Santaluz is Cooking- Luxury Market Outlook

San Diego's luxury real estate market is showing major signs of life, led by Santaluz.  After an abysmal 2009, Santaluz has closed 12 million dollar properties, including five $2 million properties.  The gated golf community also has fifteen million dollar properties in escrow, including two homes with $5 million price tags.

As somebody that has dedicated a lot of time over the last five years to sellingSantaluz homes for sale, I can tell you that these are impressive numbers.

This is an absolutely incredible achievement when you consider that for all of 2009 Santaluz only recorded twenty eight million dollar sales.  Assuming the community can close it's current pending sales by the end of June, the community will be on pace to double its production from a year ago.

By comparison, The Crosby only has sixteen million dollar sales closed or in escrow to date  to Santaluz's twenty seven.  Even Fairbanks Ranch of Rancho Santa Fe falls short of the pace Santaluz has set with only twenty homes closed or in escrow this year in the million dollar range.

So why Santaluz?  It is a function of having a great location, relatively new homes, and good value.  Sellers have become very realistic regarding price.

Maybe more si-highlight--primaryly, the newly realistic sellers have caused other sellers that are not willing to match those prices to take their homes off the market, causing inventories to fall.  This has made it easier for the remaining home sellers to find a buyer, as there is less choice than there once was.

It will be very interesting to see if Santaluz can keep it up going into the second half of the year.