Sunday, January 13, 2008

581 Diamond Street Update - Foreclosure Confirmed

Had time Saturday for some open houses. I stopped at 581 Diamond even though it wasn't held open because I saw a legal notice on the front door. Sure enough, it was a foreclosure notice. So it is confirmed - it is a foreclosure seller who is trying to unload the property with an asking price more than $1,000,000 LESS than the prior sale price, which was only only last year. I wonder if this is a sign that banks will price cut much more this year, which will put severe downward pressure on prices on Orange County home prices and by default, Laguna Beach home prices.

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