Recently we had the opportunity to sit down with Mike Ciampa, one of the leading Real Estate brokers in San Diego, to discuss the real estate market in San Diego. Mike shared the following interesting thoughts and insights:
1.How long have you been associated with the Real Estate industry?
Mike Ciampa: This month marks the 10 year anniversary that I have been doing Real Estate in San Diego. I moved to San Diego in 2003 specifically to live and work in Downtown San Diego real estate. I was a new agent with a vision to specialize in the lofts and luxury condos of Downtown San Diego. The good news is that I am still as passionate and fascinated with urban real estate as I was when I first arrived.
2. How has real estate in San Diego changed during this time?
Mike Ciampa: When I first arrived in San Diego it was the beginning of the construction boom in Downtown. Half of Downtown San Diego did not even exist…building would not be complete until 2008. I would give tours of neighborhoods like the East Village and Columbia District in order to show buyers what the neighborhood would become when completed. At this time there was a question about whether urban real estate was “a Fad” or whether it was here to stay in Southern California. Now, following the building boom and recovery of the San Diego real estate market, the lifestyle in Downtown has matured and been solidified as one of top choices for any buyer wanting to experience the “Urban Living” optio n in San Diego.
3. How does San Diego compare to other cities in California when it comes to owning real estat
Mike Ciampa: San Diego is a wonderful place to live and own real estate. No one ever feels that they are “trapped” here while living in San Diego. Most people who reside in San Diego feel grateful everyday to live and work in such a beautiful place. Living and owning real estate in San Diego is connected to the lifestyle that comes with it. Even during some of the most challenging times for real estate in San Diego, everyone knew that the values would return. San Diego was still San Diego after all.
4. Do you have any predictions as to whether pricing will continue to go up for the foreseeable future?
Mike Ciampa: The recovery in the real estate market has everyone talking in San Diego. Local publications are reporting double digit percentage (10% to 17%) increases over the last year. In most San Diego sub communities, lower inventory levels and attractive interest rate options have supported the quick recovery. As rates go up incrementally over the next several years, most experts believe that pricing and San Diego real estate values will continue to make modest 5% to 8% value increases.
5. For families with school age children, historically many have looked to the coastal markets because of the public school systems. How much does public school districts impact real estate values? And for your clients who presumably enjoy the urban landscapes of Mission Hills, Downtown and possibly Presidio, are there viable public schools in these areas or do your buyers typically plan to send their children to private school?
Mike Ciampa: The value of real estate has always been based on it’s location. Proximity to work, schools, shopping, restaurants, and entertainment are always high on the personal preference “wish list” of any buyer. Since Suburban communities have always attracted families looking to raise and educate their children in a great neighborhood, access to desirable and high ranking public schools has always added to the real estate values of the community. In luxury coastal communities like La Jolla, Del Mar, and even Coronado the public schools are highly ranked. In neighborhoods like Downtown, Mission Hills, and Hillcrest many parents also look to the Charter and private schools to expand their options.
6. Are you able to give a prediction regarding the La Jolla market and how you believe it will fair over the next 12-24 months compared to San Diego as a whole and any of the coastal affluent communities within the city? La Jolla has many condo communities particularly throughout Mount Soledad that sell quite affordably between $550,000-$850,000, do you have any thoughts about how this La Jolla condo market will do over the next few years?
Mike Ciampa: Communities West of the 5 in San Diego are some of the most valuable in California. La Jolla Real Estate is some of the most desired and sought after Real Estate in San Diego. With a vast diversity of choices in the La Jolla Real estate market, there is a little something for every interested buyer. In a city where $3mm to $10mm homes are common, La Jolla condos offer a more affordable option for a buyer. Areas like Mt. Soledad, Bird Rock, and The Village of La Jolla will have many of the best choices for a buyer interested in La Jolla condos.
7. Tell us a little more about 92101 Urban Living?
Mike Ciampa: 92101 Urban Living is a team of knowledgeable specialists who both live and work in Downtown San Diego. Whether a buyer is looking for a second home or their primary residence, our job at 92101 Urban Living is to organize the options based on client’s personal preferences and financial comfort levels. The real value of living in Downtown San Diego condos or lofts is the access to the lifestyle that comes with it. Walk-Ability to work, home, and play is an attractive option for any southern Californian who wants to be out of their car and close to all the action. As team members of 92101 Urban living, we strive to be informational resources and living examples of the lifestyle that living Downtown San Diego will provide.