Living in Coronado is a highly unique experience and the decision to purchase a single-family home versus a condominium often has more factors than just budget.
If you read my recent blog on the zoning in Coronado you know that Coronado has both single family homes and condo buildings are peppered throughout the community. The decision to purchase a condo vs. a single family home has many factors, some of which include, location, views, maintenance, usability and price.
When it comes to location, the majority of single family homes sit in the center of town and along Ocean Blvd, 1st Street and the golf course. Single family homes vary in size, design and price and there is a wide range of home styles and amenities to choose from. Coronado village is a small tight knit community best known for tree lined streets and walk-able neighborhoods and most homes do not have a notable view. This is because the majority of the island is relatively flat. Condos on the other hand are frequently found along Orange Avenue, down on the bay where Orange meets 1st Street and just south of the Hotel Del where Coronado's largest condo development sits, the Shores. If a view sparks your interest, some of the most breathtaking views the Island offers can be found at The Landing, The Point and The Shores. Additionally, there are also spectacular views of the San Diego Bay and Coronado Beach from many if not most homes and condos that are situated in the Cays. Many prospective buyers weigh their desire for a view with lifestyle and amenities when making a final decision.
Maintenance is a key factor when considering the type of home you'd like to purchase on the Island. While it's true that homes in Coronado have relatively small lots compared to other areas of San Diego, properties here can still be maintenance forward. Coronado is known as the Tree City and many homes here have exquisite gardens and trees on their properties, all of which require upkeep. And, if you read my blog on historical designations you know there are a significant amount of historical homes on the island as well. Some homes date back to the 1880s. These homes require more upkeep than a newly built house. If you are looking for low maintenance, a condo can be a smart purchase. With that being said, Condos are subject to home owner association dues to cover the upkeep of the common areas. Home owner association fees have been steadily rising since 2020 to cover the increasing costs of repairs and maintenance.
Clients also consider usability when considering a single family home versus a condo. If you are looking for a second home for seasonal use, a condo can provide an extremely convenient, secure, and desirable home on the island. If you plan to make the island your year around home, a single family home may be a better fit if you have children, numerous pets or plan on entertaining frequently.
Lastly is the price factor. While it is true that some condos present a significant cost savings to a buyer, it is not uncommon for a condo in the Shores to exceed the price per square foot of a single family home in Coronado due to the spectacular views and amenities. There are variety of price points for Condos in Coronado and one cannot assume that a condo inherently represents a cost savings from a single family home. It is also important to factor in home owner association fees when surveying affordability. With all things being said, lately the lowest cost options for home ownership on the Island are in fact condos.
If you are looking to purchase or sell your home in Coronado, contact me today at 619-972-7364 or via email at remi@remipieratt.com
I would love to be a part of your 92118 story!
- Remi
