I have been tracking this market from the confines of the East Coast and all I really have is anecdotal data – which is to say that I have no real data. I have two friends that own houses in the village section and both are trying to sell but neither have had any luck. Both have lowered their asking prices between 15 and 20% and both houses appear to be fairly priced but(for an SFR). I suppose we will just have to see.
IIRC, I read elsewhere that during the last housing decline it hit Coronado just like it hit everywhere else. It just happened that this market was the last to capitulate. I expect the same thing will happen this go around as well with one reservation: The last time the slope of the curve for declines was rather shallow and lasted long enough for pretty much everyone to be shaken out. The decline this time is so steep that the duration of the down market might not be long enough to shake out all the owners that are on the edge. If a) Coronado is the last to go, and b) home prices fall so far so fast that outlying markets start recovering, it might not be enough to induce the kind of market fear in Coronado that is needed to produce the really big declines. Through a purely academic lens this is very interesting to watch.
