We all know how privileged we are to live in sunny San Diego and that that privilege comes with a price. The gorgeous weather and renowned beaches add a lot to San Diego home values. The San Diego housing market ranks among the priciest in the nation. Though you’re spending a pretty penny to call San Diego your home, you’d be paying three times as much if you are thinking of buying a waterfront home.
In an article in the San Diego Union Tribune, waterfront properties cost around 300 percent more than the the average single family home. In San Diego, that equates to waterfront homes costing almost $2 million if you figure the median San Diego home costs around $560,000. Thanks, but I’d be content living within driving distance from the ocean (which, by the way is all of San Diego County). If I won the lottery and had millions to spend on a home, then I’d consider a waterfront property.
Moving on. There were some other interesting nuggets of information in the article. For instance, many of the communities I thought included waterfront properties actually weren’t counted as such. According to the article, San Diego only has 174 properties that can be truly classified as waterfront properties as defined by Trulia. Trulia defines waterfront properties as those “within 150 feet of the waterline, separated only by a road with a speed limit of less than 25 miles per hour.” Homes along Mission Beach and Coronado would be examples.
Another amazing statistic is that the 300 percent gap between San Diego waterfront and non-waterfront homes ranks in the top 10 in the nation. Both markets at the extreme ends of the rankings (largest difference and smallest difference) are in Florida. In Tampa, a waterfront home will cost you over 700 percent more than a median home in the area while in Jacksonville, a waterfront home only costs 30 percent more.
How about you? Are you willing to pay 3 times as much for a home along the ocean? Let me know your thoughts by leaving a comment below.
This information is brought to you by:
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® CalBRE# 00476662
Certified Distressed Property Agent
Sunshine Smith, SFR, Realtor® CalBRE# 01249837
Short Sale, Foreclosure Resource Certified
760-436-0087 or cell at 760-212-8225
Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido; all San Diego County.