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Coronado Island Has Record Breaking Year, Says Flagship Properties
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Coronado Island Has Record Breaking Year,
Says Flagship Properties
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Coronado, CA – January 2019 / Newsmaker Alert / The island resort town of Coronado, California continued to set home sales records while other coastal resort markets such as The Hamptons, Cape Cod and California resort towns like Laguna Beach and La Jolla remain flat or slowed from 2017 sales. Nationally, the country experienced an uptick in the consumer confidence index from 122.1 to 128.1, an eighteen year high.

Flagship Properties, a firm that tracks and specializes in the luxury market, (+ $3-million) reports that in 2018, a total of 50 luxury homes sold which was more than double the 24 homes sold in 2017 in the village of Coronado. According to the San Diego MLS, the fourth quarter saw 12 luxury closings including Flagship’s sale of the iconic oceanfront estate SEASHORE for $10.3-million. January 2019 also opened strong with an additional 4 luxury home sales pending.

The average sales price in the luxury segment exceeded $4.5-million in 2018.

"This was amazing since many communities around San Diego were reporting slowing sales," said Carrie OBrien, CEO of brokerage Flagship Properties. Overall detached home sales in 2018 in the village of Coronado, consisted of 139 sales at a median price of $2,250,000 versus 137 single-family sales at a median price of $1,850,000 in 2017.

Carrie reported that Coronado’s “For Sale” Inventory of only 48 homes is one of the lowest in 12 years.

The ultra-high-end (+ $9-million) is also especially strong in historic terms throughout San Diego County including Coronado. Flagship’s sale of the SEASHORE Estate on Ocean Boulevard was the only listed home sold in Coronado in the ultra high-end market, however another unlisted home sold in the high-end in 2018. Oceanfront and Bayfront properties (as in most coastal resort communities) dominate the high-end product offerings.

Flagship was also selected in 2018 to exclusively market one of the larger oceanfront lots in Coronado located at 685 Ocean Boulevard for $10 million. This property is on the market for the first time in 47 years.

Specializing in both oceanfront and bayfront homes, Flagship also developed and sold in 2018 the newly constructed bay view home at 927 First Street for $5.83-million overlooking San Diego’s skyline and San Diego Bay.

Coronado City And School District Highlights
The City of Coronado is well managed by a disciplined City Council with a $55 million budget and a $66 million budget surplus. Carrie acknowledged that,”Very few cities can claim that type of fiscal position”. Coronado is known for having one of the best "Family Friendly Neighborhoods" in San Diego and its beach is world-renown. Coronado’s proximity to an international airport, low crime rate, excellent schools, a highly regarded school district and community facilities makes it an ideal location for both primary residents or vacation homeowners.

Flagg Coastal Homes, an affiliate of Flagship Properties, is a Coronado-based Design/Build Firm, rated #1 in 2018 by sandiegoarchitects.org. Flagg’s design and construction business has also more than doubled in the last three years. “We had a record year for both design and construction since we formed the company in 2007 and we have a backlog for 2019,” said Mark Blore, the builder and co-founder of Flagg Coastal Homes.

Flagg’s designs have earned 6 years of design excellence by HOUZZ a website and online community with 40-million unique monthly visitors. Flagg is the only design or building company on the island so recognized.

Growth continues to be strong and using “issued building permits” as a forward-indicator, Coronado’s market should remain so, certainly through 2019.

Contact:
Carrie OBrien
Flagship Properties
619-847-3524

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Publishing Dates: 01/29/19 – 03/29/19
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