.F:

High: $1.013.22             Low: $248.80      Average: $437.55

Selling Price vs. Asking Price :  Average 97%

Days on Market: Average 68

Most Expensive Home Sold in Del Mar in 2010

• LA JOLLA 92037

Sold Homes :

Detached

# sold 254

Price:

High: $10,000,000    Low: $100,000   Average: $1,337,000

Price per S.F:

High: $1,550.39             Low: $221.07      Average: $619.74

Selling Price vs. Asking Price :  Average 92%

Days on Market: Average 96

Attached

# sold 276

Price:

High: $5,950,000  Low: $175,000 Average: $648,893

Price per S.F:

High: $1,574.07             Low: $206.55      Average: $439.66

Selling Price vs. Asking Price :  Average 95%

Days on Market: Average : 80

Most Expensive Home Sold in La Jolla in 2010. Sold for $10,000,000

• RANCHO SANTA FE 92067

Sold Homes :

# sold 174

Price:

High: $9,575,000    Low: $650,000   Average: $2,470,799

Price per S.F:

High: $907.41             Low: $152.85      Average: $430.21

Selling Price vs. Asking Price :  Average 90%

Days on Market: Average 151

Most Expensive Home Sold in Rancho Santa Fe in 2010. Selling Price was $9,575,000

• SOLANA BEACH 92075

Sold Homes :

Detached

# sold 90

Price:

High: $4,550,000    Low: $499,500   Average: $1,241,699

Price per S.F:

High: $1,481.60             Low: $239.59      Average: $537.09

Selling Price vs. Asking Price :  Average 95%

Days on Market: Average 88

Attached

# sold 75

Price:

High: $1,600,000  Low: $195,000   Average: $637,313

Price per S.F:

High: $1,074.75             Low: $201.48      Average: $426.29

Selling Price vs. Asking Price :  Average 95%

Days on Market: Average 64

Most Expensive Home Sold in Solana Beach in 2010. Sale price was $4,550,00

• CORONADO 92118

Sold Homes :

# sold 225

Price:

High: $10,500,000    Low: $479,900   Average: $1,452,743

Price per S.F:

High: $4,506.07             Low: $246.44      Average: $728.82

Selling Price vs. Asking Price :  Average 92%

Days on Market: Average 119

Most Expensive Home Sold in Coronado in 2010. Sale price was $10,500,000

If you want any more information on the data shown here or how to best use and interpret this information, feel free to contact us. You can reach us thru our web site www.SanDiegoExclusiveProperties.com where you can also search for all the listings and foreclosures available in San Diego.

Wishing you a happy healthy 2011!!!

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The Begining Of A Crown Jewel: La Jolla’s History & Current Real Estate Statistics -Rina Podolsky Carmel Valley Real Estate_

La Jolla’s zip code 92037 has remained for many years in the list of Most expensive Real Estate areas in the Country and the World. Today, the Real Estate Market in La Jolla has slowed down quite a bit just like many of the other most exclusive markets in the world, however it has not lost so much of its value. Here are the current statistics for the Real Estate market in La Jolla according to the Multiple Listing Service:

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Active Listings: 400

Detached-217

Attached-183

Contingent Listings: 27

Detached-13

Attached-14

Pending (In escrow): 63

Detached-38

Attached-25

Sold in last 30 Days: 42

Detached-20

Attached-22

Of those sold in the last 30 days:

Average Days on Market-96

Average of Sale Price vs. asking price 96%

Average price per S.F.-$540.81

Average Price- $1,216,964

The most expensive Home Sold so far in 2010 was sold for $10,000,000

The most expensive Home Currently listed for Sale has an asking price of $29,500,000

This is what La Jolla Real Estate Market happens to look like today, but if you ever wonder, how did it all begin? Here is a brief look at the History of this Jewel so many people call home.

La Jolla is believed to have been inhabited by Native American cultures and there have been some artifacts that were found and conform this idea, however, there is no clear knowledge of who they were, and what happened to them. The earliest written records that have been found, are scattered records back from 1870, in which the spelling of the area was “La Joya” Which is consistent with the Spanish spelling of the word “Jewel, so it was called “The Jewel”. Some people have argued that the real name comes from the Native American term “Woholle” which means hole in the mountain.

Although there is no certainty of where the name came from, the idea of the area being called La Jolla after the word Jewell does make a lot of sense, it is certainly considered to be one pf the crowning Jewell’s to San Diego, with it’s breathtaking views of the ocean and its mansion lined streets, this area really shines.

This city was incorporated in the year 1850. 1869 is the year where they had the first recorded sale of land in this area, the purchase of these lots, called the “Sizer” lots, was made by two brothers. The cost of the land was $1.25 per ACRE, each brother bought a 80 Acre parcel of land on what is now Downtown La Jolla.

However, the first man to start auctioning pieces of land was Frank Terril Bostford, that earned him the nickname of “Father of La Jolla”.

La Jolla Country Club

This area went from having 350 residents in the year 1900 to having 4000 by the end of the World War I. The economic basis for this area was tourism.

Regarding it’s Architecture, it shifted from being mainly cottages to a Spanish Mission Style. However by 1929 with the Market crash and the economy collapsing, the area saw almost no new construction for the following 10 years. It was until the beginning of World War II that the area saw a new boom, this time the hills adjacent to this area were also includes in the new development of the area. At the end of the War, many people made thi area their home and a new growing spur was visible. The surrounding areas were made into subdivisions.

By 1960 La Jolla had 17,000 people calling it home and today there are about 40,000 residents.

Another historical fact that put La Jolla in the History books, was the fact that Charles Lindbergh learned to fly his gliders, flying out of the top of Mt. Soledad. Today, there are no Gliders flying out that same spot however there is very well known Glide Port in the Torrey Pines area right above the Scripps Institution of Oceanography.

And speaking about area attractions, there is the 7 caves at La Jolla Cove, today only 1 of the caves remains accessible but it is a favorite exploration spot for scuba divers and kayakers, there are many people who come to the area for both water activities.

AS far as Hotel’s go, Downtown La Jolla is home to “La Valencia Hotel” which was a destination hotel for many of the movie stars of the  Golden Era, and it still remains today as one of the most exclusive hotels with a magnificent view of the ocean and a lavish Sunday Brunch that has become a tradition for localites.

Hotel La Valencia

It is no surprise that La Jolla, with its natural beauty has been the home and inspiration of many  artist and writers. Perhaps one of the best known in the area would be Theodore Geisel A.K.A Dr. Seuss, his paintings can still be seen in some of the Gallery’s on Prospect St.

During the 1960’s La Jolla became the home of the prestiged school UCSD and the Salk institute, recognized also for its infamous architecture, designed by Louis I Kahn, one of the great Architects of that century.

Salk Institute

Today, La Jolla remains a breathtaking upscale area where you can go see some of the most magnificent homes in the country.

Homes around La Jolla

Another Beautiful La Jolla Home

Here is a Timeline of other interesting facts:

1893 – Opening of La Jolla Park Hotel

1894 – Railroad extended to La Jolla from San Diego; La Jolla Post Office established; Reading Room opened; Anna Held arrived in La Jolla and created Green Dragon Colony

1895 – First La Jolla Village Improvement Society organized

1896 – Ellen Browning Scripps buys two lots on the ocean side of Prospect Street and builds her first home

1897 – Library Association of La Jolla formed

1899 – Barber Tract development begins (first known as Neptunia); first telephone lines installed

1904 – Wisteria Cottage built

1905 – Marine Biological Association organized, later Scripps Institution of Oceanography

1906 – Ground broken for new bathhouse at the Cove; first La Jolla newspaper is published

1910 – The Bishop’s School is built

1911 – Electricity introduced into La Jolla

1913 – Opening of Colonial Inn (Grande Colonial La Jolla)

1915 – Arsonist sets fire to several La Jolla buildings, including Ellen Browning Scripps’ house; work begins on new home designed by architect Irving Gill

1918 – Scripps Memorial Hospital opens (first known as the Sanitarium); paving of La Jolla streets begins

1924 – Electric railroad starts running; Casa de Manana opens as resort hotel; street lights introduced; summer “Jollification” celebration held

1926 – La Valencia opens; Balmer School started (today La Jolla Country Day); La Jolla Country Club takes shape; The Muirlands begin development

1927 – La Jolla Beach and Yacht Club formed (now La Jolla Beach and Tennis Club)

1960 – Location of University of California San Diego campus determined in La Jolla

1964 – Salk Institute built along with high-rise at 939 Coast Blvd. and Seville apartments at 1001 Genter Street

1974 – La Jolla commercial areas impacted by opening of University Towne Center shopping mall

1983 – BLOB (“Ban Large Office Buildings”) organized to oppose large structures being built through the 1980s by banks and other developers

La Jolla Today

La Jolla Coast

For any information on this post or any other post contained in this Blog please contact me at:

http://www.SanDiegoExclusiveProperties.com

or follow me in twitter:  http://twitter.com/RinaPodolsky

How You Can Transfer Your Lower Property Tax Basis To Your New Home -Rina Podolsky -Carmel Valley Real Estate Homes For Sale

For some people, the idea of buying a NEW HOME sounds appealing. They have their finances in order, qualify for a loan and have the Down Payment ready to go, but if they purchased their current home many years ago, they might end up paying a much higher property tax, and that might be stopping them from going forward with the purchase. For example, lets say a couple purchased a home in Rancho Santa Fe in 1995, they might have paid $800,000.00  and now they want to sell their Rancho Santa Fe property and  buy a home in Del Mar. The new home has a price of $1,500,000.00 and their current home will be selling for $2,500,000 so even though they are downsizing the property tax that they will be paying on the new house is almost double of what they are currently paying.

There are two Propositions in the state of California that allow you to transfer your current tax base to your new property, those are prop 60 and prop 90.

Now there is a catch, actually more than a catch there are several restrictions in order to qualify for either one of this propositions.

1. One of the owners must be 55 years or older at the time of the sale of the original Property

2.Both Properties have to have been or will be your principal residence.

3.The Replacement property must be of “Equal or Lesser current market value” than the original property. You are not allowed to combine two separate properties as a total value even if both of you are selling two homes to purchase a new one together.

4.The replacement property must be built (If new construction) or purchased, within two years of the sale of the original property (This may be two years before or after)

5.The owner has to complete and file an application within 3 years of the purchase of the replacement property, or new construction completion date.

This benefit can only be used once in your lifetime, unless you become severely disabled in which case there is a different exemption that applies (Proposition 110).

So what is the difference between proposition 60 and Proposition 90?  Proposition 60 allows the tax transfer benefit only within the same county(intracounty). Whereas Proposition 90, will alow  transfers from one county to another county in California (intercounty) It is however at the discretion of the county to allow such transfers. Not all counties will accept applications for this proposition and you are required to fill out a form and follow a process, this transfer will not happen automatically.

For more detailed information you can go to the California Board of Equalization Web Site http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#2 or ask your trusted CPA or Real Estate Lawyer.

For any other questions or comments please feel free to contact us at www.SanDiegoExclusiveProperties.com