Marti Gellens knows La Jolla's luxury housing market front, back and sideways. In the past ten years, she (along with mom and real estate partner Maxine Gellens) has closed $1.2 billion in real estate sales and recently joined forces with The Elan Collection to market "Casa del Mar," a breathtaking 4,000-square-foot oceanfront property in La Jolla, Calif. For our ”Market Sharing” series, we asked Marti to share her insights on her hometown, the local luxury housing market and what makes Casa del Mar such a desirable vacation home.
The Elan Report: Why is La Jolla such a desirable vacation spot?
Marti Gellens: It’s not only a great place to vacation, but it’s a great place to live because it feels like you are on vacation. The climate is never too hot and never too cold; the views are unbelievable; and there is so much shopping, great restaurants and different kinds of beaches. It’s like the French Riviera…La Jolla has a very European feel.
TER: What are the most popular amenities your affluent clients ask for?
MG: In general, they prefer homes that are newer. They also want big master bedroom and big closets. If it’s a second home purchase, they want to be on the ocean, near the ocean, or close to town… those are the qualities that are really important to them.
TER: So, how much does a view really play into a purchase decision for a vacation home?
It’s huge. If someone wants a vacation home in La Jolla, they usually want a view.
TER: Where do your clients typically come from?
MG: We have many buyers from Texas, Nevada and Arizona, who want to escape the summer heat. They usually start arriving in June. When it comes to buying second homes, we also have a heavy influx of Canadian buyers.
TER: What’s ahead for the overall luxury market in La Jolla?
MG: La Jolla will always be a destination spot. Although all markets have struggled in this recession, vacation destinations like La Jolla are usually the first to turn around. In 2010, we’re already starting to see a comeback in sales in the overall housing market. We are very much looking forward to our summer buying season starting in June.
TER: Describe the best elements of Casa del Mar for us.
MG: The architecture of the house is spectacular, and it’s located right on the ocean with a pool—which is very difficult to obtain today. The master bedroom with the glass upper deck is a very unique feature—perfect for enjoying the views. And, Casa del Mar also has wonderful outdoor entertaining spaces on both the ocean side and non-ocean side.
TER: Why is it a good opportunity in your mind?
MG: There is only so much oceanfront property here. When the market turns around, oceanfront real estate will see the biggest and quickest upswing. It’s the best place to invest your money. As far as the fractional opportunities offered through The Elan Collection, it’s a great way to own a piece of La Jolla oceanfront for a fraction of the cost. Most people who purchase second homes don’t typically use them like they think they will. We think 4 to 6 weeks a year is the perfect amount of time to enjoy a vacation home.
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