Perched on bluffs overlooking the Pacific Ocean, the La Jolla neighborhood has captivated many over the years, and continues to do so today. The "jewel" of the City of San Diego, La Jolla features secluded coves and beaches, ocean caves, and a marine preserve. The village district hosts fine-looking La Jolla homes (link to homes section in this blog), exquisite hotels and cafes, beautiful boutiques and galleries, and more, making La Jolla truly the "Southern California Riviera". La Jolla also is home to the University of California at San Diego, numerous research institutes such as the Salk Institute, as well as tech and biotech companies. The La Jolla neighborhood is an area of remarkable beauty, visited by many, but home to only a fortunate few.
For more information on La Jolla's geography, demographics, attractions, business and education, visit the La Jolla neighborhood blog.
La Jolla Real Estate
A little over 42,000 people live in the La Jolla community of expensive, ocean-view custom homes, sloping canyons and smooth sandy beaches. The thoughtful road planning throughout allows optimum lots with stunning views. Just east of Interstate 5 is La Jolla's business center with high rise offices, hotels, apartment complexes, and a large Westfield shopping center (UTC).
La Jolla real estate prices range from $300,000 to over $21 million whereas La Jolla property types include single-family, residential, commercial, town-homes and condominiums. According to experts, the present is a great time to buy real estate in La Jolla. On a positive note for buyers (sorry, sellers) the La Jolla home market has slowed to a normal market so there aren't multiple offers to worry about. Additionally, with interest rates rising and prices softening, sellers are prepared to negotiate prices and conditions.
La Jolla Homes
Grand, luxurious, diverse La Jolla homes dot the landscape into the hills with verandas and decks facing the spellbinding sunset views. Small La Jolla beach homes and many apartments make living a little more affordable to those who cannot afford La Jolla real estate ranging well into the millions. And the variety of La Jolla homes gives buyers plenty of choices. From cozy cottages to beach front mansions, La Jolla has it all.
Home Listings
There were 306 condos and 199 detached homes in La Jolla as of July '06. According to the San Diego House Hunting Team, overall La Jolla had 68 single family homes listed in May '06 and 26 properties sold in the same month. About 92.50% of the list price was realized in the sales price. Days on market overall were in the 50-60 day range.
According to realtor Mike Stone, 129 and 123 homes came on the market in June '06 and July '06 respectively. In July '06, 30 homes in La Jolla went into escrow, compared to 54 in June '06.
The estimates for total housing units, as approximated by HomeGain, are as follows:
Real Estate Market Data |
La Jolla |
San Diego County |
California |
United States |
Total Housing Units |
8,961 |
457,245 |
5,411,903 |
115,904,743 |
Owner Occupied |
54% |
53% |
54% |
60% |
Rental Units |
36% |
43% |
40% |
31% |
Vacant Units |
10% |
4% |
6% |
9% |
Home Prices
As researched by San Diego MLS, as of July 2006 home prices in La Jolla started from:
Attached |
1 bed |
$232,000 |
2 bed |
$409,000 |
Detached |
3 bed |
$730,000 |
4 bed |
$965,000 |
Highest priced home |
$21,500,000 |
The comparative price averages as estimated by HomeGain are as follows:
Real Estate Market Data |
La Jolla |
San Diego County |
California |
United States |
Average Home Price |
$730,981 |
$312,025 |
$304,168 |
$173,585 |
Median Rental Price |
$990 |
$693 |
$563 |
$471 |
As indicated by sales statistics published by San Diego House Hunting (see table below), of all of San Diego’s neighborhoods, La Jolla is the second-most premium neighborhood, thanks to its unique appeal and distinctive features.
Housing Sales Statistics March 2006
Detached Homes |
|
Prices |
Unit |
|
|
|
Average |
Median |
Sales |
DOM |
SP/LP |
Summary |
|
|
|
|
|
County |
$720,695 |
$579,500 |
1,802 |
67 |
95.30% |
Central San Diego |
$695,443 |
$537,000 |
462 |
67 |
94.50% |
By Neighborhood |
|
|
|
|
|
Coronado |
$2,080,938 |
$1,600,000 |
16 |
175 |
84.60% |
La Jolla |
$1,867,316 |
$1,695,000 |
19 |
91 |
96.10% |
Point Loma |
$1,051,525 |
$964,000 |
14 |
53 |
94.20% |
Ocean Beach |
$925,441 |
$880,000 |
17 |
78 |
94.30% |
Sorrento Valley |
$828,167 |
$820,000 |
6 |
70 |
93.80% |
Mission Hills |
$809,737 |
$800,000 |
19 |
39 |
95.10% |
Old Town |
$790,136 |
$675,000 |
11 |
49 |
95.30% |
Scripps Miramar |
$766,092 |
$702,000 |
29 |
54 |
96.20% |
Pacific Beach |
$671,000 |
$670,000 |
5 |
60 |
97.20% |
Tierrasanta |
$639,917 |
$595,000 |
12 |
58 |
97.30% |
Del Cerro |
$639,667 |
$557,000 |
21 |
53 |
94.50% |
North Park |
$613,450 |
$589,000 |
18 |
75 |
96.60% |
Clairemont |
$598,161 |
$558,000 |
29 |
66 |
96.90% |
College Grove |
$565,903 |
$513,750 |
40 |
71 |
96.60% |
San Carlos |
$544,028 |
$544,500 |
18 |
53 |
96.50% |
Mission Valley |
$537,525 |
$501,500 |
20 |
70 |
97.20% |
Mira Mesa |
$516,577 |
$510,000 |
43 |
61 |
97.40% |
Linda Vista |
$515,143 |
$512,500 |
14 |
60 |
96.70% |
Normal Heights |
$501,832 |
$502,500 |
30 |
60 |
92.80% |
Paradise Hills |
$467,344 |
$467,500 |
16 |
60 |
98.30% |
Golden Hill |
$451,886 |
$415,250 |
14 |
74 |
97.20% |
Encanto |
$450,407 |
$439,900 |
29 |
50 |
97.00% |
University City |
$426,682 |
$350,000 |
11 |
100 |
96.60% |
City Heights |
$408,800 |
$412,500 |
30 |
59 |
93.20% |
Logan Heights |
$386,875 |
$417,500 |
8 |
59 |
97.10% |
Note:Above statistics are for single family homes only
As indicated by various studies, although La Jolla is an expensive market, the current (2006-2007) is a good time to buy because of softening prices and the willingness of sellers to negotiate. For a life on picturesque beaches and in the company of affluent, cultured and educated communities, La Jolla is the place to be.