A great deal in Laguna!

A great deal that is, if you'd like to rent this Laguna Beach property instead of own it. At least, it's a great deal compared to the asking price. Hmm...maybe the asking price is just flat out of whack. See what you think...

820 La Vista Dr, 92651
Asking price: $1,469,000
Previous sales price: $1,296,500
Previous sales date: 7/24/09

Beds:	3
Baths:	2
Sq. Ft.:	-
Lot Size:	6,550 Sq. Ft.
Property Type:	Single Family Residence
Style:	Cottage
Stories:	1
View:	Catalina Island, City Lights, Ocean, Panoramic, Treetop
Year Built:	1956
Community:	Laguna Village
County:	Orange
MLS#:	L30869
Source:	SoCalMLS
Status:	Active
On Redfin:	19 days

From listing: Location, location, location! A three bedroom home with a view of Catalina and the city close to Laguna Beach High School, Anneliese Pre-school, tennis courts, swiming pool, stores, restaurants, beaches; all walking distance away. The home is on a quiet Cul-de-Sac and has a THREE car garage! Plans for a second story, approved by Design Review Board, soft contemporary design are included. This home offers quiet solitude and the proximity to action as well. What a bargain!! Seller financing available! Also offered for the lease @ $3,250.00 per month

Based on the previous sales date and the fact that this one is not listed as an REO, we would also seem to be in the midst of an attempted flip .... and a profitable one based on the current asking price and assuming no renovations were done.

Either way, it's interesting to see how the rental asking price compares to the for sale asking price. If we were to assume $3,250 is the "real" value of this property that a renter would be willing to pay each month to live here, the house "should" be worth about $585,000 based on an estimated target GRM for an owner-occupant of 180. We used 180 instead of the typical 160 because we're building in the fact that we would guess an owner would be willing to pay a bit more to own in Laguna Beach.

Let's just say the asking price is a tad above that.