The latest figures for a new home in San Diego have jumped past $700,000, pushing many middle-income families out of the housing market. But there are some San Diegans looking south of the border for The American Dream.

A room with a view, California beachfront property is some of the priciest real estate in the nation. A modest one bedroom wooden Del Mar beach front cottage goes for:
"Bottom line, we're looking at $9,750,000," said broker Jeanette King with Coldwell Banker. That's right, a whopping, $9,750,000 and that's a bargain, because it was originally listed at $10!

But, don't expect to find many bargains in San Diego's housing market.

Even longtime San Diegans are having second thoughts about what they're going to do in the future, according to the California Public Policy Institute. Twenty-nine percent of San Diegans are thinking about moving out of state because they can no longer afford to live here. In fact, some are thinking about moving south of the border.

The American dream is for sale in Mexico and U.S. buyers are finding that not only can they afford to buy south of the border; they're also buying a luxurious lifestyle.
Right on the ocean Las Olas illustrates that Americans account for 100 percent of the sales in the sold out upscale condominium project in Rosarito beach.

"Look at us...this is unbelievable, I mean you can't get this in San Diego," said Tim Arron who is a San Diegan who buys property in Baja. "This particular property for the price you couldn't get this so close to beach and San Diego. If you did, it would be in the way millions." In fact, if this three bedroom, three bath, ocean-front condo with spectacular views were in La Jolla it would sell for no less than $6 million. But in Rosarito, it's yours for $450,000.
Arron owns several properties in Baja.
And says buying in Mexico is safe if you do some research. "My advice to them is read the contract have an attorney look at it here or in the states," explained Arron.

According to Mexican law, Americans cannot own land in restricted areas, which is within 62 miles of the border, and within about 31 miles of the coastline. But that's not stopping Americans from buying in Baja, because they can sell their condos or houses, but not the land in the restricted zones. "Right now, we've experiencing a real estate boom. We're seeing something we've never seen before," said Remax Real Estate agent, Gustavo Torres. Torres says right now 46 major developments are under construction between Ensenada and Playas de Tijuana. And Rosarito beach is right in the middle of the building boom! These new high rise condominiums have already sold out. They're right on the beach with the right price!
"An ocean front condominium, two bedroom, two bath, beautiful view, $220,000," noted Torres.

Closer to the borer, Playas Diamante, is a gated community in Playas de Tijuana, offering split level condos with panoramic views. They sell for $129,000.

It's estimated at least 400,000 Americans are living in Baja, California. A number that is expected to grow, along with San Diego's housing prices.