Home Buying in San Diego>Question Details

Robert Ward, Home Buyer in Fairfax, VA

I live in the Virginia suburbs of Washington, DC but plan to retire in San Diego, preferably Coronado. I own

Asked by Robert Ward, Fairfax, VA Sat Feb 23, 2008

a home here that will be paid off in a few years and am wondering whether now, with all the foreclosures, is a good time to buy our retirement home in the SD area. If so, how would you recommend that I shop for such deals and take advantage of them. I am still working so I can't live out there now and personally check out potential deals. Thanks - Bob Ward

Help the community by answering this question:

Answers

6
Cindy Greenwald’s answer
HI Bob...the obvious choice is Coronado! That bank owned properrty is already in escrow...5 days I believe with multiple offers on a 1700 sf. lot! Coronado does not suffer the same as other markets in San Diego simply based on supply and demand. We have all the features you are looking for in a community. Your money will be well invested here even though you probably won't be buying a foreclosures or short sales here. If you would like to know more about this wonderful community please feel free to contact me at cindygreenwald@hotmail.com and I'll share with you all I know and love about this community I call home.
0 votes Thank Flag Link Tue Mar 4, 2008
Hello Bob:

According to Realty Trak that collects data on bank owned properties, there is only one property in Coronado owned by a Bank. It is a small home 3 Bedrooms- 1 Bath, built in 1925 with 816 sq. ft. and the Bank has $ 725,000 invested on the home. I estimate that the medium price in Coronado is around $1,500,000 for a small home and $ 1,200,000 for a condominium.
If you need a list of homes for sale in Coronado I will be happy to send you one or you can take a look in my website http://www.besthomesinlajolla.com. The zip code for Coronado is 92118.
My advice to Buyers is that if you want to hold the property for a few years it is always a good time to buy. Right now, it's a Buyers' market and there are possibilities of getting better deals because there is excess inventory ,so there is more flexibility in price.
In your particular case, as you mentioned in your inquiry, you need a home or a condominium to retire, then, I would say that right now it would be a great time to buy.
0 votes Thank Flag Link Sun Feb 24, 2008
Hello Bob,

Wow... this is so funny to me. I just sold a retirement home to a client living in Annandale, VA in which she never actually saw the house! I wouldn't necessarily suggest doing that. However, in your situation, having a local real estate agent that you can count on to advise on local market conditions and scout available homes that match your preferences and needs is going to be extremely important. Coronado has not really been affected by the foreclosure/short sale wave and has held its value in comparison with other neighborhoods of San Diego. It is a desireable area with limited supply.... basic economics. The good news is that pricing has seen some adjustment everywhere and it is a great time for buyers to negotiate with sellers. In addition, we do not foresee value increases occurring in the near future.

In shopping for deals, I agree with Patti in that you should not disregard traditional (non-foreclosure) listings. Frankly, Coronado has very few properties (if any) that are facing foreclosure. In examining traditional listings, always have your agent examine what the current owner paid for the property and how much they owe. Identifying the amount of equity they have in the property helps your position in negotiating on price.

All this means that no matter what area in San Diego you are considering, its a great time to buy. And Coronado is a great area to retire to. It is also an area that holds its value... which brings peace of mind to those that invest in a purchase there. Let me know if Cotter & Associates can help you.
0 votes Thank Flag Link Sun Feb 24, 2008
Robert, I am currently putting on foreclosure bus tours in the San Diego area. If you were to work with an agent in the area one of us could e-mail the listings to you. I would definately suggest that each property that you might have interest in be visited in person by the agent, with additional photos taken for you. Don't disregard traditional listings, however. I am finding that sometimes there are deals out there, when people are really needing to move due to specific life circumstances, and they are competing with short sales and foreclosures- sometimes they are priced the same or less than the foreclosures, etc. What an advantage to you as the buyer! With foreclosures you don't get to see the disclosures, and you really don't know WHAT the former owner might have done out of spite or anger that you don't know about! So, when you find these "deals" you can buy at a great price, while being able to see disclosures, ask for repairs, etc!

If I may help you in any way, please let me know! I'd love to be your eyes, your ears and your bargain shopper!

Sincerely,

Patti Phillips
800-680-9133
0 votes Thank Flag Link Sat Feb 23, 2008
Robert,
I have lived in Coronado since 1981. If you are retired military, the Navy Exchange, Commissary, Theatre, Gyms, Golf Course etc. are so convienient and affordable. Downtown San Diego, with it's theatres, restuarants, concerts, ballpark, convention center and shopping are just over the bridge (about 10 minutes away). My wife and I sometimes bike to the ferry landing and go to the ballpark and concerts and dinner on our bikes. Coronado is expensive, but it offers that small town atmosphere, nice beaches, restuarants and community events and it is somewhat of a buyers market here too. Having a local Realtor send you some information on housing would make sense to me. I would suggest finding out how much home you can afford first, by getting pre qualified/approved for a loan if yo are not paying cash. You can go to http://www.sndicor.com/statistics to see all of the average/median list and sale prices in the county for free. I would be happy to refer som excellent Realtors to you. Please call me 619.507.5688 or e-mail me at anytime, evenings and weekends included, if you need more information. Our company web site has lots of useful community information-please see link below.
0 votes Thank Flag Link Sat Feb 23, 2008
Hi Bob, some things you might want to consider about your plans for moving to the San Diego Area... I'm curious about your choice of Coronado as a destination. It is a great place to retire especially if you have family there, have spent some time there in the past and know the community, you are retired military wanting full PX benefits and you have a desire to be close to the Ocean or the Bay. One down side is that it is isolated somewhat by the need to use the Coronado bridge to get into the San Diego facilities and attractions.

Like Virginia, Southern California is ripe with Real Estate Bargains. Forclosure issues have created a decling market in many areas. A clue of what will likely happen to our prices can be seen in what happened in the late '90's... there was a couple of years of slow increases and then the business climate changed and in two years huge price increases were the norm. Some areas are showing signs of stabilization already. People will always be willing to pay the price to live here.

You didn't say how soon you would be retired or why you feel the need to retire the loan on your present home before you can make a move. I'm sure you know the value of a Realtor assisting your Real Estate decisions. One thing they might point out is that you can tap the equity of your present home now instead of waiting until it is paid off or you retire. One sceanario could be is to use that equity to make the purchase of a home here while prices are lower and interest rates are favorable and you are still working. An added incentive is the recently increased limit for a standard loan rate. That may not be around in the near future once the sub-prime loan debicle is resolved. If you structure your down payment to allow a positive cash flow in a rental situation it will be an asset for you in the interum period until you retire. Then, I suggest that you re-finance if necessary or pay off the loan with the rest of your equity and you are set for life in one of the most sceanic areas of the West Coast.

I'd like to be there when this happens, give me a call if you need a Buyer's representative who is both agressive and fair. I would like your business. Call me at 760-445-1534

James Baker
0 votes Thank Flag Link Sat Feb 23, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer