July's LUXURY PANEL

PREMIER REAL ESTATE THE LUXURY PANEL

July’s luxury panel

The Luxury Panel is a rotating group of San Diego’s top Real Estate professionals who specialize in the luxury market sharing their expertise on hot topics and home buyer & seller questions.

QUESTION: San Diego ranked #2 on Christie’s International Real Estate’s Luxury Defined 2018 report’s PRIMARY-HOME LUXURY THERMOMETER, showing strong 26% year-overyear growth in million-dollar-plus home sales (2016-2017). As we head into the hot summer market what is your take on Luxury Homes Sales so far for 2018?

Eric Iantorno, Pacific Sotheby’s International Realty, eric@ericiantorno.com “The luxury home market in 2018 has seen improvement over the previous year. Homes continue to sell at an increased pace. Consumer confidence remains high and buyers continue to pick San Diego as a favorite market. In 2018 more home buyers are coming from out of the area, buying up our precious real estate. There is continued growth with no slow-down in sight.”

Maxine & Marti Gellens, Berkshire Hathaway HomeServices California Properties, sold@gellens.com“Luxury sales have been strong for compelling properties that are updated, present views or offer unique features.”

Carrie O’Brien, Flagship Properties, Inc., cobrien@flagg.com “Luxury home sales will continue to be strong this summer in San Diego due to low inventory and high demand. In the beach front community of Coronado, the average sale price for 2018 is already over $2,000,000. The summer influx of 2nd home buyers looking to purchase a vacation home will contribute to higher prices, especially along the coast! ”

Gary Massa, Pacific Sotheby’s International Realty, Gary@MassaRealEstateGroup.com “So far this year, our luxury markets in North County Coastal areas are outpacing last years Q1&2 performance. In the ‘Over $5MM Markets’, there has already been 33% more homes sold and the Avg price is 17% higher with a few sales around $20MM, while all of last year the highest sale was $12MM. That said, keeping our eyes on the interest rates and financial markets will be important, with the recent tax and government policy changes this segment has some external influences that could start to reshape demand.”

Jamie Melim, Windemere Real Estate, info@seehomestobuy.com “Higher priced market areas in San Diego County (specifically $2,000,000+) continue to have more supply than demand. There are great deals to be had for luxury buyers in some of San Diego’s high-profile neighborhoods. It’s important to understand the particular market you’re considering and work with an agent who understands their local market trends. The luxury market in our inland communities is competitive for sellers. We have a higher number of homes listed for sale than there are buyers so being well priced and marketed correctly is critical. On a positive note there is an upward trend in home sales for properties above $2,000,000 which is a good sign.”

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