How would you like to pay $850 per square foot to own a small renovated cottage in Laguna Beach? We know, it's all about location.
The bank was hoping to get $999 per square foot up until recently, so consider today's price a deal!
1641 Glenneyre St, 92651
Asking price: $849,900
Asking price/ sq ft: $850
Purchase price: $1,162,906
Purchase date: 12/12/08
Size: 2 beds, 2 baths, 1,000 sq ft (built in 1922)
MLS: P676524 (32 days on Redfin)
ZipRealty price tracker: Price Reduced: 03/09/09 -- $999,000 to $849,900
Zillow Zestimate: $1,066,545
Type: Single Family Residence
Style: Cottage
Stories: 1
Lot size: 2,500 Sq. Ft.
From listing: PICTURE PERFECT BEACH COTTAGE with a peek a boo view! Extensively remodeled top to bottom! Gorgeous private courtyard with custom fireplace, landscaped with lighting and water fountain. Covered patio area that has a built in ladder to climb and sit to enjoy the Ocean View! Remodel includes: distressed hickory hardwood floors, master bedroom and bathroom with private entrance. Master bath with drop in spa tub and skylight, 2nd bath has frameless glass doors with travertine shower and granite sink top. Gorgeous! Gourmet kitchen with granite counters, breakfast bar, micro/convection oven, stainless Range & appliances. Seperate Breakfast Nook. New Furnace & A/C. Over 1500 Sq. Ft of inside/outside living space! Ocean & Catalina Sunset rooftop views!
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The remodel appears to have turned out very well. We're trying to picture the type of person who would have the money and the desire to buy this property: Empty nesters who want to settle on the beach? Successful bachelor/bachelorette who doesn't need very much space and wants a ready-to-move in property close to the water?
The previous owner - whose primary residence is in another South OC city - paid $1,107,000 in 2005 using 100% financing from American Home Equity Corporation in Irvine. He later refinanced into about $1.25 million worth of loans in July 2006.
By late 2007, the parade of notice of defaults began. The house went back to the bank in December 2008.
Assuming the property sells for the current asking price, it would represent a decline of $257,100, or 23% off the 2005 bubble price.
Tuesday, March 24, 2009
REO Laguna cottage
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2 comments:
We'll always get a laugh at prices in Laguna Beach. Those prices will never go back to reasonable, like pre-1995. It used to be a cheaper place on the coast. I don't think it will ever be that way again.
Did you see that Gary Watts has a NOD filed on one of his properties, and it is in back up offers as a short sale, for a 22% loss? Check out the IHB forums for more details. Thought you would love to know.
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