The promise of a laidback life amidst proximity and connectivity to most of San Diego’s city areas makes the Point Loma real estate a coveted proposition. A well-established business and education environment, beautiful ocean views from a scenic hill, remnants of naval headquarters, and historic monuments paying tribute to the US armed forces characterize the Point Loma neighborhood. For more information on the geography and climate, demography, attractions, business and education, visit the Point Loma neighborhood blog.
Point Loma Real Estate
About 70% of the Point Loma real estate was built between 1950 and 1980. Silvergate and La Playa are the upscale areas of the neighborhood. East of Rosecrans is taken up by military installations. The airport lies just beyond, adjacent to Downtown. West of Rosecrans is residential with classic homes and streets dotted with lighted authentic lamp posts in the center, which make the place a ‘must’ when visiting San Diego. Apartments and condos (link to condo blog) account for about one third of Point Loma’s housing.
The Point Loma real estate is also marked by the Naval Training Center (NTC), which served as training grounds for new Naval recruits, although its current location is in Illinois. The NTC is now known as Liberty Station, a 361-acre mixed-use redevelopment project that includes residential, office, retail, educational, and civic, arts and cultural districts.
Point Loma Homes
Many Point Loma homes are upscale and some construction dates back to the 1920s and 1930s. The median home age is 43 years (as opposed to the national average of 27 years), reflecting the classy, historic style of the yesteryears. Most homes in Point Loma are large, many have views, and each home has an individual charm. Because the terrain is so hilly, many Point Loma homes have fantastic ocean, bay, or canyon views. Roads wind around the landscape, dotting many different and eclectic styles of homes.
Home Listings
Currently, there are 51 condos and 127 detached homes in Point Loma that are available. The table below indicates the break-up of housing units in terms of owner-occupied, rented and vacant units.
Housing units |
|
Owner occupied |
6,828 |
Rented |
2,139 |
Vacant |
286 |
According to the San Diego House Hunting Team, “Overall Point Loma had 43 single family homes listed in May’06. 16 properties were sold in April’06. Days on market overall were in the 60-70 day range.”
According to EvolvedHomes, “There were 13 new attached homes listed in May’06, with the average list price at $666,915. And there were 42 new detached home listings in June’06, averaging a list price of $1,407,808. 20 Point Loma homes sold at an average price of $1,155,006. The average days on the market were 52 days.”
Home Prices
According to the San Diego MLS, as of July 2006, prices of homes in Point Loma start from:
Attached |
1 bed |
$237,900 |
2 bed |
$485,000 |
Detached |
3 bed |
$599,500 |
4 bed |
$799,000 |
Highest priced home |
$6,999,876 |
As indicated by sales statistics published by San Diego House Hunting too, Point Loma is among the premium neighborhoods of San Diego.
Note: Below Statistics for Single Family Homes Only
Sales Statistics May 2006 |
Detached Homes |
|
Prices |
Units |
|
|
Summary |
Median Price |
Average Price |
Listings Sold |
Days on Market |
SP/LP |
San Diego County |
$ 746,631 |
$ 590,000 |
1792 |
62 |
95.9% |
Central San Diego |
$ 762,735 |
$ 565,500 |
430 |
56 |
95.8% |
By Neighborhood |
|
|
|
|
|
La Jolla |
$ 2,505,093 |
$ 2,115,000 |
27 |
79 |
92.5% |
Coronado |
$ 1,576,429 |
$ 1,200,000 |
7 |
79 |
94.5% |
Mission Hills |
$ 930,813 |
$ 860,000 |
16 |
62 |
96.2% |
Pacific Beach |
$ 949,267 |
$ 860,000 |
15 |
118 |
94.5% |
Point Loma |
$ 1,180,022 |
$ 850,000 |
17 |
72 |
97.2% |
Scripps Miramar |
$ 844,458 |
$ 781,500 |
36 |
46 |
97.5% |
Sorrento Valley |
$ 754,667 |
$ 750,000 |
3 |
77 |
98.1% |
Old Town |
$ 801,000 |
$ 710,000 |
5 |
67 |
94.0% |
University City |
$ 774,438 |
$ 710,000 |
8 |
34 |
96.2% |
Ocean Beach |
$ 788,625 |
$ 690,000 |
8 |
56 |
96.6% |
Tierrasanta |
$ 662,231 |
$ 630,000 |
13 |
53 |
97.1% |
Del Cerro |
$ 652,730 |
$ 620,000 |
30 |
59 |
95.9% |
North Park |
$ 627,892 |
$ 612,000 |
25 |
27 |
97.1% |
San Carlos |
$ 584,000 |
$ 580,000 |
15 |
43 |
97.2% |
Normal Heights |
$ 686,867 |
$ 554,500 |
30 |
43 |
97.0% |
Clairemont |
$ 584,012 |
$ 550,000 |
33 |
45 |
96.7% |
Linda Vista |
$ 542,621 |
$ 539,500 |
12 |
41 |
98.2% |
Mission Valley |
$ 566,942 |
$ 535,000 |
12 |
33 |
97.7% |
College Grove |
$ 544,812 |
$ 522,000 |
30 |
48 |
98.0% |
Mira Mesa |
$ 531,469 |
$ 520,000 |
32 |
66 |
97.0% |
Golden Hill |
$ 545,067 |
$ 500,000 |
15 |
42 |
97.5% |
Encanto |
$ 454,756 |
$ 455,000 |
27 |
63 |
98.8% |
Paradise Hills |
$ 485,273 |
$ 455,000 |
11 |
65 |
96.5% |
City Heights |
$ 427,173 |
$ 435,000 |
26 |
68 |
96.0% |
Logan Heights |
$ 403,538 |
$ 407,000 |
13 |
39 |
96.7% |
On an average, sellers received about 93-94% of their asking price, suggestive of a strong buyer's market. Experts report that negotiations are balanced, with buyers and sellers sharing costs and selection of service providers. Excellent deals can still be found when working with an agent who has listings that are not available through normal means.
With the attractiveness of the Point Loma real estate remaining uncontested, the present definitely seems to be a good time to invest in the market. After all, the coastline isn’t growing any. You are welcome to share your thoughts and experiences regarding the Point Loma homes and real estate market.