San Diego Realtor Geoffrey Schiering appears here on CNBC Powerlunch with Tyler Mathisen to discuss the San Diego real estate market and homes for sale in Carmel Valley, Rancho Penasquitos, and Rancho Santa Fe. We were asked to identify properties that best represent the markets for entry-level, move-up homes, and luxury homes in North County San Diego. We selected a townhome in Carmel Valley 92130, an executive style five bedroom house in Rancho Penasquitos 92129, and a luxury estate in Rancho Santa Fe 92067. At this time the average price of houses in San Diego County is $645,000, the market is hot and prices are rising, especially in the entry-level and move-up categories.
Carmel Valley Townhouse 92130
The townhome on Carmel Creek Road in Carmel Valley really illustrated the high demand for entry-level homes in zip code 92130. The Halcyon complex is clean and centrally located near I-5 and just 10 minutes from the beach in Del Mar, CA. We listed this property in the price range $449,000 to $459,000 and in the first day after putting the townhouse on the market it was overbid and sold for $470,o00 to an all-cash buyer. The schools in Carmel Valley are a big draw to the area. Torrey Pines High School is consistently rated as the best public high school in San Diego County.
Houses Near Camino Del Sur 92129
The house on Via Las Lenas in Rancho Penasquitos provides another example of the high demand for homes in the best school districts in San Diego. Located just East of the Camino Del Sur exit off Highway 56, just East of Carmel Valley, Rancho Penasquitos homes for sale in zip code 92129 are slightly less expensive than similar homes just a few minutes to the West in 92130. Priced at $699,000, this house in the Westridge neighborhood appealed to families looking at properties that fall within the super-conforming loan limit of $697,500. Loans above that amount are considered Jumbo Loans, carrying a higher interest rate and more stringent qualification guidelines. This house was overbid by a whopping $78,000 and sold for $775,000 after just one Open House.
Horse Property Rancho Santa Fe 92067
The luxury home featured her is located in Rancho Serena in Rancho Santa Fe. Listed for $1,950,000, this property features five bedrooms, four and a half bedrooms and 5,102 square feet of living area on a half acre lot. Like many of the estate properties in Rancho Santa Fe, this home has a swimming pool, large yard, and horse facilities including an equestrian practice ring. Land in zip code 92067 quite valuable, and this is a very good location on the West side of The Ranch, near Lomas Santa Fe Country Club.
As mentioned at the beginning of the segment, there is really a tale of two real estate markets in San Diego County. The entry level homes and move up homes under the super-conforming loan amount of $697,500 sell very quickly. The luxury homes priced well over $1 Million sell much more slowly with more room for negotiation. As mentioned above, the houses in Carmel Valley and Rancho Penasquitos both sold in just a few days, and were overbid by the buyers. The house on Rancho Serena Road remained on the market for 252 days and then the listing expired. The owners decided not to sell until the market for luxury homes in Rancho Santa Fe improves.