Seven Oaks is an age-restricted neighborhood located in Rancho Bernardo, which is in the Northern metro area of San Diego, California. The age restriction is for residents who are at least 55 years of age, so one might call it a senior community. There are many activities, such as Ladies’ Bridge, RB Travelers, Hikes, a Garden club, and the Red Hatters club, which keep residents that live there quite busy; the community also has a clubhouse and a swimming pool. The area is well maintained and nicely located, as it is near the Von’s shopping center, even some streets within walking distance.
There are currently 14 active listings in the Seven Oaks neighborhood, it’s also located in the 92128 zip code of San Diego. The listing with the highest days on the market belongs to an attached home with 327 days on the market boasting 962 square feet, and going for $182,000. Just for comparison sake, homes in this neighborhood when blending detached and attached homes have an average price per square foot of $214, according to their listing prices. The average price is at $296,486, with properties spending an average of 63 days on the market when combining attached and detached homes.
On the bright side, 11 homes are in pending status. There are no properties in contingent status, (which means the short sale inventory in this area may be lower than others because of the nature of the type of property that exist here). Many seniors put a fair amount of cash down when purchasing their home at this stage in their lives.
For those sitting on the fence, and waiting for this market to go down even further, they have another thing coming. This market is in relatively strong demand, because many homebuyers in this age group are looking for single level homes that are modestly priced. We have a high demand for this area, since the early baby boomer generation has been retiring for the last 4 years, if they started to do that when they turned 62. Most likely, this demand will grow in the next 15 years as more baby boomers move to San Diego and seek out senior communities.
As for the entry-level market (condominiums in this area priced under $250,000), there are only 4 attached homes available currently. Since the Rancho Bernardo area has always been in high demand, it’s still going to be a challenge to find a home for everyone who wants to retire in San Diego, since people like living where the weather is mild, and the activities are plentiful. Home prices in this area should hold steady, if not be rising in this market, moving forward.
Check out Proposition 60 and Proposition 90
Seven Oaks Market Update 2012 San Diego, California
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