Must Sell in Coronado

[lostkitty]

I just went through the first 4 pages of new listings in Coronado at Ziprealty and compared them with the info at zillow to get a sense of who is listing right now. 

 Of those 40 homes (all listed in the past one month) 90% are homes I would categorize as either must-sell or will-not-sell (P.O.S).

16 were purchased within the last few overpriced years.

10 are incredibly disgusting P.O.S.'s, unlivable, or barely livable.  Of these, some clearly lost their residents to celestial bliss in the past few months due to old age (leaving behind a heavy noisome cloud permeating everything – and a sad cat or two).

10 were purchased in mid-late 90's and up to 2001 but have had major remodeling done (so we can infer that they are into it for some cash).

4 look like just normal people looking to sell (although 3 of these are condos).

 

 ***** Keep in mind also that on this date last year, there were 172 homes for sale in Coronado (year before that the number was in the 80's), ……. and today there are ……221……*****

 

Maybe this is our bellwhether town?  Has all the bells and whistles of CV (schools, etc), but not all the empty land.  If Coronado prices decline, the doo-doo is surely on the fan and the blades are roaring through it spewing far and wide.  Gross, I've just made myself feel a little sick to my stomach.

 

 

[PD]

Prices are certainly coming down here (not huge but a little). A few weeks ago I went to a couple of open houses and talked to the realtors. I was very open about the fact that I believe prices are going to come down further. Instead of denials, they were grimly silent.

[PD]

Prices are certainly coming down here (not huge but a little). A few weeks ago I went to a couple of open houses and talked to the realtors. I was very open about the fact that I believe prices are going to come down further. Instead of denials, they were grimly silent.

[lostkitty]

One of the houses recently listed is one next door to our dear friends. We visit every summer with them and two summers ago the house had just been purchased by a family from Phoenix. They were oohing and ahh-ing over the price, and how wealthy people are still seeking places in Coronado to own. These people were supposedly ultra-rich and told our friends they were going to use the place as a summer vacation home only. it sat empty most of the time. They were going to keep it for generations – as an investment. All the same blah blah that I hear sdrealtor saying about his very special clients.

Turns out it wasnt feasible. Less then 2 years later…. and making no profit – it is back on the market.

Tide comes in, tide goes out.

[lostkitty]

One of the houses recently listed is one next door to our dear friends. We visit every summer with them and two summers ago the house had just been purchased by a family from Phoenix. They were oohing and ahh-ing over the price, and how wealthy people are still seeking places in Coronado to own. These people were supposedly ultra-rich and told our friends they were going to use the place as a summer vacation home only. it sat empty most of the time. They were going to keep it for generations – as an investment. All the same blah blah that I hear sdrealtor saying about his very special clients.

Turns out it wasnt feasible. Less then 2 years later…. and making no profit – it is back on the market.

Tide comes in, tide goes out.

[Bugs]

Coronado is going to remain a destination neighborhood until it and the rest of San Diego falls into the ocean.

The main reason to watch it as a market is to demonstrate how widespread and systemic the trend for decline is. Declines in Coronado prove that it isn’t just the beater neighborhoods that are subject to losses while the rich neighborhoods escape unscathed. It proves that even wealthy people from out of town won’t pay more for a property than what their options are and emotion isn’t the only factor involved.

[Bugs]

Coronado is going to remain a destination neighborhood until it and the rest of San Diego falls into the ocean.

The main reason to watch it as a market is to demonstrate how widespread and systemic the trend for decline is. Declines in Coronado prove that it isn’t just the beater neighborhoods that are subject to losses while the rich neighborhoods escape unscathed. It proves that even wealthy people from out of town won’t pay more for a property than what their options are and emotion isn’t the only factor involved.

[lostkitty]

I guess my point was that I dont think there are as many out-of-state “wealthy” buyers as we think.

I think there were many ‘speculators’ – who are now leaving before it is too late.

[lostkitty]

I guess my point was that I dont think there are as many out-of-state “wealthy” buyers as we think.

I think there were many ‘speculators’ – who are now leaving before it is too late.

[sdrealtor]

Sorry no blah blah blah here. My very special clients are all buying primary residences not second homes.

[sdrealtor]

Sorry no blah blah blah here. My very special clients are all buying primary residences not second homes.

[SD Realtor]

Maybe 6 or 8 weeks ago I posted about a Coronado listing appt I went to. Nice couple but they were in reality simply using me to leverage their friend who was a realtor so that they could get a lower commission. Tough beans for me but it is part of the job.

They have a 2/2 condo on F street that just went pending. They had a contingent offer for awhile but they just did go pending. Anyways I am quite surprised that they go the price they were asking for.

Coronado is a highly desired destination. There is also alot of old money in Coronado. Both in state and out of state. I don’t view Coronado as ever having or being subject to much speculation. I am sure there was some, but not as much as other parts of town.

SD Realtor

[SD Realtor]

Maybe 6 or 8 weeks ago I posted about a Coronado listing appt I went to. Nice couple but they were in reality simply using me to leverage their friend who was a realtor so that they could get a lower commission. Tough beans for me but it is part of the job.

They have a 2/2 condo on F street that just went pending. They had a contingent offer for awhile but they just did go pending. Anyways I am quite surprised that they go the price they were asking for.

Coronado is a highly desired destination. There is also alot of old money in Coronado. Both in state and out of state. I don’t view Coronado as ever having or being subject to much speculation. I am sure there was some, but not as much as other parts of town.

SD Realtor

[PD]

I talked to realtor about a house in Coronado today. He told me that the seller was very motivated and would negotiate. We talked briefly about how prices had come down a bit. He mentioned that the current asking price of the house was less than an a previous offer that they had turned down. “If only we had known,” he said.

[PD]

I talked to realtor about a house in Coronado today. He told me that the seller was very motivated and would negotiate. We talked briefly about how prices had come down a bit. He mentioned that the current asking price of the house was less than an a previous offer that they had turned down. “If only we had known,” he said.

[Author]

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