LUXURY HOME MARKET
The Luxury Home Market varies depending on the market you are in and the values within the local area. The key indicators are generally in a prime location, expensive price, large size, privacy, unique, exclusive, view, high-end materials, expert design, and valuable amenities and in some instances, a prestigious history is a few of the qualifiers for a Luxury home.
Depending on the area “Luxury” can start out at a few million in some areas to over fifty million in other markets. The national average of a luxury home is two million. Beyond “Luxury” you have “Ultra-Luxury” which generally is what the top 1% of the population can even think about affording.
CENTRAL COAST BY AREA
The luxury market for Pismo Beach is primarily in the northern portion of Shell Beach, known as the Palisades and the Bluffs. The lots are larger and many of the homes have ocean views there are gated communities like the Bluffs where there are less than 20 homes, all with spectacular ocean views mainly $4M and above.
Arroyo Grande has both City and County properties that consist of primarily larger homes that are on larger lots, some with ocean views, some in gated or golf communities, vineyards, and larger accessory structures for agriculture or other hobby-related activities that range in price from $2-4M.
In Grover Beach, there are several areas with ocean views but mainly the luxury market here is larger homes, some new construction in the $1-2M range, and one area is the gated community of Mar Brisa.
Oceano is an interesting town, it is one of the most affordable California beach cities and has oceanfront properties which would be the luxury market here ranging from $1-3M. The beach community of Oceano is unincorporated so there is a community Services District vs. City government and amenities like an unmanned County airport for easy travel access for private commuter planes.
The town of Nipomo is the southernmost town of the County with a luxury market ranging from $2-4M mainly comprised of larger homes on larger lots, acreage, vineyards, and multiple structures like barns, large garages, and workshops. There are two golf course communities, Black Lake and Trilogy that offer various levels of luxury in these communities.
SAN LUIS OBISPO
The city of San Luis Obispo is rich in its history, the center of the county affords a vast variety of luxury from $2-6M with a diversity of historic estates, agricultural use acreage, new modern custom homes, gated communities, country club lifestyle and architectural masterpieces.
Avila Beach has been revitalized in the past 20 years as you can see in both the residential and commercial real estate. The luxury market ranges from $2-4M and mainly consists of new construction of homes with and without views, medium-sized homes averaging around 3000 square feet with smaller lots averaging around 6,000 square feet vs. Other areas in the county with much larger parcels in the same price range.
A rural community sometimes referred to as lower Morro Bay, the luxury market is from $1.5-3M and consists mainly of custom homes in a hillside community or bayfront properties primarily with spectacular views looking into Morro Bay.
A city rich in history and a globally well-known landmark, the Morro Rock, the luxury market here ranges from $1.5M-7M with the majority of the homes in the $1.5-2M range mainly consisting of newer built or remodeled homes overlooking the water or the Rock.
A big little town with no room to grow, the luxury market here ranges from $1.5M to 6M with the majority of the $3M+ properties being oceanfront. The $3M and below are a collection of newer, newly remodeled, and older homes mostly close to or with ocean views and small lots, occasionally a home on acreage comes available and sells in this price range.
A very romantic beach community with a luxury market that spans from $1.5M-6M with the majority of the properties $2.5M+ are oceanfront properties, the balance is a collection of custom homes mainly with ocean views or close proximity to the ocean with a few properties that will come up with acreage.
A diverse area primarily warmer in a climate with a luxury market from $1M-3.5M, only a handful of properties are over $2M and they usually are larger homes 4,000 square feet and larger on acreage. The bulk of the market is $1-2M consisting of all styles of homes newer and older primarily on 1-5 acres.
A town rich in history with a luxury market ranging from $1M to 5M, the $3-5M estates are usually larger properties with 30 to over 100 acres some with their own vineyards. The bulk of the luxury market is from $1.5-2.5M ranging from 2 to 50 acres primarily of newer homes with a few historic homes from time to time.
Paso Robles is rich in vineyards and wine culture the luxury market here ranges from $1.5-10M, with the majority being between $1.5-2.5M of larger homes on larger lots, some with vineyards, agriculture, and views. Several of the upper ends has over 100 acres and homes over 6,000 square feet.
SANTA MARIA / ORCUTT
A very affordable luxury market with a lot of value for the money, Santa Maria is in Santa Barbara County about 30 minutes south of Pismo Beach. The luxury market ranges from $1-2M with the bulk in the lower one million range with an average home size of over 3,000 square feet on just under an acre with many that are newer construction.
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