The island resort town of Coronado California gained additional allure for buyers in the fourth quarter as concerns about the new tax law were offset by record stock market gains and an uptick in the consumer confidence index at 122.1; near the all time high. Overall home sales in 2017 in the Coronado Village, consisted of 137 single-family sales at a median price of $1,850,000. In the luxury segment, fourth quarter sales increased from 5 homes in the 2016 fourth quarter to 9 in ‘17. January 2018 also opened strong with a $7.5-million sale and 4 luxury sales pending.
Flagship Properties, a firm that tracks and specializes in the luxury market, (+ $3-million) reports that in 2017, a total of 25 luxury homes sold, a slight increase over 2016 but a 56 % increase over 2015. 7 of the 25 will be owner-occupied.
“That’s the kind of quarter and year you would expect to see after a stock market run-up” said Carrie OBrien, CEO of brokerage Flagship Properties. Carrie reported that Coronado’s “For Sale” Inventory of only 45 homes in January 2018 is the lowest in more than 7 years.
The ultra-high-end (+ $10-million) is also especially strong in historic terms with 3 homes sold in the last two years.
Flagship, specializing on the waterfront, was selected in 2017 to market the 100-year old iconic SEASHORE estate at 519 Ocean Boulevard for $13.5-million and the newly constructed bay view home at 927 First Street for $6.3-million. Interest in both these homes in the fourth quarter has been quite strong.
Carrie said that new luxury buyers include some in-island move-ups as well as families from Phoenix, Houston and Northern California.
An interesting subset of the Coronado Market is the young family demographic. According to Tony Falleta Construction, approximately 50% of the sales of his company’s “cloud” condos are to the 30- 45 age group with children. The Coronado School System is highly regarded with Coronado High ranked Fifth of 117 in San Diego County.
The City of Coronado is likewise well managed by a disciplined City Council with a $ 40-million budget surplus.
Flagg Coastal Homes, an affiliate of Flagship Properties is a Design/Build Firm, rated #1 by sandiegoarchitects.org. Flagg’s design and construction business has almost doubled in the last three years. “People just hit the GO button,” said Mark Blore, the builder and co-founder of Flagg Coastal Homes.
Flagg’s designs have earned 5 years of both design and customer service excellence by HOUZZ a website and online community with 40-million unique monthly visitors
Coronado homebuilding continues to be strong and using “issued building permits” as a forward-indicator, Coronado’s market should remain so through 2018.
Whether an investor or a homeowner, please contact Flagship Properties for the latest real estate opportunities on the island.