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According to a Coldwell Banker report released today (Sept. 22), La Jolla is the fifth most expensive residential real estate market in the nation. Coldwell toted up average prices for 4 bedroom, 2 bath homes in 300 markets between February and August. Most expensive average price was Newport Beach in Orange County at $1.83 million. Second was Palo Alto ($1.48 million), followed by Rye, NY ($1.33 million), San Francisco ($1.33 million), La Jolla ($1.21 million) and Greenwich, Conn. (1.2 million). The lowest average prices? Detroit was at the bottom at $68,007. Cleveland at $87,240 and Kansas City, Missouri, at $112,449 were also in the bottom ten.

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Comments

SurfPuppy619 Sept. 22, 2010 @ 11:36 a.m.

I woudl think that the top east coast areas would pass all the so cal areas except RSF.

I lived in MI and Detroit is in pretty bad fiscal shape. And in terrible unemployment shape. Highest UE in the nation.

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Don Bauder Sept. 22, 2010 @ 2:58 p.m.

Response to post #1: Detroit and Cleveland are moribund economically. Even speculators are cautious about getting in, even with prices so low. This is true of smaller Michigan and Ohio cities, too. Best, Don Bauder

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SurfPuppy619 Sept. 22, 2010 @ 4:46 p.m.

Detroit and Cleveland are moribund economically. Even speculators are cautious about getting in, even with prices so low. This is true of smaller Michigan and Ohio cities, too

That si sad.

This is going to be the first generation whose children will have a LOWER standard of living than their parents......

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Don Bauder Sept. 22, 2010 @ 5:40 p.m.

Response to post #3: And that will be true in many more states than simply Ohio and Michigan. Best, Don Bauder

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Visduh Sept. 22, 2010 @ 7:41 p.m.

The La Jolla housing market is a "bring your own money" sort of thing. The local economy just doesn't generate instant millionaires by the hundreds, which is what the housing picture there seems to indicate. This would be understandable if the average home there had, say, seven bedrooms, four or more baths, and measured four thousand square feet or larger. But this statistic is based on a mere four bedrooms and two bathrooms. That's just a basic family-sized house nowadays. Maybe 2000 square feet? What do the real palaces sell for? There are many, many of them all along the coast from La Jolla up to the edge of Oceanside.

In a local economy like ours, who can afford a $1 million plus home? Even with mortgage interest rates around 4%, the interest and taxes alone run well over $1000 a week, before upkeep, utilities, insurance and making any dent in the principal. There aren't that many local folks who can handle that kind of cash flow demand and have anything left over for food, cars, clothes, or medical/dental care.

No that figure is propped up by outside money in the hands of the second home, or third home, or . . . home crowd.

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Don Bauder Sept. 22, 2010 @ 9 p.m.

Response to post #5: No doubt second, third and even fourth homes prop up La Jolla's average. What I find interesting about La Jolla is the number of very ordinary tract homes erected quickly after WWII now going for fat prices, although most have been refurbished. Best, Don Bauder

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