The Carlsbad-based Continuing Life Communities has a parcel of land that consists of 53 acres in Scripps Ranch. The purchase price was $18.5 million. The new development will take the name The Glen at Scripps Ranch.
Through my research I have discovered that this is the last large scale undeveloped site remaining in Scripps Ranch. The upcoming community have 450 assisted-living units and 60 skilled-nursing beds. The development will include a fitness center with a spa, tennis courts, golf course for a short game, and a movie theater. Breaking ground on Continuing Life Communities is scheduled for August 2017.
San Diego Real Estate Market Update:
Residential properties are currently staying on the market for less than a month, averaging 29 days in June, according to SDAR. The supply of resale homes is declining at 2.3 months. The number of homes that changed in the San Diego area last month continued to fall in most categories because of tight inventory. Slightly over 2,200 single-family residences sold this June, 14% lower than May and 4% less than the same month last year (source: SDAR report).
For attached homes (condos and townhomes), 1,215 transferred title last month. That is 3% above May but 6% below June 2015. SDAR data shows that prices mostly rose, but only minimally. The median price of a house sold in June was $567,500, which is $250 above May’s figure 4% over the same month last year. For condominiums, the median sales price was $380,000, up 1% from last month and 9% over last year.
President Cory Shepard of SDAR was recently quoted as saying, "Halfway through 2016, the residential real estate market is performing well, despite the limited number of homes for sale." He also stated that, "Buyers who are in the market still have the benefit of wonderfully low interest rates."
Farima Tabrizi
Broker, GRI
CalBRE Broker License # 01341835
FT Realty
858-382-8698
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