New Developments Transform Real Estate in Pacific Beach

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What is all this talk about Pacific Beach?

Any Pacific Beach local or regular vacationer is bound to notice the streetscape in Pacific Beach is changing. Classified as party central, a place for frustrated college students and Mecca to surf rats; Pacific Beach has also been a coastal home to families for nearly 100 years.

So, what is the recent Pacific Beach buzz about?

Understanding that Generation Y keeps this San Diego neighborhood energetic and hip, many agree that Pacific Beach has been in dire need of a facelift for some time.

It seems conversation has been brewing for well over 20 years; with the predominate topic being: how to create a balance in the community between play and tourism, and keeping a thriving and healthy environment for families and the people who live here year round. And the more mature constituency longs for the detail and sophistication lacking from a market dedicated only to mainstream.

Questions about how these changes are impacting Pacific Beach culture seem to be focused more on the predicted demise, than the need for positive change. It appears many San Diego residents and San Diego real estate agents still believe Pacific Beach has a fighting chance to remain a respected community, and avoid being fed to the wolves of commercialism and tourism.

The past Pacific Beach consortium of tattoo parlors, smoke shops, and dive bar watering holes is now mixed with upscale eateries, posh boutique hotels, and Gaslamp-worthy nightlife locales. Now, trendy spots with valet service and Sex and the City attire are spanning from Mission Beach to Bird Rock. Such as chic Bar West, before home to a few gang banger brawls when named Margarita Rocks. And, Tower 23 Hotel, originally home to Skip Frye's classic shapes, has also stirred community cocktail talk.

While much of this can be seen as growth from the previous snapshot of Pacific Beach culture, there is an under-current of resistance from area locals who fear the community will be infiltrated and made in to a wanna-be Los Angeles or Miami Beach. It's been said Pacific Beach is becoming victim to the appetite of those real estate agents and builders focusing on dollar signs at the expense of community contribution.

The flip side is that Pacific Beach is in the process of a more positive transformation.

Cause for developer speculation began as the San Diego real estate market was recovering from the devastation of 9/11, in 2002. Numbers came on strong and climbed steady upward. It was still possible to pick up a 3 bedroom, 2 bathroom, 1250 sq. ft. charmer in Pacific Beach for $550,000.00. Today, the same home is valued around $825,000.00. The volume of sales is down by approximately 17% in comparison to the peak, however Pacific Beach home values are holding, for the most part.

While the appreciation rates are fantastic for families cashing out and retiring, these Pacific Beach market rates have made it very difficult for those looking to buy the beach life, while espousing a sense of community values.

Bird, long time Pacific Beach local and respected owner to Southcoast Surf Shops says, "PB has turned into a party town, first and a safe home for working folks with kids, second. When you mix in the latest trend of mixed use developments, over crowding, and parking issues; Pacific Beach is out of control."

Some Pacific Beach real estate developers are getting a bad rap because of a few sour grapes.

Bird continues, "Some new developments have their benefits. Tower 23 has added an upscale dimension to the area, giving people a chance to enjoy fine food and hospitality in a beach environment. The clientele has more money as a general rule, so local shops can benefit."

In order to solve any of the issues that surround real estate in Pacific Beach, there has to be a common ground of understanding. Less talk, more organization; get people on the same page and make sure it's the right chapter, and preferably the chapter leading to a happy ending.

Contact Jennifer Duaine for more information about Pacific Beach real estate.