Category Archives: Market Reports

The Allure Of Island Life

Coronado Island Home For Sale Hotel Del 2017 Market

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.

Coronado Luxury Homes For Sale Market Performance

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.

Contacts:

Carrie OBrien

Flagship Properties

619-847-3524

cobrien@flagg.com

Coronado Real Estate – 2014 Summary

2014 Coronado Real Estate Market Analysis

2014 was a great year for real estate investing on Coronado Island. Flagship Properties represented 12 sellers and 17 buyers in a total of 24 transactions. Of those 24 transactions, 22 were in Coronado, 1 was in Imperial Beach and one was in Point Loma. While most of our buyers were looking for a primary home in Coronado, several were 2nd home buyers and 2 were investors.

Coronado Home Sales in 2014 vs. 2013

In 2014, we saw an average sale price of $1,593,608 compared to $1,486,559, an increase of over $107,000 (see Figure 1). This equated to over a 7% increase year-over-year. However, with this improvement in market strength, we also saw a reduction in the amount of homes for sale or listed over the course of the year compared with previous years. In general, there were less homes on the market in 2014, resulting in 296 recorded sales versus 320 in 2013.

Coronado Homes For Sale Market Performance in 2014

Figure 1 – 2014 Coronado Market Performance

 Monthly Real Estate Trend

Year after year, we see the sales start off strong after the new year and start trailing off around mid year through December. The average sale price fluctuates month to month and is usually due to a unusually high or low sale, something not uncommon in a high end market such as Coronado with homes along the Pacific Ocean and the San Diego Bay.

2014 Coronado Real Estate Sales vs. Average Sale Price

Figure 2 – Coronado Home Sales vs. Average Sale Price

 What’s In Store in 2015?

The supply of properties in Coronado is lower than in past years which is likely to contribute to an increase in prices.