Wednesday, January 9, 2008

Top of the World Sales (Or Lack Thereof)

I've listed some recent sales from the Top of the World (TOW) neighborhood. TOW is a highly sought after family neighborhood here in Laguna Beach. It is WAY up on top of the coastal mountains. It has flat streets and a great elementary school, perfect for kids riding bikes and for parents who walk their kids to school. Homes tend to be less expensive up in TOW, except for the homes that have a good ocean view.

In any event, look at the data. Almost NOTHING has sold in the last half of 2007. This tells me that the market value of the TOW homes is way, way below the asking prices. How far? 20% ?
30% ? Do I hear 40%? Maybe........

HOME SALES ON TOP OF THE WORLD: (address/sale date/selling price)
3175 Mountain View 7/07 $1,640,000.
3005 Mountain View 8/07 $1,422,000.
3174 Bonn Drive 2/07 $1,582,000.
2855 Chateau Way 3/07 $2,375,000.
2860 Chateau Way 3/07 $1,525,000
2861 Chateau Way 5/07 $1,725,000
2975 Chillon Way 2/07 $1,425,000
3335 Alta Laguna 7/07 $5,480,000.
28761 Top of the World 8/07 $1,100,000.
3271 Rimcrest Circle 7/07 $2,650,000.
2821 Ridge Drive 8/07 $1,550,000.
28911 Temple Hills 6/07 $1,400,000.
2265 Bridge Road (Pke) 5/07 $1,900,000.
2270 Park Avenue 5/07 $3,350,000


Les said...

Blue - Where did you get your data on recent sales? I used to use Zillow, but have found that they haven't be updating recent sales with much regularity.

Mr. Blue said...

Les, I got them from the Top of the World Neighbors newsletter. Normally, Zillow is quite accurate but there is a time lag in the posting of the sales data because it comes from county records, which are updated s-l-o-w-l-y.

Mr. Blue said...

Les, I just checked Zillow for the first two listed sales and both were accurately shown in Zillow. I think Zillow is accurate and should be accurate for all recent sales.