Elizabeth, Thank you for sharing your thoughts with our readers regarding Millennials and the Custom Amenities they seek and about San Diego Vacation Homes. Of course anyone who has been to San Diego can easily understand the appeal to live there long term or to come as a short term or long term tourist.
“The biggest trend we have seen nationally is the rise of custom home amenities. As millennials are entering the market, we are seeing a decline of ‘cookie cutter’ homes in favor or more ‘custom’ homes. Even with older homes, the market trend seems to be focused on unique amenities that make properties stand out. Homes are not going up as fast as renovation projects are starting.
In San Diego alone the medium housing price is around $450K with 50% of these homes being owned as opposed to rented. This brings us to the next trend: Vacation rental properties. Especially in high demand neighborhoods such as Pacific Beach and Mission Beach, short term rentals are booming. With the rise of easy to use apps and websites in the last few years, vacation rentals have soared. We are even seeing backlash in neighborhoods that have a lot of tourists every year, as they are upset with the amount of short term residents in residential neighborhoods.”
Source Capital Funding, Inc.
an expert in hard money lending for real estate based out of San Diego and licensed in California, Arizona, Minnesota, and Oregon