Monday, May 5, 2008

Major Comp Killer in South Laguna - Pre 2004 or 2003 Prices Have Arrived!

32039 Virginia Way sold on April 8, 2008 for a paltry $1,125,000. Nice ocean views, 4 bedrooms and 2,650 square feet.

Activate Calculator.

WOW, that's $425 per square foot.
Not only that - the last sale price was $1,500,000 in April of 2004. That's right. The new sales price is LESS than 2004's sale price.
Ocean close in Laguna. How can similar homes now appraise for more? They can't. It will be an interesting summer. Laguna Beach home prices continue to spiral down.

Next time you see a real estate agent, ask him/her about this sale. Of course, they probably will claim ignorance. Give a client an accurate picture of the market? Not likely.


Anonymous said...

Are you sure the house is that big? Trulia says $881/psqft

Mr. Blue said...

Yes, I am sure. I have the MLS listing for the house - it was remodeled and had 2650 sq. ft.
There's something wierd in the public records after the 2004 sale showing several sales with small little prices. I wonder if the flipper sold interests in the house to partners. In any event, the house was big and the sale price dropped a lot. There is a big problem in Laguna Beach with the tax records not showing the correct square footage. That inflates the per square foot sale price numbers you often see. They are wrong. Buyer beware.

Swim Mistress said...

I think some of the discrepancy may be due to owners expanding the square footage without permits from the city. Lots of owners did this in the past to carve out a little rental space for tenants for extra income -- or to help with the property tax.

LuLu G said...

According to Redfin this home is now bank owned and listed at 1,349,000. It went back ot the bank in April. I don't know about that decking in an earthquake--looks a little shaky.