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SAN DIEGO, Jan. 7, 2014 /PRNewswire/ — San Diego ultra-luxury home sales surged 350% in 2013, says Joy Bender, luxury real estate agent at San Diego-based Canter Brokerage. The top-tier properties were all located in San Diego’s premier waterfront communities of Del Mar and La Jolla and traded for over $10M. The two highest-priced sales were a 4,000-square-foot beachfront home in Del Mar, which traded for $18.75M, and a contemporary blufftop estate in the enclave of La Jolla Farms that traded for$18.5M. In 2012 there were only two sales over $10M.
Located in southern California, San Diego’s mild year-round climate and miles of exquisite coastline attract High Net Worth Individuals (HNWIs) as a prime second and multiple home destination for leisure purposes.
Other notable top-tier property sales include a record-breaking sale in The Heritage, a Maderas Country Club gated community. A 15,444-square-foot estate with tennis court and Questar pool traded for$9,075,000, the highest resale ever in Poway. An oceanfront featuring a 2200-bottle wine cellar, media room, rooftop deck, and auto court turntable traded in Coronado for $8.3M, the highest sale since 2010 on the island.
Although almost all ultra-luxury homes are initially purchased with cash, many HNWI refinance immediately after closing. Nick Maglio, a senior loan officer with Homestreet Bank, states, “Jumbo loans have become increasingly more attractive to buyers in luxury markets, as the spread between the rate on a jumbo loan, and a conforming loan is shrinking. Rates on Jumbo loan products have become more competitive in relation to ‘Non-Jumbo’ loans.”
The top sales in the ultra-luxury market are typically from non-local buyers; therefore, there is a focus on heavy international marketing. San Diego’s ultra-luxury sales for 2013 reflect local buyers purchasing multiple properties from neighboring communities such as Rancho Santa Fe, La Jolla, and San Diego.
“It’s very promising heading into 2014 for the overall San Diego luxury real estate market,” Bender said. “With the recent surge in sales we are hopeful that more HNWIs will select San Diego as a preferred real estate investment destination.”
In 2012 Joy Bender was notably selected to be a member of Who’s Who In Luxury Real Estate, an international compendium of the world’s finest residential firms and real estate agents in more than 100 countries who collectively sell in excess of $190 billion of real estate annually with an average sale price of $2,450,000. Joy is a member of the International Real Estate Federation – US Chapter (FIABCI-USA), which connects both in-bound and out-bound cross border transactions and concierge services. She currently is consultant and coach for Househunt Inc. Joy has helped over 1,000 clients in the past 12 years with their real estate needs. As a Certified Luxury Home Marketing Specialist, Certified International Property Specialist, Member of the Million Dollar Guild, and a Certified Negotiation Expert, Joy is the best choice for all of your real estate needs.
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SOURCE Joy Bender