Why Bay Park Is Booming in the Real Estate World Right Now

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Bay Park is booming right now, and for my latest appearance on “The American Dream,” host Sarah Pilla and I visited one of the best restaurants in the area, Luce, to talk about why.

First, though, we talked with Luce’s owner Sal D’Amato about his restaurant. I’ve lived in this area for 15 years, and I’m excited to see another great restaurant open. Our office is located right across the street from Luce, so I’m there all the time.

Sal’s father was a restauranter, so he grew up in the business. He and his brother opened Luce six years ago, and they’re still going strong. As a gastropub, they serve more than just bar food. Their menu changes seasonally, but they’re best known for their burgers.

Their daily happy hour runs from 3 p.m. to 5 p.m. for food and from 3 p.m. to 6 p.m. for drinks.
Aside from their weekly lunch and dinner schedule, they also serve brunch on the weekends. At the moment, they’re converting a former adjoining parking lot into a nice patio area with a firepit and its own bar, and it should be open by September.

Moving on to our main topic, Bay Park has really hit the map lately in the real estate industry. As one of the original master-planned communities of San Diego, its development dates all the way back to 1950s. Though the area has seen a lot of turnover, there’re still a lot of original residents living here along with the new families settling in.

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Relative to the prices we’re seeing in areas like La Jolla, Point Loma, or Pacific Beach, you can find a lot of great deals here.

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One of the main benefits of Bay Park is its walkability. You can find decent-sized houses on the market that have a water view and are within walking distance of many restaurants, bars, coffee shops, etc. You’re also close enough to the Bay that you can ride your bike to get there if you like. Relative to the prices we’re seeing in areas like La Jolla, Point Loma, or Pacific Beach, you can find a lot of great deals here.

With the new trolley stops slated to open here in a few years, Bay Park is drawing even more attention, and there will be even more things to see and do in the future.

If you’re interested in checking out the available homes in this area, don’t hesitate to give me a call. If you have any other real estate questions, feel free to reach out to me as well. I’d love to help you.

How Has Our Market Changed Since Last Year?

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With the end of the year well in sight, it’s time to reflect on some recent developments in our housing market.

Though we’re more than halfway through November, the September market numbers have only just been released, and so we’ll be taking a look at those today. There’s always a little bit of a lag in when market statistics come out, but the figures we’ll discuss in this update still have a significant bearing on what’s happening now.

First, the number of home sales has dropped by 17.5% year over year—constituting the lowest level we’ve seen in years.

Since the peak of $583,000, median home prices have gone down as well, decreasing to $575,000. But fear not: The median home price is still up 4% year over year.

Another notable change is the fact that homes are sitting on the market for longer than they have been in the recent past. There are 38% more active homes right now in San Diego County than there were in September of 2017.

And with this uptick in inventory, 26.4% of available homes have undergone price reductions.

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The key to succeeding in today’s market, regardless of your real estate goals, is to partner with a professional agent who can guide you through current conditions.

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Why is all of this happening? One major contributing factor is the increase in interest rates, which are up 1% since last year. They’re now at the highest level they have been at the past seven years, and they're expected to continue going up. With that said, interest rates are still low from a historical perspective.

If you’re thinking of buying or selling, realize that change equals opportunity. As we move away from what was a complete seller’s market, buyers now have a greater chance of success. The shift toward a more balanced market doesn’t mean sellers are without options, though. Sellers can still succeed—it just may not happen as quickly. And that’s okay. Longer wait times are actually a sign of a healthy market.

Ultimately, the key to succeeding in today’s market, regardless of your real estate goals, is to partner with a professional agent who can guide you through current conditions.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Have You Checked Out the New Listing at 3855 Baker St. Yet?

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Bay Park is home and I have another great property!  I recently listed 3855 Baker Street and I'm excited to show you!

Bay Park is one of the hottest neighborhoods in San Diego right now, and what’s unique about this property is it’s a part of the first wave of homes with intentionally built accessory dwelling units. We’re actually starting to see more and more multi-generational families take an interest in these types of properties because they either want to take advantage of the rental income or they want to keep their family close.

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The owners spared no expense in renovating everything.

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This property is listed at just under $1.3 million, and it features a 4-bedroom, 2.5-bathroom main house, a 1-bedroom, 1-bathroom attached granny flat, a detached two-car garage, and a rooftop deck with a view of the water. As you can see in the video above, the owners spared no expense in renovating everything. It has top-end appliances, an open floor plan, and plenty of space.

This part of Bay Park doesn’t get a lot of traffic noise, and you’d be within walking distance of the nearest school. We’ve had some people already take an interest in this property, but so far we haven’t received any offers, so there’s still time for you to check it out.

If you’d like to schedule a tour of this property for yourself or if you have any questions about it, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.