I just received a Coronado Lifestyle magazine with a damage control article prominently placed in it.
“The New Reality in Real Estate: We’re Getting Back to Normal (PS Normal in Coronado is Pretty Darn Great.)”
Welcome back to normal, say California economists and Coronado Realtors. Say, what did normal look like anyway? And what lies ahead? Let’s catch our breath, and check in with the facts and the future. The good news is that Coronado prices are adjusting: a bubble is not bursting. And 2006 figures support that – while real estate prices fell overall throughout San Diego County, there were three notable exceptions: La Jolla, Rancho Santa Fe and Coronado, where prices in the land of Oz rose six percent in 2006 over the previous year to a median of $1,299,000.
Whew, so “adjusting” must mean prices are going up. But if they were going up, why is there need for an article telling people to calm down? The fact is that prices have come down in Coronado. Some properties may still be selling at peak prices but a lot of properties are selling 10% off peak here. The whole thing was 7 pages of happy talk. It is different here, folks.
