Latest numbers show luxury San Diego home prices on the rise compared to Los Angeles, San Francisco
By Patricia Kramer and Patricia Lou Martin
A new report released by the First Republic Prestige Home Index™ has good news for those keeping a close eye on
: according to coverage published via
, San Diego luxury real estate has enjoyed a modest rise in recent months, even as prices for comparable properties dipped in both Los Angeles and San Francisco. The report indicates that San Diego area prices rose by 1.1% from the third quarter of 2012, with the average luxury home coming in at about $1.64 million. In contrast, Los Angeles saw a 1.8% decline in values from the third quarter, while high-end properties in San Francisco fell by 0.3%.
First Republic Bank President and Chief Operating Officer Katherine August-deWilde explains that, overall, these numbers represent relative stability in the luxury markets for urban coastal areas throughout the state. “Low rates, good values and positive economic news have led to increasing interest in home buying in 2012,” says August-deWilde, while local industry experts confirm that home buying is on the rise along the oceanfront and in every price range. With interest rates at historic lows and spring weather bringing prospective buyers out to property showings along the beautiful San Diego coast, the climate for sellers is better than one might expect. And of course, when it comes to buying a home, it is difficult to imagine a greater opportunity for affordable value – even in the luxury market – for qualified individuals looking to capitalize on prime buying conditions.
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