Laguna Beach Real Estate – What’s Going On Here?
Laguna Beach is not immune to the current trend in the Orange County Real Estate Market. Despite the fact that there are currently 329 homes for sale in Laguna Beach, one of them sold this week in the blink of an eye. How’d that happen?
Home Sells in 20 Minutes in Laguna Beach
This week, a really cute 3 bedroom 3 bath 1600 square foot home with a 2 car garage and ocean views came on the market as a new REO listing and came off the market, sold, set to Pending Status 20 mintues later. Here’s a shot of the front of the house:
So here’s the story on this home – it was first offered for sale as a Short Sale on April 25, 2008 at an asking price of $1,089,000.00. It sat on the market for almost 4 months, with no accepted offers, until it expired on August 16, 2008. Between August 16 and September 18, 2008 the owner moved out, the bank tried to sell it at auction, and then it became the bank’s property. It was relisted with a new broker, was probably premaketed to the broker’s buyers and with an REO sign on the house, and was sold as it was being processed through the bank’s system. The list price was $697,775.00. $391,225 (ok, we can round that to $400,000.00) less that the previous list price – or a 36% price reduction. That certainly got someone’s attention! And quickly. We won’t know exactly what it sold for until is closed, which will only be a matter of weeks. We’ll keep you posted.
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