Not even a Park Avenue address (whoops, wrong state) could save this Laguna Beach property from the housing decline. Nope - not even the luxury market is completely immune, folks.
The asking price is 13% off from the purchase price in 2005, and no takers after 300 days on Redfin.
Asking price: $1,090,000
Asking price/ sq ft: $662
Income requirement: $272,500
Purchase price: $1,250,000
Purchase date: 6/20/2005
Size: 3 beds, 2 baths, 1,646 sq ft (built in 1948)
ZipRealty price tracker: Price Reduced: 3/17/07 -- $1,375,000 to $1,299,999
Price Reduced: 8/25/07 -- $1,299,999 to $1,199,999
Price Reduced: 11/26/07 -- $1,199,999 to $1,090,000
2006 property tax: $13,814
Type: Single Family Residence
Stories: Two LevelsPrice Reduced: 8/25/07 -- $1,299,999 to $1,199,999
Price Reduced: 11/26/07 -- $1,199,999 to $1,090,000
2006 property tax: $13,814
Type: Single Family Residence
Lot size: 5,810 sq ft
From listing: Two story open floor plan, kitchen has granite counters and stainless steel appliances, masterbath has walk-in closet, marble counters, spa tub and seperate large stone shower. Hardwood floors in most of the house. Cozy fireplace, french doors leading to a sprawling deck with small ocn and wooded view. Large storage shed and spacious yard with carport for 4 cars and boat parking on the side. Walk to town, beach and high school.
Now this is an old school property. As in built the same year the Surf and Sand hotel opened. Nice updates in the kitchen, but there's not much in the rest of the interior pictures (or exterior for that matter) that really stands out to make the place look modernized and luxurious.This property is located right near Laguna Beach High. Not bad at all (as if there was really a bad part of Laguna - it's more like good location or better location), but then again it's not a prime oceanfront property, either.
Since this home has sat unsold for a really long time, it's pretty safe to assume it's probably overpriced. The original listing called for a price of $1,375,000 - that amount would have yielded a $42,500 profit assuming 6% sales costs. Didn't work out so well.
With the current asking price, we're looking at a loss of at least $225,400, including 6% sales costs. Depreciation has been 12.8% compared to the previous sale two and a half years ago.
4 comments:
1.1 mill for a very small, cramped, old, dark no view home???? WTF!
In LB, I could only find one nonview SFR of this size that closed in the last two months. It closed for $790,000.
It is hard to determine value for nonview homes these days, because they are just not selling at the same clip as view homes.
That is very interesting, straight digs. Thanks for posting.
This place is on a big lot for Laguna Beach. I don't know how much is usable land, though. Park Avenue is a busy street. The house itself is a short walk to town and the beach. Also close to the high school, which has a nice lap pool open to the public. Laguna prices are still insane, what can I say? But the median, for what it's worth as a gauge, is inching down even in Laguna Beach. I suspect it's not coming down faster due to higher priced homes. A $6 million sale in Emerald Bay can skew the median price a lot.
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