Market Trough in Coronado

[ibjames]

I would like to do a thread like this that is comprised on different areas and what people think the prices will end up as.

I have a friend that put an offer on a fixer in PB with views of the ocean for 650. He thinks it’s a steal, since it’s right on foothill next to $1 mill. properties.

I’m not sure if he’s wrong or not, because it does have a yard and views in PB on foothill.

[barnaby33]

I lived in Coronado during the last crunch. My mom, in a rent-to-own snafu, bought the cheapest house on the island at the time. 289 in 1990. Coronado does go down, it just does so last. Hazarding a guess as to how much though is a fools game for an individual zip code.

Coronado in particular used to have a lot of senior navy officers who lived there. They have been chased out by the prices though. I suspect much like everywhere else, its a much more transient place than it was last time around.

Rats, there are no rats in Coronado! Next thing someone will say is termites in Del Mar!

Josh

[barnaby33]

I lived in Coronado during the last crunch. My mom, in a rent-to-own snafu, bought the cheapest house on the island at the time. 289 in 1990. Coronado does go down, it just does so last. Hazarding a guess as to how much though is a fools game for an individual zip code.

Coronado in particular used to have a lot of senior navy officers who lived there. They have been chased out by the prices though. I suspect much like everywhere else, its a much more transient place than it was last time around.

Rats, there are no rats in Coronado! Next thing someone will say is termites in Del Mar!

Josh

[barnaby33]

I lived in Coronado during the last crunch. My mom, in a rent-to-own snafu, bought the cheapest house on the island at the time. 289 in 1990. Coronado does go down, it just does so last. Hazarding a guess as to how much though is a fools game for an individual zip code.

Coronado in particular used to have a lot of senior navy officers who lived there. They have been chased out by the prices though. I suspect much like everywhere else, its a much more transient place than it was last time around.

Rats, there are no rats in Coronado! Next thing someone will say is termites in Del Mar!

Josh

[Arraya]

I casually watch values there. Though it is slightly out of my 1st time home buyer range. There definately is a large inventory, to an unhealthy level. Most properties for sale there have pretty good amount of equity according to there purchase price. I guess it is just a matter of how many sellers are motivated enough. Eventually somebody will say screw it and the rest will follow if they need to(so what they only made 500K and not 750). I don’t think it could drop too much but there are definately some people that want to sell and not enough buyers. Maybe it’s that nasty rat rumor that is keeping the buyers away;)

[Arraya]

I casually watch values there. Though it is slightly out of my 1st time home buyer range. There definately is a large inventory, to an unhealthy level. Most properties for sale there have pretty good amount of equity according to there purchase price. I guess it is just a matter of how many sellers are motivated enough. Eventually somebody will say screw it and the rest will follow if they need to(so what they only made 500K and not 750). I don’t think it could drop too much but there are definately some people that want to sell and not enough buyers. Maybe it’s that nasty rat rumor that is keeping the buyers away;)

[Arraya]

I casually watch values there. Though it is slightly out of my 1st time home buyer range. There definately is a large inventory, to an unhealthy level. Most properties for sale there have pretty good amount of equity according to there purchase price. I guess it is just a matter of how many sellers are motivated enough. Eventually somebody will say screw it and the rest will follow if they need to(so what they only made 500K and not 750). I don’t think it could drop too much but there are definately some people that want to sell and not enough buyers. Maybe it’s that nasty rat rumor that is keeping the buyers away;)

[jb]

Coronado Market

Lots of homes have owners that have lived there for 30, 40, 50 or more years. Many have been handed down. People like that just don’t sell unless they can get their price. I’d recommend anything you can afford that’s not between 3rd and 4th. Even 3,000 sq ft lots will double in 10 years.

jb

[lostkitty]

Dream on jb! Of the 200 or so homes for sale there right now, less than 1/4 were purchased more than 7 years ago. Of that 1/4, many were bought in 98 or 99 and totally redone. The tiny tiny tiny fraction that meet the description you gave above own total dumps that could be scraped to the ground, and there are maybe a handful or two on the island for sale. Those 5-10 homes will not hold up the prices by themselves.

Most homes were bought in 2004, 05, 06, 07, and even just built during the past few years. These people must sell, and they will drive down the prices just like everywhere else.

See for yourself, all the info is at sdlookups.com

[Ozzie]

Coronado does have a lot of long time homeowners and you might do well to look for a probate sale where the heirs are lookng to cash out. There are currently 110 SFD homes for sale and in looking at the first 10 or so I saw 2 probate sales that had already been reduced. You do need to do your homework and it might help if you are handy as they are sold “as is”. Of the first 15 homes listed 10 of them were built before 1950.

[Bugs]

Point Loma and Coronado are old school money as far as the SD region is concerned. They are as stable as it gets.

[Anonymous]

1994 when I bought in PB ($303 for a house & yard next to the beach – are you crazy! Way over priced!) Coronado and La Jolla where 50% of the highs of the late 1980’s. Yep, 50% drop, listed right in the paper. So wait and shop, bargains will show, it will happen again – just last on the list!

MGL

[Author]

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