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Health & Fitness

Renovation Realty Identifies Santee & El Cajon as Hot New Real Estate Areas for 2014

San Diego County is one of the most competitive real estate markets in the nation. Inventory is low, demand high and sales are strong, with prices rising to levels not seen for five years.

Skyrocketing prices make it essential for buyers to look at many options to find potential future values in residential real estate. San Diego has a diverse array of communities where first-time homebuyers, move-up buyers, and individuals looking for an investment property can explore. Where should you start your search? Our team has identified go-to markets for buyers based on Renovation Realty sales in San Diego through September 2013, with prices ranging from $115,000 to $1.2 million:

A first-time homebuyer, looking for a central, urban location:

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  • City Heights (92105): The first-time homebuyer can find homes in City Heights for sale between $285,000 and $330,000.This is an emerging area that offers an urban hub, while still being in an affordable price range. Similar options where Renovation Realty sees high demand are Logan Heights (92113) and Encanto (92114).
  • Clairemont (92117): Its perks include a central location and easy access to all major freeways. It has commercial and retail centers, such as Clairemont Square, which are walkable for a large portion of the community. Current prices are significantly lower than nearby Bay Park, making it attractive to first-time homebuyers. Many homes in Clairemont are in the midst of changing owners and undergoing remodels because of the 1960’s styles. Clairemont will continue to lure buyers because of pricing and location.
  • Bay Park (92110): It attracts an array of buyers, with a good range of price points that vary depending on view, side of street, and location on Bay Park Hill. Bay Park/Bay Ho has a number of homes that are being completely remodeled or torn down, and is seeing a rise in the number of renovated and newly constructed homes, adding to its appeal. Because of limited inventory, homes that do hit the market in Bay Park are a hot commodity and receive multiple offers.

A first-time homebuyer, heading east:

  • Serra Mesa (92123): Serra Mesa isn’t too far east, and offers easy access to all of San Diego. This is a great area for homebuyers to get into their first home. With prices between $380,000 and $450,000, Serra Mesa offers a central location in the heart of San Diego and affordable prices. More than 23,000 residents reside in Serra Mesa, in properties ranging from single family homes to apartments.
  • Santee (92071): Most Santee homes were built in the mid 1970’s, and feature 15 years of newer construction in comparison to areas like Clairemont that are older and need more work. The City of Santee is arguably the best run and financially sound city in San Diego County. Development continues on large retail centers with the evident success of the Santee Trolley Station. Santee is also a popular rental market for investors to pay cash for a property, fix it up and add to the rental market. 
  • El Cajon (92020 and 92021): Popular for first-time buyers – FHA/VA Financing. Single family detached homes in this area start at $300,000. In El Cajon Valley, buyers will find large lots from the old ranch building style.
Moving on up? Sellers can currently take advantage of equity, sell and move-up and buy because of low interest rates. Focus on these areas:

  • San Carlos (92119): San Carlos and Del Cerro are two areas where Renovation Realty has seen the fastest sales. All of the homes that Renovation Realty has listed in this area have sold in less than five days. This area is great for move-up buyers, looking for a property between $450,000 and $550,000.
  • University City (92122): Great location. Every house, for the most part, is priced at more than $600,000, so it is primarily a destination for move-up buyers.
Make an investment for income:

  • College (92115): This is a prime investment location because of the number of investment rentals close to San Diego State University. Buyers are guaranteed to get a return on their investment because of the number of individuals in the area looking for rentals close to SDSU.
  • UTC/Sorrento Valley (92122/92121) – A boom in the bio and tech industries has given rise to executive housing needs, as well as the need for housing for UCSD undergrad/graduates. Additionally, the central location allows much less travel time along the I-805.

Depending on the financial resources of the buyer, San Diego has a number of options for first-time homebuyers, move-up buyers and locals searching for investment properties. Determine your desired location, plan for a home you can afford, and do your homework prior to making the purchase. 

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