Sounds like we are all pretty much in agreement about Coronado. As I said, or I think I said, I did recently push through a pretty thorough comp search for someone who lives there and prices have indeed come down. Still even with that decrease pricing is still crazy and like each poster here has mentioned “most” residents of the island can hang on and sit it out… Lots of foolish pride as well ya know? Still I do think in the end, while the percentage decline of pricing from the high point will be non trivial.
David, while you may not have a grasp of how many purchases were made that were speculation driven, I don’t think that matters. The big unknown that we will all face in the 2010 timeframe will be how much into the A paper loan resets have we eaten into. The thing I have been struggling with lately is will we be able to chew through the big second wave that is not discussed to much, (with the exception of this site) of course.
At any rate, keep a keen eye on the volume and rate of sales on the island and you should be able to identify when it at least flattens out or alot of the risk is wrung out of the market there.
