With its magnificent beaches, gourmet restaurants, stylish art galleries, outstanding shopping, varied businesses and more, La Jolla is truly the "jewel" of San Diego. The La Jolla neighborhoods are among the most affluent communities in the United States, boast of some of the best educational institutes and yet have a down-to-earth feel, thanks to the accommodative nature of its residents and the beautiful natural settings of the landscape. Part of the atmosphere in La Jolla can be compared to the likes of a southern European resort.

No wonder then that the La Jolla real estate and the 92037 zip code are a highly sought after commodity. This elevated status of La Jolla is also owing to the fact that it provides tremendous residential real estate value and appreciation potential. At any given time, you will find several types of properties for sale in La Jolla. These range from older houses to remodeled properties to newer condominiums in La Jolla.

With everybody wanting a piece of this neighborhood, designated as the best place to live in America by the July 2002 issue of the Robb Report, real estate is undoubtedly pricey. The La Jolla area occupies about 20 square miles, and has a population of about 42,000, leaving precious little room for additional real estate. Average property values are measured in the millions and real estate gets snapped up quickly. La Jolla real estate prices range from $300,000 to over $21 million. However, condos in La Jolla are a relatively affordable option.

According to realtors in the field, prices of La Jolla condos and town-homes have recently been negatively affected by a flood of new condos, and condo conversions as well as the overall market slow down. Hence, experts believe that the current is a great time to buy attached homes and condos in La Jolla. There were 199 detached homes and 306 condos in La Jolla as of July '06. However, since they are selling well, the inventory of new condos and condo conversions will subside, and once they're gone, prices will possibly rise again. According to DQNews, following are the sales and pricing statistics for La Jolla condos as recorded in June 2006.

Note: Percentage change is for the median price from the same month last year

There are dozens of neighborhoods in La Jolla and condos are available on down payment or rent in most of these neighborhoods. La Jolla Shores and Farms is a beautiful area in the northern part of La Jolla overlooking the Pacific Ocean, which continues to attract ocean lovers. The Village displays much traditional charm and is full of activity, shops and people. The Village is now in great demand. People here want an urban lifestyle, the ability to live in town and walk to restaurants, the theater, and entertainment. Bird Rock area is like a second city with a mile long commercial district along La Jolla Blvd. This area is currently undergoing a major re-development, including that of condos. University Towne Center (UTC) is also known as the Golden Triangle for its high property values and high-rise office buildings. Located east of the 5 Freeway and west of the 805, it has many new developments of condos along Nobel and Regents Road. This is the "newest" area; but is also the furthest from the Ocean. The houses in this area are either condos or are on small pieces of property.

In La Jolla, as in most of San Diego, the year 2006 looks like a good year for the condo conversion buyer. Developers are offering incentives to buyer for the first time in years. Some conversions are offering to pay closing cost while some are willing to pay HOA fees for up to a year or more! Although these are not incentives in their truest sense, the market seems to be heading in the right direction in terms of affordability and incentives for the La Jolla condo conversion buyer.

San Diego's popularity has resulted in ten straight years of housing gains. The overall annual median price for all homes has nearly tripled since 1996. Potential homebuyers unable to afford those prices can buy a condo conversion for some $600,000 or less, depending on location. One can expect to see granite counter-tops in kitchens and bathrooms, stainless steel appliances, custom cabinetry, designer carpets, and an assortment of flooring choices. In most cases there is the look and feel of a new home.

La Jolla condo conversions and new condominiums are available in many locations like the La Jolla Market Place, Venezia, Villa Milano, Seahaus, Chiara, Draper Villas, Montrachet, Bella Capri, Regents La Jolla, etc. For example, on the corner of Girard Ave and Pearl Street, there is one of the least expensive conversions in the Village of La Jolla. Starting in the high 600s, this conversion is 5 blocks to the ocean and has underground parking. On the higher side, starting in the 1,300,000s, there is another La Jolla condo conversion located in the center of the Village of La Jolla, with highest quality Venetian-inspired craftsmanship and a walk to the restaurants, shops and the ocean. For more La Jolla condo conversion listings, Steve Gluyas’s site is a good place to start off.

There is virtually no vacant land left to develop in La Jolla and hence, fresh developments are rare. However, apart from condo conversions, there are some fresh developments like the new construction in Bird Rock. Amenities include community room, gym and pool and the condos are within walking distance to Bird Rock’s many shops and the ocean. Some units have nice ocean views. Prices start from the mid 700s.

For those traveling to La Jolla, La Jolla condos are also available for rent. Beachfront or "on-the-sand" condos with one or two bedrooms are especially popular. For La Jolla condo rental listings, visit TravelLibrary. The rent hovers around $140/day. Monthly condo rentals average around $1,800, as indicated by RentSlicer in the table below.

If you are one who wants to look across the bay and see the true Gold Coast of Southern California like the retired admirals and army brass, or want to enjoy an urban, cosmopolitan lifestyle in a traditional, thriving town with access to the beach and upscale village boutiques, La Jolla is the place for you. And with limited growth in real estate and elevated prices, condos in La Jolla are the perfect way to blend the best of the lifestyle with the best of the real estate affordability.