Boasting different home prices and lifestyle options, different neighborhoods in the same city could be considered totally separate worlds within the same geographical space. Plus, their profile as an educational hub, entertainment venue or oasis of beachfront bliss gives each neighborhood its own distinct personality.
And a neighborhood’s personality can dictate everything from its desirability to the cost of living and home prices. But sometimes, house hunters and determined homebuyers don’t even need to go to different neighborhoods to find wildly different home prices. In fact, after looking at the homes sold on the same streets in San Diego in 2020, our analysts discovered differences in prices of up to $4 million for homes less than two miles apart.
- The properties that were on the same street but sold for incredibly different prices boasted price tag differences between $770,000 and nearly $4 million.
- The most expensive property on this list was a gorgeous six-bedroom, six-bathroom home on Riviera Dr., which offered “unmatched bay views, a game room, and a private gym.”
- Less than two miles away, the three-bedroom, three-bathroom property at 3951 Riviera Dr. sold for $900,000.
- The most impressive price difference was recorded on Front St., where the property at 1501 sold for $360,000, while the spacious, luxurious home at 700 Front St. sold for more than 10 times more: $4,225,000.
Home at 1878 Linbrook Dr. Goes from $250,000 to $750,000
Five months was all the home at 1878 Linbrook Dr. needed not only to double, but triple its price. The four-bedroom, two-bathroom, fully remodeled home sits on a 6,000-square-foot lot and boasts an incredible back-yard, complete with a fire pit.
What Does 2021 Have in Store for San Diego?
With the new buying season quickly approaching and the pandemic still very much present, it would appear that homebuyers are receiving both the carrot and the stick to convince them to buy. The need for more space (the stick) isn’t going anywhere anytime soon, as working from home will continue for the foreseeable future. But low mortgage interest rates (the carrot) are increasingly convincing home-seekers that they can afford more than they initially estimated. As a recent housing market overview emphasizes:
The San Diego housing market is still a hot seller’s market with a positive forecast for 2021. Home price gains have started to slow down, but it is unknown if it will be a long-term trend. The recent figures suggest San Diego County home prices have stalled as far as month-over-month growth is concerned.
But many experts say the factors that have pushed up prices in 2020 will likely continue in 2021 well, especially low inventory. They feel that a shortage of housing supply, a federal stimulus deal, and the coming spring buying season will likely push the home prices up considerably. Mortgage interest rates are so low that buyers can afford more than they thought.
The housing demand in San Diego has also been driven by the desire for additional space as people spend more time at home. Inventory is low, prices are rising, and pent-up demand alongside low mortgage rates has the San Diego housing market flooded with homebuyers.
- For this analysis, we looked at same-street transactions, focusing on the biggest differences between sale prices for the same type of property. All transactions were sourced from sister company PropertyShark.
- We started from the most expensive properties sold in 2020. For more relevant results, we only extended the search to a maximum distance of two miles on the same street.
- For the second ranking, we looked at homes with a minimum of two transactions in 2020. We then listed the top five properties that recorded the biggest difference between the first sale price and the second sale price.
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