5 Most Expensive Places to Buy a Home in San Diego

Creative Commons License photo credit: Allan Ferguson

America remains in the throes of the worst recession it has faced in decades. Unemployment continues to hover at around ten percent and the value of the majority of people’s homes has dropped. The real estate industry especially that of California is at the center of the storm and has suffered greatly. From Wall Street to Main Street, Americans have been greatly impacted by the sub-prime mortgage disaster. However, all of these problems have yet to catch up with the priciest real estate markets in sunny San Diego.
The city of San Diego continues to attract more and more millionaires that want to take advantage of and live in this modern metropolis along the Pacific Coast. Due to its wonderful climate and great civic culture, San Diego reports the arrival of almost one hundred and fifty new millionaire residents a month and, even though they still only make up a small percentage of total home buyers, they have a huge effect on the value of homes in the communities that they chose to live. Although the value of houses in less elite markets have dropped, this steady stream of rich, new residents has allowed four out of five markets to report significantly improved housing prices.
The 5 most expensive places to buy a home in San Diego are listed from high to low are Rancho Santa Fe’s 92067 ZIP code, Rancho Santa Fe 92091 ZIP code, Caronado, La Jolla, and Del Mar. The only market to report any market value loss was the Rancho Santa Fe’s 92067 ZIP code. Ironically, in spite of suffering nearly an 8 percent drop in value it remained the third most expensive ZIP code to buy a home in the entire country and the most expensive in California. Of the remaining four markets, only Del Mar?s median price of a home remained flat while the remaining three markets increase from between six to twelve and a half percent. If someone wants to buy a home in one of these markets, they should be confident that they are making a wise investment.