As we entered the summer of 2018, 20% of sellers homes in San Diego saw a price cut in June, even though we aren't seeing much of an adjustment in how seller's are pricing their homes. We are also seeing an increase in housing supply. Supply in San Diego has gone up by more than 35% this year, giving buyers more options, and therefore more leverage. Over the next year, Zillow expects the rate of appreciation to slow to 4.7%, compared to the year to year 8% we have been experiencing, with a median home price of $584,100. More research indicates a full adjustment to a buyer's market by the year 2020.
One thing San Diego is still facing however is a constraint on construction, as homebuilders continue to fail to meet the rising demand of a new wave of millennial homeowners. Genworth Mortgage Insurance stated that the sales of first time homebuyers are up, totaling to over 985,000 homes in the first half of the year, the most since 2005. Coupled with many investors quickly snatching much of the inventory to flip as a rental property, San Diego was left with the tightest inventory it had ever seen. But as homebuilders catch up with demand and more homes come on the market, we can expect to see this change.
Contact me today if you would like to learn more about the housing market, and as always, if ever you are asking when the right time to buy is, it should always be when it makes sense for YOU! Are you financially comfortable? Do you have any savings? What is your debt-to-income ratio?
My team and I of Pacific Sotheby’s International Realty drove out to Chula Vista to see first hand all of the new opportunities and developments expanding and evolving the area of east Chula Vista. Since the early 2000's Chula Vista has tried to shape itself a new community, and in 2018, we see a community starting to thrive. I have so much to share with you, as we stopped by a few up and coming communities in the Eastlake and Otay Ranch areas. Within just these communities, hundreds to thousands of new homes will be completed by next year.
What I will do is organize these communities by their respective price ranges.
Village of Escaya
The first community to share with you all is The Village of Escaya. The great part about this neighborhood is you have homes ranging from the high $300s to the low $800s. This community is being developed by Brookfield, Shea, and CalAtlantic. The developers of this community really hoped to create an inclusive and family oriented environment. With plans to open a Village Shopping Center, school, clubhouse with a pool and gym, several parks, and an amphitheater, this community is sure to set the stage for a “modern rustic” feel and a new way of living. In fact, the fitness center named HARVEST is to open this summer. They identify themselves as more than a gym, but a place that encourages their residents physical, mental, and emotional well-being by building a culture of perseverance and support.
The Flora home collection, built by Brookfield Residential, brings you the most affordable option, starting in the high $300s. The square footage of these homes is from 1,287-1,724, offering 3-4 bedrooms and 2.5 bath. This is a lot of space compared to many other areas of San Diego! These collections of townhome designs are stylishly planned for today’s homebuyer, boasting contemporary floor plans, private entrances, and designer finishes. These homes held tremendous value in my opinion, and is a great place to be as a first time homeowner looking in this price point.
The highest valued homes are found in the Hacienda collection, also built by Brookfield, starting at the low $800s. These homes offer 3,138-3,704 square feet, 4-6 bedrooms and 3.5-4.5 baths. They are currently in phase 5 of 13, contributing a total of three floor plans amongst 76 homes. Hacienda is offering a couple of incentives for prospecting home buyers. Depending on your line of work, for example if you are in law enforcement or teaching, you can receive up to $2,500 in savings. They also offer a free washer/dryer and/or refrigerator with purchase, saving you a few thousand more dollars.
Meridian
The next community I’d like to share is the Meridian Communities, presenting the Metro, Trio, and Evo collections encompassing a total of 217 homes. These homes range from $397,900 to $549,900. Each collection offering three floor plans, Metro offers the most affordable living, starting at a price of $397,900. You can live in about 1,300-1,495 square feet of home that can include a 2 bay garage and enclosed courtyard or patio space. Trio, attached 2-story garden homes, start at $473,900, and go up to $510,900. This collection will give you 3-4 bedrooms and around 1,650-1,880 square feet. This option can offer you a rear private yard, a nice island kitchen, and laundry room. The final collection, and highest valued of this community are the Evo townhomes, starting at $549,900. These homes welcome the most luxurious experience Meridian is able to offer its community, with 1,687-1,958 square feet, and one floorplan even offering an elevator option.
Vista Del Cielo at Bella Mago
The final and highest valued community of our visit was a stop by Vista Del Cielo at Bella Lago, nestled against the natural backdrop of the San Miguel Mountain. These homes are impeccable, where indoor and outdoor living spaces blend seamlessly and luxury living is truly experienced. A total of 52 homes and four floor plans encompass this Spanish Hacienda and Spanish Romantica architecture. Starting at $1,074,000 and going up to $1,271,400, you can get anywhere from 3,873 to 4,919 square feet of home. The finishes and features of these homes are pristine, and the floorplans consider todays lifestyle. Many of these homes offer an amazing open view. The photo pictured in this post was one I took at a model home in Vista Del Cielo.
Let me know if you would like any further information on new developments in San Diego, as I strive to be the real estate agent you can rely on here in San Diego. Call or text me today! 760-200-7374
