El Granada Sales by Neighborhood – 12 months

We are experiencing softening prices in the Highlands while lower El Granada gets more attention than it has in the past.  I remember beginning to notice this trend last year.  In addition to the opening of Harbor Village, I think this is also due to the fact that move-up buyers are coming back into the market, which I wrote about last month (Coastside’s move-up market healthier than you think).   I’ve been involved in or very familiar with several lower El Granada sales this year.  The sellers I’m aware of are moving either due to a transfer or to move to a larger home, some within the same lower El Granada area.  Clipper Ridge has seen some distressed sales; the non-distressed sales are moving in a timely manner.  The fact that there is very little activity in Princeton is not surprising given the zoning and building restrictions in this area combined with the current lending environment.

What I found interesting is the approximately 10% lower average value per square foot of the sold Highlands properties ($360) than the Lower El Granada properties ($398) during the the last 12 months.  In general more Highlands properties have ocean views than lower down the hill, so this means that a buyer looking for ocean views may find really good deals right now.  There are some ocean views in Lower El Granada and walking distance to the beaches and restaurants is easier.

Between October 1, 2009 to October 1, 2010, the breakdown of closed sales by MLS  Areas:  Clipper Ridge, EG Highlands, Lower El Granada, and Princeton is this:

  • Clipper Ridge – 7 sales; average sales price $541,143
  • Highlands – 11 sales; average sales price $814,532
  • Lower El Granada – 23 – average sales price $717,024
  • Princeton – 1 sale for $775,000
Clipper Ridge 7 $558,786 $541,143 75 $376.33 $593,000
Highlands 11 $837,545 $814,532 146 $360.19 $1,360,850
Lower EG 23 $732,430 $717,024 100 $398.37 $1,200,000
Princeton 1 $1,099,000 $775,000 216 $425.82 $775,000

*averages based on the LAST listed price.

Link to El Granada MLS Listings for sale right now (updated directly from MLS every 2 hours).