Coronado

[patientrenter]

Good site. Thanks, w_a_d. I hadn’t seen it before.

I like your creative and clever explanation of the increase in per square foot price.

I looked up my own neck of the woods here in coastal OC (Costa Mesa), and saw prices per square foot also higher than last year. We can see the inventory going up, and read the rising credit and foreclosure problems, and (a very few) drops in listing prices. But that’s about it so far. Like PD says, it’ll take another few months to start seeing a statistically verifiable drop. I’ll hold onto my Champagne bottle until then!

Patient renter in OC

[patientrenter]

Good site. Thanks, w_a_d. I hadn’t seen it before.

I like your creative and clever explanation of the increase in per square foot price.

I looked up my own neck of the woods here in coastal OC (Costa Mesa), and saw prices per square foot also higher than last year. We can see the inventory going up, and read the rising credit and foreclosure problems, and (a very few) drops in listing prices. But that’s about it so far. Like PD says, it’ll take another few months to start seeing a statistically verifiable drop. I’ll hold onto my Champagne bottle until then!

Patient renter in OC

[eagleeye]

I’m still here PD. Someone said to me the other day that they think the realtors are trying to keep the prices inflated here. Did you happen to see the the new listing for 630 B Ave? MLS #070049217. $3825000-4250000! In my opinion that is at least $1.5M overpriced. Why would a realtor list it for such a ridiculous figure in this market? Regarding all of the new construction under $2M, I would never consider a 2 on 1 on a 3500 sqft lot. I would consider a “traditional” billy box but I can’t believe that they are now putting 2 houses on one lot and trying to get $1.4M-over $1.5M for them. Look at 837 C Ave. They are asking $1535000 for the front house. Would you ever consider one of the back houses? I can’t imagine who would and my realtor told me that there are 28 more similar units currently under construction. The “traditional” billy boxes are now priced upwards of $2M. The 2 new constructions in the 200 block of J have been on the market forever and have dropped in asking price from $1.98M to $1.68M but still no takers. There are 2 resales in the 800 block of H. One is listed for $1895000(reduced from $1.95M) and the other is listed for $2.1M! 841 B was listed for $1849000 and went pending in just a couple of weeks! That same property was on the market last summer for over $2M. Bottom line, my opinion is that sellers here don’t believe prices are dropping and the local realtors are trying to support that delusion. I’ll sit on the sidelines in my rental for now. I expect to remain there for at least a couple of years. I’d like to get a nice house on a 7000 sqft lot in a good location for under $2M. I suspect that you’re looking for the same thing as are many many people I know who are also waiting and watching.

[eagleeye]

I’m still here PD. Someone said to me the other day that they think the realtors are trying to keep the prices inflated here. Did you happen to see the the new listing for 630 B Ave? MLS #070049217. $3825000-4250000! In my opinion that is at least $1.5M overpriced. Why would a realtor list it for such a ridiculous figure in this market? Regarding all of the new construction under $2M, I would never consider a 2 on 1 on a 3500 sqft lot. I would consider a “traditional” billy box but I can’t believe that they are now putting 2 houses on one lot and trying to get $1.4M-over $1.5M for them. Look at 837 C Ave. They are asking $1535000 for the front house. Would you ever consider one of the back houses? I can’t imagine who would and my realtor told me that there are 28 more similar units currently under construction. The “traditional” billy boxes are now priced upwards of $2M. The 2 new constructions in the 200 block of J have been on the market forever and have dropped in asking price from $1.98M to $1.68M but still no takers. There are 2 resales in the 800 block of H. One is listed for $1895000(reduced from $1.95M) and the other is listed for $2.1M! 841 B was listed for $1849000 and went pending in just a couple of weeks! That same property was on the market last summer for over $2M. Bottom line, my opinion is that sellers here don’t believe prices are dropping and the local realtors are trying to support that delusion. I’ll sit on the sidelines in my rental for now. I expect to remain there for at least a couple of years. I’d like to get a nice house on a 7000 sqft lot in a good location for under $2M. I suspect that you’re looking for the same thing as are many many people I know who are also waiting and watching.

[PD]

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.

[PD]

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.

[lostkitty]

I lived in one of those newer billyboxes. It was terrible! It was new, which was a welcome change from the other nasty rentals we’d had, but there was not a room in the house where you could have true privacy.
You can see in every window when sandwiched between a row of those buildings. The backyards are all completely exposed. Only way to get privacy is to let some shrubs grow tall, but then you lose the sunshine on your 9X9 patio.

I am simply stunned that anyone would pay over a million for one of those. Even $800k seems insane!, for half a house?! and half a yard?!

[lostkitty]

I lived in one of those newer billyboxes. It was terrible! It was new, which was a welcome change from the other nasty rentals we’d had, but there was not a room in the house where you could have true privacy.
You can see in every window when sandwiched between a row of those buildings. The backyards are all completely exposed. Only way to get privacy is to let some shrubs grow tall, but then you lose the sunshine on your 9X9 patio.

I am simply stunned that anyone would pay over a million for one of those. Even $800k seems insane!, for half a house?! and half a yard?!

[patientrenter]

Got it, PD, on the $/sq ft. Like politics, all RE is very, very local.

Patient renter in OC

[patientrenter]

Got it, PD, on the $/sq ft. Like politics, all RE is very, very local.

Patient renter in OC

[SD Realtor]

PD I would agree with your statement about the local realtors really pushing hard to keep the prices up high, especially for the high end properties in Coronado. Last year one of my clients ended up submitting offers on two different units in Coronado Village. Great Bay views. Both places were represented by Prudential agents from the office across the street.

SD Realtor

[SD Realtor]

PD I would agree with your statement about the local realtors really pushing hard to keep the prices up high, especially for the high end properties in Coronado. Last year one of my clients ended up submitting offers on two different units in Coronado Village. Great Bay views. Both places were represented by Prudential agents from the office across the street.

SD Realtor

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