San Diego: A Dream Destination for Foreign Investors
Two foreign investors decided to retire to Encinitas a couple of years ago. He was very specific in what he wanted in his North San Diego County luxury home. She wanted a home with a pool, outdoor entertaining areas, enough bedrooms to accommodate a couple of guests, a spacious office and a serious kitchen for cooking. They both wanted no houses looking into their back yard.
And why Encinitas? They wanted to be close to San Diego beaches, close to La Costa Resort and wanted perfect weather that was second to none. Armando wanted nothing more than to escape the gloomy skies of Northern Europe and spend the rest of his days basking in San Diego sunshine.
But Armando was also a very clever businessman: He knew he would be collecting his retirement pay in Euros and even at that time, was enjoying a favorable exchange rate with the dollar.
These days, when we run into Armando around Encinitas and the North Coastal area, we are greeted with an enormous smile and bear hug. He loves life here, loves the great buy he made on his luxury home and is ecstatic about the increasingly favorable US exchange rate for Euros.
More and more with the weakening dollar, we are hearing of foreign investors who are drooling over San Diego real estate. Not only have our real estate prices softened to very attractive levels, but foreign currency will now buy far more than it would have just a couple of years ago. As an added inducement for buying U.S. properties, European real estate prices have reached very lofty levels, even by Southern California standards. That creates an even better comparative bargain here.
Because of this favorable foreign perspective on San Diego real estate, more and more of our marketing resources will be directed overseas.
The months ahead promise to be interesting ones!