Almost gone in Laguna

Gasp! Another luxury property off the market in Laguna Beach. Let's deconstruct this one to see what we find...

2130 Hillview Dr, 92651
Asking price: $1,329,000
Previous sales price: $1,250,000
Previous sales date: 12/11/09

Beds:	4
Baths:	2.5
Sq. Ft.:	3,000
$/Sq. Ft.:	$443
Lot Size:	8,000 Sq. Ft.
Property Type:	Residential, Single Family
Style:	3+ Levels, Contemporary
View:	Canyon, Catalina, Hills, Ocean, Panoramic, Has View, Water
Year Built:	1975
Community:	Laguna Village
County:	Orange
MLS#:	S600818
Source:	SoCalMLS
Status:	Backup Offers Accepted This listing is under contract, but the sellers are looking for additional offers in case the current offer falls through.
On Redfin:	33 days

From listing: Prime Laguna Location. Estate Style Privacy at the end of a Cul De Sac. Awesome surrounding views of the Ocean, Hills, and Canyon. A short distance to Downtown Laguna! 4 spacious bedrooms, A lovely Kitchen and Den with Sitdown Ocean Views. Large wrapping decks View decks, and a Private Courtyard W/ views from the Spa! There's also a separate Guest Cottage above the Garage. Close to all 3 Schools. MUCH MORE!!!

We're going to assume this isn't an REO, and check out the sales history. Redfin says this property sold for $351,500 in 1993, and again in 2005 for $1.57 million.

That means, the property went up in value by a factor of about 4.5 in 12 years. But now, if we're led to believe that the property can and will go for the last asking price of $1.329 million, it means the decline since the peak is about 15% for this property.