by Laurie Kaiser

Created on: April 29, 2009   Last Updated: May 14, 2009

If you felt shut out of San Diego's real estate market, you might now be pleasantly surprised by the area's affordability. Since the economic downturn, San Diego County home prices have fallen within reach of many buyers. Chula Vista, a community just seven miles south of downtown San Diego, offers some of the best deals in the county.

Roughly translated from the Spanish as "beautiful view," Chula Vista does indeed offer views: the scenic harbor to the west and San Miguel Mountain to the east. The surrounding beauty and the favorable Southern California climate make Chula Vista an attractive place to live. Chula Vista's population of 225,000 is projected to grow to 248,000 by 2010.

Before the real estate bubble burst, the average selling price of a single-family home in Chula Vista was more than $650,000. Now it's about half that. Many single-family homes can be had for under $400,000 and condominiums for under $200,000.

Home prices have dropped by as much as 72 percent in some neighborhoods. Hundreds of homes listed for sale are foreclosures. According to local real estate agents, Chula Vista's newer developments to the east, such as Eastlake, Otay Ranch, San Miguel Ranch and Rolling Hills Ranch, were hit hard early in the recession. It's now possible to find a contemporary Mediterranean-style 1,563-square-foot, three-bedroom, 2.5-bath home in desirable Eastlake for $350,000. A similar home in Otay Ranch is listed at $292,975.

But the prices may not remain depressed for long. These fire-sale bargains have begun to ignite bidding wars among those who can afford to buy, according to local newspaper reports. Experts expect San Diego to be on the leading edge of the recovery.

Once known as the Lemon Capital of the World, Chula Vista is now home to major employers such as Goodrich Aerospace Aerostructures, Raytheon, Leviton and Hitachi Home Electronics. It is also home to the U.S. Olympic Training Center. Plans to build a four-year university and a world-class bayfront are in the works. The median income is $71,298.

Chula Vista's architecture reflects the Mediterranean-like climate and the city's proximity (again only seven miles) to the Mexican border. Spanish-style stucco structures predominate. Houses range from single-story ranch and row houses to multi-level villas. Closer to the historic downtown area you'll find the city's older homes: an eclectic mix of Victorian, Craftsman and Spanish styles. Antique homes are harder to come by, however, and generally command higher prices. For example, a six-bedroom, 3.5-bathroom Victorian, built in 1885, on a three-quarter-acre lot lists at just under $1 million. Be aware that these historic homes often come with remodeling restrictions.

With predominantly sunny days ranging from an average low of 48 degrees Fahrenheit to a high of 78, Chula Vista offers ample opportunity for outdoor recreation. The city boasts numerous parks and open spaces, as well as golf courses. The large Hispanic population brings a vibrant ethnicity to the community. The city's Cinco de Mayo festival is one of the largest street fairs in the county.

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