Delusional in Coronado

[PD]

Denial still reins supreme. I have heard from many people that Coronado will never go down in value because Coronado is special. I heard it again this weekend. However, this time, there was a new twist to the old theme. This person admitted that there are some houses that have gone down in value in Coronado but they are only the ones located on the least desirable streets. “Houses on the best streets will never go down,” she said, shaking furiously. She has owned houses in many locations in SoCal, she told me somewhat condescendingly, and knows much more about housing values than I do. Plus, she has lived in Coronado off and on for 20 years and a relative newcomer like myself could not possibly know anything about Coronado real estate. OMG! I tried to calmly talk to her about the scope of the present bubble, the things that caused it and the things that will bring it down but I quickly realized that she was quite delusional.

To be fair, the poor woman is probably desperately afraid I am right. She is a homeowner here and there is no telling when she bought her house. Her violent reaction could have been the result of fear.

Bottom line, I’m seeing some very interesting price reductions in the Cays and in the Village. Additionally, there is a very large inventory of brand new spec homes and condos. These represent “must sell” inventory. There are also at least 15 condos (both regular condos and “sky” condos that are not listed on the MLS) Anybody have the stats for pending and closed sales in 92118?

[eagleeye]

PD,

There is plenty of trouble brewing in Coronado…705 H going to foreclosure…701 H listed as a short sale…There are plenty more coming. I think every Billy Box on the Island just went down $200K in value. I know what you mean, people are finally admitting that prices are no longer rising, some will even admit that homes are losing value…just not their house. It’s a start, a year ago nobody believed prices would ever stop rising. A realtor tried to reason that so what if my dream house goes down a bit…I’d be in it for the long haul. I told her that if my dream home lost 20% of its value at the present price point, it would become my worst nightmare.

[eagleeye]

PD,

There is plenty of trouble brewing in Coronado…705 H going to foreclosure…701 H listed as a short sale…There are plenty more coming. I think every Billy Box on the Island just went down $200K in value. I know what you mean, people are finally admitting that prices are no longer rising, some will even admit that homes are losing value…just not their house. It’s a start, a year ago nobody believed prices would ever stop rising. A realtor tried to reason that so what if my dream house goes down a bit…I’d be in it for the long haul. I told her that if my dream home lost 20% of its value at the present price point, it would become my worst nightmare.

[eagleeye]

PD,

There is plenty of trouble brewing in Coronado…705 H going to foreclosure…701 H listed as a short sale…There are plenty more coming. I think every Billy Box on the Island just went down $200K in value. I know what you mean, people are finally admitting that prices are no longer rising, some will even admit that homes are losing value…just not their house. It’s a start, a year ago nobody believed prices would ever stop rising. A realtor tried to reason that so what if my dream house goes down a bit…I’d be in it for the long haul. I told her that if my dream home lost 20% of its value at the present price point, it would become my worst nightmare.

[eagleeye]

PD,

There is plenty of trouble brewing in Coronado…705 H going to foreclosure…701 H listed as a short sale…There are plenty more coming. I think every Billy Box on the Island just went down $200K in value. I know what you mean, people are finally admitting that prices are no longer rising, some will even admit that homes are losing value…just not their house. It’s a start, a year ago nobody believed prices would ever stop rising. A realtor tried to reason that so what if my dream house goes down a bit…I’d be in it for the long haul. I told her that if my dream home lost 20% of its value at the present price point, it would become my worst nightmare.

[eagleeye]

PD,

There is plenty of trouble brewing in Coronado…705 H going to foreclosure…701 H listed as a short sale…There are plenty more coming. I think every Billy Box on the Island just went down $200K in value. I know what you mean, people are finally admitting that prices are no longer rising, some will even admit that homes are losing value…just not their house. It’s a start, a year ago nobody believed prices would ever stop rising. A realtor tried to reason that so what if my dream house goes down a bit…I’d be in it for the long haul. I told her that if my dream home lost 20% of its value at the present price point, it would become my worst nightmare.

[Ren]

I met someone like that at a party over the weekend. She bought her house in east Oceanside in 2005, paid an outrageous amount, and thinks that it will be “back up in 5 years” to that astronomical figure (it’s dropped at least 40% since 2005, I found out later). She has also convinced herself that property on the coast hasn’t gone down and won’t go down.

It’s not surprising that some people are in denial – it’s easier than admitting to a monumental mistake. Pointing out the facts just makes them defensive and even hostile, so I don’t bother.

[Ren]

I met someone like that at a party over the weekend. She bought her house in east Oceanside in 2005, paid an outrageous amount, and thinks that it will be “back up in 5 years” to that astronomical figure (it’s dropped at least 40% since 2005, I found out later). She has also convinced herself that property on the coast hasn’t gone down and won’t go down.

It’s not surprising that some people are in denial – it’s easier than admitting to a monumental mistake. Pointing out the facts just makes them defensive and even hostile, so I don’t bother.

[Ren]

I met someone like that at a party over the weekend. She bought her house in east Oceanside in 2005, paid an outrageous amount, and thinks that it will be “back up in 5 years” to that astronomical figure (it’s dropped at least 40% since 2005, I found out later). She has also convinced herself that property on the coast hasn’t gone down and won’t go down.

It’s not surprising that some people are in denial – it’s easier than admitting to a monumental mistake. Pointing out the facts just makes them defensive and even hostile, so I don’t bother.

[Ren]

I met someone like that at a party over the weekend. She bought her house in east Oceanside in 2005, paid an outrageous amount, and thinks that it will be “back up in 5 years” to that astronomical figure (it’s dropped at least 40% since 2005, I found out later). She has also convinced herself that property on the coast hasn’t gone down and won’t go down.

It’s not surprising that some people are in denial – it’s easier than admitting to a monumental mistake. Pointing out the facts just makes them defensive and even hostile, so I don’t bother.

[Ren]

I met someone like that at a party over the weekend. She bought her house in east Oceanside in 2005, paid an outrageous amount, and thinks that it will be “back up in 5 years” to that astronomical figure (it’s dropped at least 40% since 2005, I found out later). She has also convinced herself that property on the coast hasn’t gone down and won’t go down.

It’s not surprising that some people are in denial – it’s easier than admitting to a monumental mistake. Pointing out the facts just makes them defensive and even hostile, so I don’t bother.

[PD]

Eagle, have you moved back? I’m feeling pretty good about the price drops. The billy boxes seem to be down 300k to 500k. Have you seen all the “cloud condos?” There are 8 under construction on one street and four more that were just finished on D.

There are also a couple of Country Club homes where the asking price is down from a high of over 2.2mil to 1.7 – 1.8.

[PD]

Eagle, have you moved back? I’m feeling pretty good about the price drops. The billy boxes seem to be down 300k to 500k. Have you seen all the “cloud condos?” There are 8 under construction on one street and four more that were just finished on D.

There are also a couple of Country Club homes where the asking price is down from a high of over 2.2mil to 1.7 – 1.8.

[PD]

Eagle, have you moved back? I’m feeling pretty good about the price drops. The billy boxes seem to be down 300k to 500k. Have you seen all the “cloud condos?” There are 8 under construction on one street and four more that were just finished on D.

There are also a couple of Country Club homes where the asking price is down from a high of over 2.2mil to 1.7 – 1.8.

[PD]

Eagle, have you moved back? I’m feeling pretty good about the price drops. The billy boxes seem to be down 300k to 500k. Have you seen all the “cloud condos?” There are 8 under construction on one street and four more that were just finished on D.

There are also a couple of Country Club homes where the asking price is down from a high of over 2.2mil to 1.7 – 1.8.

[Author]

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