Need advice about Coronado

[eagleeye]

We’re moving back to San Diego next Spring. We want to live in Coronado. We thought we wanted to buy but we’d be stretching to buy a small fixer upper ($1.5M +/-) which we then wouldn’t be able to afford to fix up. We can afford to rent a much bigger/better place (for 1/2 of what our mortgage would be on the tiny fixer upper). I know it sounds like a no brainer but we do want to buy eventually. I’m looking for advice on how long a lease to sign. 1 year, 2 years, 3 or 4? We’ve never been long term renters so we’re a little nervous about be locked into a long term lease if a good purchase deal presents itself. We’d also like to get a dog for the kids at some point. I used to own rental property and I never allowed pets so I don’t expect our future landlord to allow them either. Coronado prices are ridiculous but we really love it there. I can’t imagine that prices are going higher anytime soon and even though little seems to be selling, prices don’t seem to be coming down much. Any and all advice would be appreciated.

This is my first post. I’ve been lurking for quite a while though. Can I just say how frustrating it is for me as a potential buyer to be priced out at $1.5M with a $300K income and a $500K downpayment. I don’t understand who can afford these places. I’ve talked to a lender who tried to convince me that I could afford a $2M mortage. What a joke. I need to be able to sleep at night. I also have to remember that I am responsible for my family and a mistake at these prices could be financially devastating.

[lostkitty]

http://www.coronadonewsca.com/

You’ve probably already done this, but if not, subscribe to this paper asap. Then call the rental owners as soon as you see their ads. They go quickly in Coronado. Most owners do not use property managers so you cannot count on your realtor to get you a place.

The charm of Coronado is being able to walk and ride bikes to everything, even to the grocery store, so do not be seduced by the newer construction and plentiful rentals in the Cays (even if you are thinking to yourself… “well, it is only for a little while until we find a place to buy”). You’ll regret it quickly. Drive drive drive up and down the Strand is what you’ll do (I lived there once without kids yet – and it was too much driving even for just me). There isnt even a grocery store in the Cays.

[LookoutBelow]

A little known fact that is often underplayed by the locals is that the Coronado Cays area was built on a county dump. The homes in that area are infested with mold, the dangerous kind. I have a friend who has been sued because of this. I ALSO have a friend who is currently in litigation on TWO different properties in the "Cays" regarding mold for his clients. Very big deal down there. Seldom talked about for obvious reasons.

I also lived there a long time ago and ANOTHER little known fact is the rat problem in Coronado. They are, in some places, being overrun with the rodents. Its gross. I saw them all the time and they are aggressive little buggers. It was a BIG deciding factor on why we left there.

In the (6 months) summer, you can plan on a 20-30 minute for 3 miles of travel because of the tourista's clogging the only main  artery. The bridge is closed at least twice per month for suicide jumpers, further clogging the streets for hours and hours…Now add to that, an aircraft carrier coming to port and disgorging 5,000 sailors and their 5,000 strong greeting family members and you'll quickly get the picture…"We arent going anywhere tonight honey"

It is not the quaint little resort town you might think it is.

 

[lostkitty]

I did not know about the mold OR the previous dump land! Nasty.

We had one rental up in the main part of Coronado (no the Cays) that was so moldy we had to wash the walls twice a year from the floor to 4 ft high with a bleach/water mixture.

The rats in Coronado are unbelievable. You can sit out on your beautiful 10 X 10 patio in the evening and see them scurrying across the utility wires overhead.

You forgot to mention the ants (everyone has ant service – and if they dont, they soon will…) and the last few years we lived there there was a huge increase in the number of flies in the summer. it was disgusting – especially at the Concert in the Park on Sundays. last summer my friends who still live there were complaining about them as well.

Why dont you check out Del Mar or Solana Beach eagleyes? Cleaner ocean water, and much better schools up there too. Is Coronado closer to your work?

[eagleeye]

Thanks, I check the Eagle online every week to get an idea of what renals are out there. We also plan to live in the Village. We don’t care for the Cays. Yes, Coronado is closer to work. I’ve heard the schools on the island are very good.

[PD]

Wow, lots of Coronado bashing. The Cays are pretty cool if you live on the water. As for the mold, I’m sure that has a lot more to do with the damp conditions rather than the dump that was here 50 years ago. The village is just as damp (“The village” is the term locals use to describe the main part of the island). I live in the Cays and have never seen a rat here. I have never been unable to get over the bridge because of a closure. The schools are also a 10 out of 10 for California schools.

[barnaby33]

I went to high school there in tenth grade(1990). Its not a bad school but its not poway high (where I went to eleventh and twelfth grades) ethier. I never saw a rat, and traffic only seemed bad to me when I was actually in the military and driving on/off at rush hour.

I would live in Coronado again, but mind you its not as safe and village like as you might imagine. There are the wealthy and the military and not much in between. So you have the toxic mix of those two classes. Its kind of Palm Springs like in that regard. It is however, a very pleasant place.

As for the Cays the real reason to live there was having a dock. If you don’t have a boat, I could never see living that far from a grocery store.

Josh

[Anonymous]

I rent in the village and I used to rent from a fb in the Cays. I’d move to the Ozarks before I’d ever go back to the Cays, but that is a whole other story. We should have a thread here on Piggingtons for bubble renter legal advice and tips.

Definitely move here and rent for a year or even two years before you buy. Nothing is moving right now. I could just swing a fixer-upper but it doesn’t make sense to me. I have friends that bought within the past 3 years and they are pretty scared. They can’t cover expenses with rent and they can’t sell. The maintenance is killing them on these dumps. And there is a smell to the ocean when it is full of crap that you won’t notice until you have been here awhile.
Rent is negotiable here. Some homeowners don’t advertise when they have a vacancy. That is why you see all the “looking to rent” ads in the Eagle. I think it is a subtle form of discrimination but that is how the system seems to work. Don’t worry about pets because every renter I know here has a dog. A lot of military officers rent homes and they have kids and dogs and seem to do fine.

By the way, you are persona non grata if you rent here. So are your kids. But don’t let the local attitude talk you into anything you feel unsafe about buying. You have nothing to gain by impressing these folks. I love it here, but that is the way it is.

[Anonymous]

And I forgot about the rats. There are plenty of rats and opossum. No snakes.

[eagleeye]

Do you recommend that we place a “looking to rent” ad in the Eagle? If so, how far in advance? Can you explain what you mean by “persona non grata”? We used to live in the Village. In fact, we used to own. We plan to settle permanently there but I just can see buying in this market. I guess talking about waiting to buy until prices drop won’t make me popular with the locals. What do you think we’ll be able to rent for $3500-$4000/mo? I don’t want to be in the 100-400 blocks. Thanks.

[lostkitty]

The last place we rented was a billy-box near the school for $2500. They were asking $2900, but gave it to us less expensively because we were friends of friends (that is how Coronado works). It was very well cared for, and the landlord was excellent. At 3500-4000, I suspect none of these mold issues or rat issues will affect you. You certainly will find a decent house with the proper maintenance plans in place, etc.

If you are not a military family living in one of the slum-lord rentals because that is all you can afford (you can see what I am talking about by going to realtor.com and looking at the 1.5Mil dumps for sale) then Coronado is a nice place to be. The stinky water is a recent development that I am hope will be remedied.

I think the persona non grata stigma attached to renters is changing in Coronado as the market changes. Pretty soon everyone will know someone who is in trouble with their mortgage in that town. I know several, and I dont even live on that coast anymore… Even last year, anyone who didnt buy was considered just stupid or poor. Now they’ll be looking like geniuses (the ones who stuck to their guns and insisted the market couldnt sustain itself at that pace).

At those prices though, I’d still pick Del Mar over Coronado anyday!!! Same atmosphere of small town, everyone out exercising, kids on bikes, MUCH better views, kinder and more diverse (artsy) population, cleaner ocean water, better restaurants, and without a doubt… better schools…

[mydogsarelazy]

As a poor Temecula/Murrieta dweller just barely scraping by on $100k a year this thread has entertained the &%#* out of me!

The only person I know who lives on Coronado is an in-law of my sister’s. He always has the newest model customized BMW and reportedly takes an hour and half to shower and mousse every morning. He has a personal shopper at Neiman Marcus and peppers his conversation with phrases like “Istanbul has really changed…”

Now I can imagine his mansion built over a moldy dump and I can hear the squeaking of the rats running down his electrical wires at night. At least
he is not a renter so he doesn’t have to be looked down on by his neighbors!

Only in California can someone feel “priced out” of such a place!

Let’s be honest, I would love to breathe the cool ocean air down there at Coronado — even if it has a slight aroma — but the snobs would do me in.

JS

[eagleeye]

Thank you for all of your insight about Coronado. I am very familiar with the island. Del Mar won’t work for me as I’ll be working near downtown and I don’t want to deal with the traffic.

Can anyone share their opinions on the Coronado real estate market? How far do you think prices will drop? It seems that sellers are still asking ridiculous prices and the properties sit and sit but most sellers aren’t dropping prices by much.

A billy-box like the one lost kitty used to rent is on the market for over $1.8M…and that is in the 400 block of B!

[Anonymous]

eagleeye, I do think Coronado village is the *perfect* location for working downtown. As far as rental pricing, I think there is a better selection in the 3000-3500 range because the military renters are usually outpriced at that level. I’ve seen some stunning homes on the ocean half of the island at those prices. And we are getting a Panera! We will finally have some good bread without crossing the bridge.

[barnaby33]

So ignore the snobs. Whats worse, snobs or Whiskey Tango? I’ll take the snobs. Thats assuming your commute is 6 and one half dozen the other.

Josh

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