Otay Ranch is a More Affordable Option Than San Diego
Posted on 08-10-2017 by Joe Marcotte
Otay Ranch, located about 30 minutes southeast of downtown San Diego, has become one of the more popular places to live and affordable. Otay Ranch already has about 10,000 homes built out in an area the size of San Francisco. The plan is for another 18,000 homes over the next 20 years and the median home price is far below that of downtown San Diego.
Many homeowners are looking out towards this direction for more affordable housing option. Similar homes are about $200,000 less in Otay Ranch then closer to downtown bringing the median home price at about $505,000.
Otay Ranch is popular with new buyers as well as repeat buyers, especially those looking for a new home.Pretty much the only drawback to this location is higher taxes, but, most homeowners make up for that with lower priced homes overall. Many homes in downtown San Diego have high Mello Roos fees, which remains somewhat lower in Otay Ranch.
Otay Ranch was one of the victims of the housing crash in 2007 but has regained a lot of its median home prices over the last 10 years. Today, families, retirees, professionals and singles are all looking out towards this direction for more affordable housing options. Homes can range anywhere from 1000 ft.² up to 3500 ft.² and priced from $300,000-$900,000. Developers are trying to supply a good range of homes, styles and price points for just about any type of home buyer. Today, there are 10 projects selling in Otay Ranch with more availability of homes than ever before. Home sales were up 35% in Otay Ranch the beginning of this year and it doesn't look like it's slowing. One of the newest 210 acre Millenia projects is one of the more ambitious in the ranch with over 3000 homes including apartments, condos, single-family homes and about 3,500,000 ft.² of office space, retail shops, hospitality and mixed-use projects. Most of these projects will be completed in 10 to 15 years.
If Otay Ranch sounds like your perfect lifestyle give us a call today. We'd love to send you a complete list of homes and apartments that fit your search criteria and price throughout Otay Ranch.