If you were an outsider looking in, it might appear strange that a 2 bedroom cottage on the 900 block of Coronado sells for a much higher price than a modern, recently updated two story home on the 100 block. But the Coronado housing market, much like the town itself, differs from most markets.
First, you have a strong influx of two demographics of home purchasers, each uniquely impacting the market. In Coronado, there is a high demand for beach properties as second homes, as well as families striving to be near the schools. And pricing reflects demand. This leads to unique factors affecting home pricing, making cost per square footage an obsolete indicator. It’s a much bigger equation.
To help understand the nuances of Coronado’s Real Estate, here are the three biggest factors we see impacting home prices in Coronado:
Location, Location, Location
You’ve heard it a 1,000 times, yet it is just as true today as it was 100 years ago. Location dictates home values more than any other factor. We believe once you’ve crossed the bridge to Coronado, you are in a great location, but buyers are a little more specific on their interpretation of a desired Coronado location.
In Coronado, there are three elements most looked for when considering location:
- Proximity to the Beach
- Proximity to the School
- Proximity to Orange Avenue
Depending on the demographic of buyer, proximity to each element will be weighted differently. Second homebuyers don’t need the proximity to the school, whereas growing families will forgo a beach overlook in favor of direct access to the school.
With that being said, over the last few years there has been growing interest in the area over looking the Bay, taking in the incredible views of the San Diego Skyline, as well as the Flats with the quieter neighborhood and limited traffic.
Lot Size
Land is scarce in Coronado. It’s an island with very limited supply. Quite commonly a lot property is worth more than the actual structure. It all comes down to supply and demand, and with a very limited supply and growing demand, land is valuable.
Curb Appeal
Evaluating curb appeal in Coronado is two fold. First, you have the appeal of the property being looked at. Second, the charm of the neighboring houses on the block. Coronado enjoys an incredibly diverse pallet of architectural styles throughout the city, ranging from Spanish inspired to Mediterranean to bungalow and more. Not only is each home unique, but each block has its’ own character, and different personalities favor different styles.
Conclusion
If you are thinking of selling and are interested in what your home value is, contact us today!
