Delusional in Coronado

[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.

[eagleeye]

Yes, we’re here. I wouldn’t touch a cloud condo for 1/2 their current ask nor do I have any interest in the 400 block of D. The really ridiculously priced ones are in the 900 block of F. They are dreaming with asking prices ranging from $1.95M-$2.1M. They are all going to dive in price IMO. Billy boxes are going to take a big hit too…since they are your entry level Village property and I think there will be quite a bit of must sell inventory soon. There are a lot of people on the brink. The Country Club lots on Coronado Ave are $1.699M and $1.725M right next door to each other…7500 sq ft lots backing to the golf course. Construction loans are near impossible to get because no outside lenders are writing jumbo construction loans in California since it was declared a declining market. The one local bank that I know of that will finance a construction loan is looking for a huge down payment. With a lot price of $1.7M +/- and construction costs running as high as $300/sq ft, it doesn’t make sense. What’s worse is it could drop 20% in value before it’s even completed and then you still have to secure financing to pay off the construction loan…and who knows where interest rates will be by then. I’m going to be patient. I expect things to get much worse.

[eagleeye]

Yes, we’re here. I wouldn’t touch a cloud condo for 1/2 their current ask nor do I have any interest in the 400 block of D. The really ridiculously priced ones are in the 900 block of F. They are dreaming with asking prices ranging from $1.95M-$2.1M. They are all going to dive in price IMO. Billy boxes are going to take a big hit too…since they are your entry level Village property and I think there will be quite a bit of must sell inventory soon. There are a lot of people on the brink. The Country Club lots on Coronado Ave are $1.699M and $1.725M right next door to each other…7500 sq ft lots backing to the golf course. Construction loans are near impossible to get because no outside lenders are writing jumbo construction loans in California since it was declared a declining market. The one local bank that I know of that will finance a construction loan is looking for a huge down payment. With a lot price of $1.7M +/- and construction costs running as high as $300/sq ft, it doesn’t make sense. What’s worse is it could drop 20% in value before it’s even completed and then you still have to secure financing to pay off the construction loan…and who knows where interest rates will be by then. I’m going to be patient. I expect things to get much worse.

[eagleeye]

Yes, we’re here. I wouldn’t touch a cloud condo for 1/2 their current ask nor do I have any interest in the 400 block of D. The really ridiculously priced ones are in the 900 block of F. They are dreaming with asking prices ranging from $1.95M-$2.1M. They are all going to dive in price IMO. Billy boxes are going to take a big hit too…since they are your entry level Village property and I think there will be quite a bit of must sell inventory soon. There are a lot of people on the brink. The Country Club lots on Coronado Ave are $1.699M and $1.725M right next door to each other…7500 sq ft lots backing to the golf course. Construction loans are near impossible to get because no outside lenders are writing jumbo construction loans in California since it was declared a declining market. The one local bank that I know of that will finance a construction loan is looking for a huge down payment. With a lot price of $1.7M +/- and construction costs running as high as $300/sq ft, it doesn’t make sense. What’s worse is it could drop 20% in value before it’s even completed and then you still have to secure financing to pay off the construction loan…and who knows where interest rates will be by then. I’m going to be patient. I expect things to get much worse.

[eagleeye]

Yes, we’re here. I wouldn’t touch a cloud condo for 1/2 their current ask nor do I have any interest in the 400 block of D. The really ridiculously priced ones are in the 900 block of F. They are dreaming with asking prices ranging from $1.95M-$2.1M. They are all going to dive in price IMO. Billy boxes are going to take a big hit too…since they are your entry level Village property and I think there will be quite a bit of must sell inventory soon. There are a lot of people on the brink. The Country Club lots on Coronado Ave are $1.699M and $1.725M right next door to each other…7500 sq ft lots backing to the golf course. Construction loans are near impossible to get because no outside lenders are writing jumbo construction loans in California since it was declared a declining market. The one local bank that I know of that will finance a construction loan is looking for a huge down payment. With a lot price of $1.7M +/- and construction costs running as high as $300/sq ft, it doesn’t make sense. What’s worse is it could drop 20% in value before it’s even completed and then you still have to secure financing to pay off the construction loan…and who knows where interest rates will be by then. I’m going to be patient. I expect things to get much worse.

[eagleeye]

Yes, we’re here. I wouldn’t touch a cloud condo for 1/2 their current ask nor do I have any interest in the 400 block of D. The really ridiculously priced ones are in the 900 block of F. They are dreaming with asking prices ranging from $1.95M-$2.1M. They are all going to dive in price IMO. Billy boxes are going to take a big hit too…since they are your entry level Village property and I think there will be quite a bit of must sell inventory soon. There are a lot of people on the brink. The Country Club lots on Coronado Ave are $1.699M and $1.725M right next door to each other…7500 sq ft lots backing to the golf course. Construction loans are near impossible to get because no outside lenders are writing jumbo construction loans in California since it was declared a declining market. The one local bank that I know of that will finance a construction loan is looking for a huge down payment. With a lot price of $1.7M +/- and construction costs running as high as $300/sq ft, it doesn’t make sense. What’s worse is it could drop 20% in value before it’s even completed and then you still have to secure financing to pay off the construction loan…and who knows where interest rates will be by then. I’m going to be patient. I expect things to get much worse.

[PD]

eagle, I know you aren’t interested in the cloud condos. I remember you saying you wanted a lot that was over 5,000 sq ft. I brought them up because I think all of that inventory is going to put pressure on prices on the low end. It then works up the chain. It amazes me how much contruction is still going on in town.

Welcome back!

[PD]

eagle, I know you aren’t interested in the cloud condos. I remember you saying you wanted a lot that was over 5,000 sq ft. I brought them up because I think all of that inventory is going to put pressure on prices on the low end. It then works up the chain. It amazes me how much contruction is still going on in town.

Welcome back!

[PD]

eagle, I know you aren’t interested in the cloud condos. I remember you saying you wanted a lot that was over 5,000 sq ft. I brought them up because I think all of that inventory is going to put pressure on prices on the low end. It then works up the chain. It amazes me how much contruction is still going on in town.

Welcome back!

[PD]

eagle, I know you aren’t interested in the cloud condos. I remember you saying you wanted a lot that was over 5,000 sq ft. I brought them up because I think all of that inventory is going to put pressure on prices on the low end. It then works up the chain. It amazes me how much contruction is still going on in town.

Welcome back!

[PD]

eagle, I know you aren’t interested in the cloud condos. I remember you saying you wanted a lot that was over 5,000 sq ft. I brought them up because I think all of that inventory is going to put pressure on prices on the low end. It then works up the chain. It amazes me how much contruction is still going on in town.

Welcome back!

[Akula1992]

The wife and I left Coronado in 2006 due to new jobs on the East Coast. Fortunately, it seems our time in exile is coming to an end and we are looking to return to Coronado some time in the Feb/March time frame of 2009. I have been watching the market there and am hoping that we end up with some significant price declines by the time we move back. We are prepared to rent again but would really prefer to buy if the price is right. We would really like to find a nice Craftsman style cottage but most of the ones I have seen on SDlookup are still out of our price range – oh well…

I am familiar with the Billy Boxes(mostly because they were tearing down a lot of the nice Craftsman style ones that we liked to be replaced with the two unit boxes) but have not heard of the Cloud Condos. Not that we want to buy a condo but can anyone educate me to what they are? Thanks.

[Akula1992]

The wife and I left Coronado in 2006 due to new jobs on the East Coast. Fortunately, it seems our time in exile is coming to an end and we are looking to return to Coronado some time in the Feb/March time frame of 2009. I have been watching the market there and am hoping that we end up with some significant price declines by the time we move back. We are prepared to rent again but would really prefer to buy if the price is right. We would really like to find a nice Craftsman style cottage but most of the ones I have seen on SDlookup are still out of our price range – oh well…

I am familiar with the Billy Boxes(mostly because they were tearing down a lot of the nice Craftsman style ones that we liked to be replaced with the two unit boxes) but have not heard of the Cloud Condos. Not that we want to buy a condo but can anyone educate me to what they are? Thanks.

[Akula1992]

The wife and I left Coronado in 2006 due to new jobs on the East Coast. Fortunately, it seems our time in exile is coming to an end and we are looking to return to Coronado some time in the Feb/March time frame of 2009. I have been watching the market there and am hoping that we end up with some significant price declines by the time we move back. We are prepared to rent again but would really prefer to buy if the price is right. We would really like to find a nice Craftsman style cottage but most of the ones I have seen on SDlookup are still out of our price range – oh well…

I am familiar with the Billy Boxes(mostly because they were tearing down a lot of the nice Craftsman style ones that we liked to be replaced with the two unit boxes) but have not heard of the Cloud Condos. Not that we want to buy a condo but can anyone educate me to what they are? Thanks.

[Akula1992]

The wife and I left Coronado in 2006 due to new jobs on the East Coast. Fortunately, it seems our time in exile is coming to an end and we are looking to return to Coronado some time in the Feb/March time frame of 2009. I have been watching the market there and am hoping that we end up with some significant price declines by the time we move back. We are prepared to rent again but would really prefer to buy if the price is right. We would really like to find a nice Craftsman style cottage but most of the ones I have seen on SDlookup are still out of our price range – oh well…

I am familiar with the Billy Boxes(mostly because they were tearing down a lot of the nice Craftsman style ones that we liked to be replaced with the two unit boxes) but have not heard of the Cloud Condos. Not that we want to buy a condo but can anyone educate me to what they are? Thanks.

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