Real Estate Locale :: Central Coast California Real Estate
Central Coast California Real Estate: Real Estate Potential on the California Central Coast
Central Coast California real estate encompasses the beautiful coastline between Point Conception and Monterey Bay. Communities like San Benito, Monterey, San Luis Obispo, Santa Barbara and Santa Cruz dot the coastline with beautiful homes, fantastic schools and great real estate. If you're thinking about making the Central Coast region your new home, keep reading for more information on housing prices, local facilities and market predictions.
Housing Prices on the Central Coast
Central Coast California real estate isn't cheap. The median house price for this area hovers between $500,000 and $600,000. While areas like Monterey and Point Conception do offer deals, you can pay high premiums to be in a community like San Luis Obispo.
Thanks to the stunning landscapes, fantastic weather, oceanside views, great school systems, proximity to Los Angeles and San Francisco, and educated populace, real estate in the area is fairly expensive. However, prices may be coming down – read on to the market predictions section for more information.
Local Facilities
One of the main attractions to this region is its proximity to the ocean without the bustling masses of people found in nearby metropolitan centers. Thanks to its still-natural landscape, the Central Coast region boasts a number of aquariums and marine biology research centers.
Kids will love the world-class Monterey Bay Aquarium and the Seymour Marine Discovery Center, a working marine biology laboratory. Alongside a number of attractions, the area also has great hospital density, fantastic student to teacher ratios and a low crime rate.
Market Predictions
The market in the Central Coast region is still plummeting after the recent housing crash. Housing sales are down as much as 50 percent on a year-over-year basis and, subsequently, prices are dropping. Over the course of 2007 and 2008, house prices have fallen by about 7.2 percent, and new houses have fallen over 17 percent.
Prospective homeowners looking to get into Central Coast California real estate may be tempted to take a wait-and-see approach to see if prices will fall even further. However, if mortgage interest rates continue to go up, that extra $20,000 off the asking price may not seem like such a great deal if you have to 9 percent interest on the rest.
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