It’s been a slow few years for new construction in Coronado. But that is changing in 2015. This time last year, we saw 2-3 construction properties on the horizon. This year we already have 15 ready to hit the market by March.
As the real estate market took a turn, many of the developers stepped out of the game. While professional developers ride the market out, overall construction saw a huge dip. But with the strengthening economy, there has been an uptick in investment properties resulting in new construction.
The other shift is multi-unit complexes. For the most part, we have only see 1-2 unit condos in the last few years. Now we are seeing several 4-unit complexes.
When to Make an Offer
New construction is a hot market. Combined with the limited inventory in Coronado, and we are seeing them go at record speeds. So much so that many properties are sold with construction still several months away from completion.
For example, ParkLife has 4 luxury condominiums at Glorietta Bay Point. They are set to be finished in April. At the end of 2014, we had already sold one with increased interest in the remaining three. That’s over four months before completion.
So when do you make an offer? Our recommendation is that the earlier you enter the process, the better. Start by getting a feel for all of the construction on the island. Then, once you lock down a property, you can give your input on final design elements.
The closer the properties are to completion, the faster they go. If you have your heart set on new properties, come talk to us as soon as possible. We can walk you through all of the current developments and ones expected to come on the horizon. With the technology today, many properties have high quality renderings showcasing what the final product will look like.
When to Solicit Buyers
As a seller, there is an art to timing attention from buyers. You want to build enough interest that your properties will sell quickly, but get far enough into the building process that you can stay on schedule. If you sell too quickly, the process can be slowed down drastically as the new owner decides on finishes. On the other hand, locking in a buyer eases the stress, especially if your investment schedule and financing depends on a quick sale.
Conclusion
If you are interested in the new construction on the market, and want to get the inside scoop on specific properties, schedule an appointment with one of our ParkLife realtors today. For developers or investors looking to move upcoming projects, we can work with you to develop a strategic plan for marketing your property.
