Having lived in Southern California, I can attest to the fact that is a nearly perfect place to live. It is still home to some of the most expensive real estate in the entire country.
The unprecedented drop in prices has heralded a new era for California luxury real estate--value. A value in Southern California is relative. But a deal is still a deal.
No matter the economy, Southern California never seems to lose its magic for buyers of luxury properties. The state has something for everyone--from enclaves protecting the rich and famous to breathtaking communities lining a coastline that rivals the most beautiful in the world.
To the North and adjacent to Santa Barbara is Montecito, an ultra-exclusive town dotted with hilltop Tuscan-style estates and villas that enjoy sweeping views of the Pacific.
The local Coldwell Banker Residential Brokerage reports that these challenging market conditions are providing outstanding opportunities for buyers. They say buyers now understand the new world order and have priced homes accordingly.
No California coastal community is more famous than Malibu. Home to movie stars, multi-national CEOs and professional athletes, Malibu is feeling the pinch of current economic instability.
Right now, there are 70 beachfront homes for sale ranging from $2 million up to $65 million. Real estate agents have seen a drop in prices, but the area has seen an increase in activity in the last few weeks.
Coronado Island is no more than a sliver of land in San Diego Bay, but the charming island is in great demand among affluent local professionals and vacation home buyers from Arizona, Texas and Nevada.
Homes on Coronado Island have only dropped 10 percent from the height of the housing market a few years ago. In fact, it has taken less of a hit than prestigious La Jolla, just a stone's throw up the beach.
Sales of luxury homes are far from accelerating, but inquiries are increasing. Real estate experts are excited. That, my friend, is an example of California optimism.
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