Eagleeye, I think the realtors are trying to keep the prices high, too. There are a couple who always price their listings really high in comparsion to the comps.
This is a gem: “My realtor told me that there are 28 more similar units currently under construction.” Holy inventory, Batman! The amount of construction (and builder speculation) here is amazing. This could prove to be the Achilles heel in Coronado. There is a ton of inventory and each new addition just piles it on higher.
Those houses shoehorned in between two others (with neither road frontage or alley frontage) are really strange. I would not want one. Neither would I want a house that fronts the alley. If the alleys were tidier, I might consider it but they all look very haphazard and messy. Sorry, but I don’t want to pay a million + dollars for a house crammed onto the alley.
PR, even though Coronado is small, I see Coronado as having about three distinct markets. There is the lower tier of under 1.25 – 1.3m, a middle tier of up to 2.5m, and an upper tier. The upper tier may still be making price gains, pulling up the price per square foot. The lower and middle tiers are experiencing some downward price pressure. Eagleeye, do you agree with my assesment?
FYI, A local realtor told me recently that houses (in the lower and middle tier) seem to be selling about 100k below asking right now.
