Wednesday, May 21, 2008

Flipper Smackdown - 1283 Starlit Drive

1283 Starlit Drive was featured on Bluemove in February. It is a somewhat remodeled home located way back in bluebird canyon with no ocean view.

My sage advice then? I said I was waiting for the $900K offers to roll in. I think the seller is a reader - today the listing price was lowered to .....$899K.

This is $400K lower than the original asking price, of $1,299,000, which is a 30.8% reduction.

The last purchase price, in 2007, was $1,100,000, so even if this home sells, the seller will see a big haircut.

This is the latest evidence that true market values are much less than most list prices in Laguna Beach. Laguna Beach home prices still have some settling to do.


Anonymous said...

If he put 20% down he probably owes 880-890k depending on the purchase closing cost. Probably hoping to cover the note and pay closing/realtor out of pocket.
Prices are dropping fast. At first glance this looks like a good deal. However the property is mediocre and is located deep in the canyon. I think he will be lucky to sell over 800K.

Anonymous said...

I like Bluebird Canyon. Disadvantage: If you like to take walks, there are better areas of Laguna. But check out these properties in Arch Beach Heights:

943 Tia Juana -- $784,900, an REO and last I heard, multiple offers.

928 Tia Juana -- $860,000, also an REO.

1420 Del Mar -- $1,091,000 - 1,595,000, also an REO. (Lots of stairs in this one).

Anonymous said...

Correction: 1420 Del Mar is not an REO -- yet.