EARLY HISTORY
La Jolla is believed to have been the home of Native Americans and some artifacts have been found, however there has been no clear consensus as to who they where and what happened to them.
The first written records that have been found according tho the "La Jolla Historical Society" are those that appeared in all land grant and mission records since 1928 and in scattered documents at least back to 1870 when they appeared spelled "L-a-J-o-y-a".
That spelling is consistent with the Spanish spelling of the word "The Jewell" although some argue that the name actually comes from the Native American term Woholle that means, hole in the mountain.
The reality is, no matter where the name actually originated it is assumed to be the first option because La Jolla is actually considered to be a Jewell. With it's breathtaking views of the ocean and the mansions lining it's streets, this is a place that exudes refinement.
Incorporated in 1850, the first lots of land sold in La Jolla in 1869, they were purchased by two brothers, the Sizer lots were sold for $1.25 per ACRE and each purchase a 80 acre lot in what is now downtown La Jolla. However it was Frank Terrill Bostford who first started auctioning off pieces of land in the area which earned him the title of "Father of La Jolla"
By 1900 it had 350 residents and by the end of the first world war there about 4000. At this time in history the basis of the economy for the area was tourism. The architecture slowly shifted its design from the initial cottage style to the Spanish mission style of construction.
In 1929 with the crash of the stock Market, the area was affected along with the rest of the country, not many houses were built in the 10 year period following the crash and it was until the second world war that the area had another growing spur, after the end of the war many people came back to call this area home and they began developing the adjacent hills into subdivisions. By 1960 17,000 people called La Jolla home and Today there are well over 40,000 residents.
Although la Jolla is most famous for its natural beauty and terrain, it is also well known for being the place where Charles Lindbergh learned to fly gliders, he flew from the top of Mt. Soledad. Today there are no gliders flying out of that area but there is a very well known glide port in the Torrey Pines area, just above the Scripps institute of oceanography, there you can watch this gliders take off almost every day.
Another well known attraction in La Jolla is the 7 caves at La Jolla Cove, only 1 of this caves is accessible from any point other than by sea, it is a destination for scuba divers and Kayaks which are very common in the area.
There is also the La Valencia Hotel which is a destination hotel visited by many stars back in the golden era of cinema and even today. It is located adjacent to the La Jolla Cove park and it has some of the most amazing vies any hotel has in the area.
La Jolla has also been the home for many famous artist, writers, even a Nobel Laureate and many sport and movie stars. But one of the most famous residents would be Theodore Geisel also known as Dr. Seuss. Today you can still walk down prospect street with its many galleries and stores and find many of his paintings and artwork for sale in the area.
Today, the citizens of La Jolla are among the most engaged in the world of charity, it is a society that is constantly supporting all kinds of causes and it has become a standard of living to be involved with at least one cause if not several. From the Rady Family who a couple of years ago gave a sizable gift to the San Diego Children's Hospital having it re-named Rady Children's Hospital to the Jacobs family who are known as one of the most philanthropic families and big patrons of the art who donated 100 million dollars to the San Diego Philharmonic Orchestra.
La Jolla's zip code is 92037 and it has consistently remained on the lists of most expensive zip codes in the country. Today there are 427 properties listed for sale out of which 259 are detached homes. There are 83 properties in pending Status and there have been 50 properties sold in the last 30 days. The average sale price today is $866.06 per square feet and 120 days is the average days that a property takes to sell.
If you have any quetsions regarding this area or any other areas in San Diego please contact me
www.SanDiegoExclusiveProperties.com
www.twitter.com/rinapodolsky
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Showing posts with label Real estate trends. Show all posts
Showing posts with label Real estate trends. Show all posts
Monday, November 9, 2009
Tuesday, September 29, 2009
Do we have a Sellers Market in San Diego?
I just finished doing my bi -monthly analysis of the market conditions in the San Diego region and I was struck by how many of the local zip codes have an inventory of less than 6 months.
If you have been following my blog you will probably remember that the mark to differentiate between a buyers and a sellers market is the months of inventory available for sale at a given time frame. Any market that has 6 months worth of inventory or above is considered to be a "Hot" market or a "sellers" market.
This morning I checked 21 different zip codes in the area and found that 12 out of those 21 had an inventory that was under the 6 month mark and only 4 had an inventory above the 10 month mark.
The other interesting factor that came to be apparent in this mornings research was that many of these areas with low inventories had sold for an average of 100 percent of asking price or more. Another clear sign of a Hot Market that we had not seen in a long time.
Among the areas with the lowest inventory rates are the following zip codes:
Zip Code Inventory
91010 3.83
91913 3.57
92010 2.9
92122 3.8
Two of this zip codes belong to Chula Vista, one more to Carlsbad and the last one is in University City.
It is not surprising that most of the areas with the hottest markets at this point are also the areas that had the highest drop in prices and the highest number in foreclosures and short sales in the county.
Now looking at the zip codes that currently have the highest inventory we see:
ZIP CODE INVENTORY
92014 9.35
92075 11.45
92037 12.4
92101 9.73
92067 33.4
Most of this areas are coastal areas or very expensive zip codes with multi million dollar homes that have an average selling price of around $400 to $500 dollars per square foot. This are homes that would require jumbo loans if someone wanted to purchase a home with a 20 or 30% down payment.
The one exception to this last statement would be the 92101 zip code that belongs to the Downtown San Diego region. The situation with downtown is different because of the recent overflow of new projects that have been built in the last few years, that include many high rises and multi unit condos that have inundated the market in that particular area.
So as a conclusion from this morning look at the Real Estate market latest numbers I must say that at least for now the market HAS shifted into a hot market in the low to mid range priced areas and is staying cool at the upper priced regions.
The question still remains what is driving this market upswing? many believe it is the first time home buyers fueled by the tax credit incentive that is about to go away. together with the low mortgage rates and investors jumping in to buy well priced properties at bottom prices.
I hope you find this information helpful and if you are interested in getting any more specific details regarding the data that was used for this Blog, please feel free to contact me.
rina@my858realtor.com
http://www.my858realtor.com/
www.twitter.com/rinapodolsky
http://www.mysandiegorealtor.wordpress.com/
http://www.facebook.com/inbox/?ref=mb#/group.php?gid=123662939207&ref=ts
If you have been following my blog you will probably remember that the mark to differentiate between a buyers and a sellers market is the months of inventory available for sale at a given time frame. Any market that has 6 months worth of inventory or above is considered to be a "Hot" market or a "sellers" market.
This morning I checked 21 different zip codes in the area and found that 12 out of those 21 had an inventory that was under the 6 month mark and only 4 had an inventory above the 10 month mark.
The other interesting factor that came to be apparent in this mornings research was that many of these areas with low inventories had sold for an average of 100 percent of asking price or more. Another clear sign of a Hot Market that we had not seen in a long time.
Among the areas with the lowest inventory rates are the following zip codes:
Zip Code Inventory
91010 3.83
91913 3.57
92010 2.9
92122 3.8
Two of this zip codes belong to Chula Vista, one more to Carlsbad and the last one is in University City.
It is not surprising that most of the areas with the hottest markets at this point are also the areas that had the highest drop in prices and the highest number in foreclosures and short sales in the county.
Now looking at the zip codes that currently have the highest inventory we see:
ZIP CODE INVENTORY
92014 9.35
92075 11.45
92037 12.4
92101 9.73
92067 33.4
Most of this areas are coastal areas or very expensive zip codes with multi million dollar homes that have an average selling price of around $400 to $500 dollars per square foot. This are homes that would require jumbo loans if someone wanted to purchase a home with a 20 or 30% down payment.
The one exception to this last statement would be the 92101 zip code that belongs to the Downtown San Diego region. The situation with downtown is different because of the recent overflow of new projects that have been built in the last few years, that include many high rises and multi unit condos that have inundated the market in that particular area.
So as a conclusion from this morning look at the Real Estate market latest numbers I must say that at least for now the market HAS shifted into a hot market in the low to mid range priced areas and is staying cool at the upper priced regions.
The question still remains what is driving this market upswing? many believe it is the first time home buyers fueled by the tax credit incentive that is about to go away. together with the low mortgage rates and investors jumping in to buy well priced properties at bottom prices.
I hope you find this information helpful and if you are interested in getting any more specific details regarding the data that was used for this Blog, please feel free to contact me.
rina@my858realtor.com
http://www.my858realtor.com/
www.twitter.com/rinapodolsky
http://www.mysandiegorealtor.wordpress.com/
http://www.facebook.com/inbox/?ref=mb#/group.php?gid=123662939207&ref=ts
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