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Market Update | Dec 16
Raul Lugo | December 16, 2024
Raul Lugo | December 16, 2024
Top Headlines: Delivered by Granston Group
December 16, 2024
01 San Diego’s ultra-luxury real estate market is entering ’25 with renewed confidence. Despite the typical election-year slowdown, ’24 demonstrated remarkable resilience, with year-over-year price increases. The influx of cryptocurrency-driven wealth, along with stabilized interest rates & clearer policies, is setting the stage for high-value transactions to thrive in ’25. Migration patterns to & from major cities like LA, SF, & NYC are fueling demand, as remote work continues to allow for greater flexibility. San Diego’s coastal lifestyle & idyllic weather ensures its place as a leader in the global luxury market.
(2024 Ultra-Luxury Report | Jon Granston)
— Albert Einstein
03 While hundreds of ADUs are under construction in San Diego, experts suggest they won't significantly alleviate the housing crisis. Most ADUs are studio or one-bedroom units, targeting single occupants rather than families. Additionally, their high rental costs limit their affordability. Industry analysts advocate for more family-oriented housing solutions to meet the city's growing needs.
04 San Diego’s economy remains robust, driven by defense, tourism, life sciences, and international trade. It is one of the nation’s top travel destinations, with tourism contributing over $13 billion annually. However, retail investment has softened, with increased cap rates for multi-tenant properties reflecting the broader economic challenges.
05 San Diego Magazine highlights 15 must-try food and drink experiences this December, ranging from seasonal dishes to innovative cocktails. Notable mentions include Atelier Manna for refined fine dining, Solare Ristorante for its Italian charm, and standout seafood at The Fishery. These recommendations cater to a variety of tastes, emphasizing creativity and local flavors.
