Condo complexes are great market barometers. There is enough sales history to see some trends that may reflect the broader market in the local area.Blue Lagoon is a rather old condo complex with good amenities such as tennis and pool, located between PCH and the beach just north of the Montage Resort.
In any event, we reported on 15 Blue Lagoon late last year. What's up with it? It is still for sale, now priced at a reduced $1.599M. This is $100,000 less than it's 2006 purchase price. Factoring in a 6% commission, the actual sale price realized by the seller will probably be at least $200,000 less than the 2006 purchase price.
This property has been listed for nearly a year.
Other Blue Lagoon units have recently come on the market and some of them are flips where the units were upgraded and relisted on the MLS. We'll see how they do. I often walk through Blue Lagoon and the whole place seems rather dated, run down and the units don't even have garages. Multi million dollar units with car ports? Yes. Here. In Laguna Beach.
1 comment:
This condo complex used to have some of the cheapest units in Laguna --before the bubble inflated the prices beyond the stratosphere.
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