Thanks to a reader for pointing us to this Laguna Beach REO property. You heard right - REO. It's also pretty evident that the bank is not interested in letting this property sit on the market indefinitely, and has priced it very aggressively. Wasn't this sort of thing not supposed to happen in a luxury market like Laguna?
1044 Wykoff Way, Laguna Beach, 92651
Asking price: $779,000
Asking price/ sq ft: $837
Income requirement: $194,750
Purchase price: $1,348,500
Purchase date: 1/31/2008
Size: 2 beds, 1 bath, 931 sq ft (built in 1960)
Income requirement: $194,750
Purchase price: $1,348,500
Purchase date: 1/31/2008
Size: 2 beds, 1 bath, 931 sq ft (built in 1960)
2007 property tax: $2,992
Type: Single Family Residence
Type: Single Family Residence
Style: Contemporary
Stories: One LevelLot size: 2,600 sq ft
From listing: Renovated 2006, designer floring, custom fireplace, recessed lighting, Remodeled kitchen, minus Appliances , upgraded countertops, limestone flooring. Private upper viewing deck provides ocean/serene canyon views. Relax/entertain in the Village home nestled on private street.
This property went back to the bank at the end of January and is now on the market. Things get even more interesting if you consider Zillow's sales history has this property changing hands for $1.6 million in early 2007 - that would be right after the renovations were completed. It would also signal an even greater reduction now.If that peak price is accurate, then this REO would have been listed at an astonishing 51% off. Pretty safe to say this property will be sold before too long...even though it is listed at $837 per square foot, which in just about any other area would be considered completely absurd.
According to this Laguna Beach real estate report, in January the average MLS sales price was $3,235,216, a number that was 51% higher than the previous January. But, new listings increased by 33% year over year and the average days on market (161) went up by 53%. Oh, and the number of houses sold was down by 31%.
8 comments:
What happened to the appliances? Please tell me it ain't so - surely a Laguna Beach homedebtor wouldn't sell off the appliances like an Inland Empire homedebtor!
Great find, this listing. Check out the new Zindex data analysis posted at www.bluemove.blogspot.com for a convincing showing that laguna beach home values have rolled back to 2004.
I bet this 2 bedroom may have been in the sub million range in 2004!
Hate to say this but 837 a square foot is absurd in ANY AREA - including this one. The person who buys this (and I have no doubt it will sell and likely ABOVE asking price) is a SUCKER OF EPIC PROPORTIONS and I've got several bridges he or she might be interested in when he closes escrow on this.
I love how you can sit and relax on the chair outside, and stare at the fence 2 feet in front of you. Ahhh, Laguna...
You're right - that has to be the most worthless couch positioning I've ever seen...unless perhaps you're about 12 feet tall so you can see over the fence.
I know this area pretty well having grown up about a mile from there, Wykoff overlooks the Bluebird Canyon landslide. I'd give my house up as well if it had a great chance of sliding towards the ocean unexpectedly. I'd guess this is why the owner gave it up and why the bank can't sell it.
Actually, as of March 6, it had two offers on it.
Sold!
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