I have seen the San Diego area continue to grow. It is expanding almost upwards north as far as it can go and outwards east as far as it can. There is not an abundance of vacant property now to be developed, although, Scripps Ranch is a great area that is growing. The city is moving east toward Santee and those areas are highly desirable, with more custom homes. The San Diego market area is growing and hopefully we can continue to see jobs increase and sustain this growth. I think we are currently in a very healthy market, however, in 2005 (the “boom”) it was $0 down and 100% financing where one could get in their home then refinance to a regular loan rather than an interest only loan. Now, on the flip-side in 2014, we’re in such a healthy market where you can put money down, (typically) get in with equity, and many appraisals are coming in over purchase price which is a very good sign. In San Diego as a whole, there are lots of sales and the sale volume is there. In addition, the prices are creeping upward. Not at such a vertical rate, which I’ve seen in the past, it’s more of a steady climb. In the upper end properties we’re seeing bigger sales, waterfront sales, $16 million sales, $24M sales – even in La Jolla, Del Mar and oceanfront properties. That market range is usually the last to fall, so when those properties start selling and those prices are attained, that’s a very good sign for everyone in the lower price ranges. With that being said, I believe our market is strong and will continue to thrive.
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