Buying in Coronado: Looking at the Coronado Cays

Did you know that the Coronado Cays is a luxury San Diego locale where you can either lease or own your own  boat dock?  Are you looking for a perfect boat place to buy a home or condo in San Diego?  Coronado is the answer to your dreams.  In fact if you are a boat person, buying in the Coronado Cays is the place.

Currently the lowest priced condo in the Coronado Cays is located in Montego Village.  The Coronado Cays are comprised of a variety of 10 Villages.  Each Village is different.  Montego Village is located at the farthest north end of the Coronado Cays.  There are 88 waterfront condos in Montego Village.

This particular listing, located at 88 Montego Ct is a Wells Fargo foreclosure.  Originally purchased for $550,000 in 2004 this condo is currently listed in the multiple listing service, Sandicor, for $489,900.  Based on the buyer's purchase price, this equates to about a 14% price reduction.  At first glance, that doesn't seem as steep a discount as one would imagine in this economy.  However, when you view the Wells Fargo foreclosure deed, you see the bank took the property back at a price of $640,699 (based on Realist statistics).  Excluding other bank costs, this equates to a 24.6% loss for Wells Fargo.  Once all the processing, fees, holding costs, commissions, escrow and title fees are paid, it will not be surprising if Wells Fargo takes a 35% - 40% loss.

Since Coronado is a more affluent area, our foreclosures are fewer than other areas.  So for someone looking to live in the Coronado Cays, this unit is a perfect introduction. 

2 bedrooms and 2 1/2 baths offer perfect bay living in 1492 square feet.  I am not sure why they just didn't build the unit so we could say 1500 square feet, but there you have it.   Montego Village offers the only gated community in the Coronado Cays, along with 2 tennis courts, a swimming pool and a clubhouse.  Although docks are not owned in this Village, you can lease a boat dock. 

If you want to own your own dock, there are other Coronado Cays Villages where ownership is a possibility.  If you would like further information regarding this Montego Village unit, or other Coronado Cays properties, just visit our Coronado Cays page.

We specialize in what you want to own.  This is a series of article by Sharyn and Victoria Crown, Coronado real estate agents.