Is the holiday spirit working its magic...or is it merely the bottom line that's motivating the lender to cut the price on this Laguna Beach house turned REO to try and get it sold? Hint: It's probably not the first explanation.
31612 Summit Road, Laguna Beach, 92651
Asking price: $819,900
Asking price/ sq ft: $789
Income requirement: $204,975
Peak purchase price: $885,000
Peak purchase date: 10/04/2006
Size: 3 beds, 2 baths, 1,039 sq ft (built in 1941)
Income requirement: $204,975
Peak purchase price: $885,000
Peak purchase date: 10/04/2006
Size: 3 beds, 2 baths, 1,039 sq ft (built in 1941)
MLS: S503810
ZipRealty price tracker: Price Reduced: 10/02/07 -- $889,900 to $869,900
Price Reduced: 11/21/07 -- $869,900 to $844,900
Price Reduced: 12/15/07 -- $844,900 to $819,900
2006 property tax: $1,281
Type: Single Family Residence
Price Reduced: 11/21/07 -- $869,900 to $844,900
Price Reduced: 12/15/07 -- $844,900 to $819,900
2006 property tax: $1,281
Type: Single Family Residence
Style: Cape Cod
Stories: Two LevelsLot size: 2,080 sq ft
From listing: * * REO * * Awesome South Laguna Beach Cottage with Ocean and Sunset Views! WALK to Beach! Property is a 3 BR upstairs/downstairs unit w/ separate entrance. Hardwood floors, New carpet, New heater. Wonderful Location! This 2-story home boasts beautiful ceilings, large picture window & a charming balcony with ocean/sunset views! Views from Living Space, Kitchen & Balcony. WALK to Laguna Beach/Village. Close to Thousand Steps. Very private location. Come see why this is such a desirable place to live!
I don't know the story behind this property...but it might be an interesting one considering it went back to the bank only 10 months after the peak purchase in 2006.The location is there, obviously - complete with great ocean views. The inside could use a little sprucing up, though. In the right hands this place could certainly turn into something special.
The total amount of price reductions is now $70,000. Will this latest $25,000 one be the straw that reels in a buyer? We will see.
If a buyer can be located for the full asking price, the property will be $65,100 off from the peak. That's not any significant amount - but this house is in a pretty prime location. Is the high end immune? Nope, not always.
3 comments:
i love this house, even if it's small and un-glamorous. if only i made $200k a year and had a big enough down payment for it...
Don't worry there will be more REOs coming down the pike, even in Laguna.
i have been looking at this house, although not in person...the price is right if it were a turnkey type place, which it does not appear to be. who knows how much money it will take to update. your 200k income requirement quickly becomes 300k. the prices for some of the dumps in laguna are confounding...
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