Been looking myself at the Coronado area for some time. As Temecula started falling, Coronado kept rising…..wow! You can keep track, and look at histories using….
http://www.sandicor.com Go into the sales statictics tab and open the PDFs. It has all the past years and you can pull off the line items for Coronado and make yourself some spreadsheets. It might take you a little while, but them updating it regularly is just a couple minutes a month.
In the past 2 months the data shows 4 sales and 267 properties for sale on http://www.realtor.com for the 92118 zip code. (SD realtor, please correct me if im wrong there….not an expert…just a J6P airmchair quarterback here)
The inventory is just staggering and as SD R pointed out, the few sales there are, are much lower than asking prices.
Personally, i think the island is loaded with the move up crowd and I/O neg arm loans due to reset in 2010. Why? Im not sure why i think that. It just seemd that sales were pumped on the island well into the late stages of the game, and, that is when the really toxic loan products became fashionable…..and if it is anything….Coronado is fashionable. Also, foreclosures from early ARMs just dont seem to be popping up in the listings. Coronado has one of the lowest foreclosure rates of any zip code (again SD R?)
When Temecula capitulates, as it is doing at breakneck speed, and the wave spreads westward, even the battleships parked in the strand wont be able to stop the neg/arm resets and price detioration of Coronado. No one will be left in Point Loma and Pacific Beach with any equity to ‘move-up’ to a Coronado home.
It will take time. I agree. Coronado will be last in line…..but there is no way to leave the queue. At least 12 months, and probably more like 24 or 36?. Personally, i would watch Point Loma, PB and OB. They’ll drop first IMHO, and are already showing signs of cracking.
That ‘must-sell’ inventory in Coronado will arrive. Patience.
