Friday, August 15, 2008

2616 Victoria Drive Update

There have been a lot of comments on this house on the blog.
It still appears to be listed at $3.7M. Someone claimed it was under contract but the listing still shows active so I think someone thought better of buying this small little Euro Box.

It doesn't compare well to the competition. For example, 170 Dumond is virtually brand new and is BIGGER and is in the same neighborhood, yet can't appear to fetch the much lower asking price of $2.89M.

Also 2626 Victoria Drive, brand new and BIGGER and has more parking and hasn't sold in over TWO years and has a listing price of $3.25M.

Even closer to the beach is 2670 Victoria at $1.8M. It is about the same size but older.

There you have it, three good reasons why the asking price for 2616 is a way way out of line. I wonder what the sales pitch is at the open houses for this property? How about "you really should buy this just because we have priced it so high - it is very exclusive, you know!"


Swim Mistress said...

Drove by 1005 Balboa last weekend. Very narrow, small house on tiny corner lot at Balboa and Capistrano. First listed for sale on February 2, 2007 for $1,195,000. On January 28, 2008, a NOD was filed, $948,600 owed on first. On July 20, 2008, the bank took it back for $868,000. Listed on August 11, 2008 for $794,105.

LuLu G said...

Really, nothing on Victoria is that great. If you look what stuff sold for just a few years ago, it's apparent that the last few boom years were just a fluke.
2626 Victoria does not have a 3 car garage; it's a 2 car that your motorcycle or MIata has to limbo under. No full-size car could be driven into the garage because of the first floor overhang. Although new, the 2600 sq ft is bland and there is only one closet in the whole house. The back patio looks at a wall of concrete. The front view is okay, but mostly looks at other people's roofs that need repair and the road where people drive by constantly looking for some kind of beach parking.
2616 Victoria is in denial; there is no way anyone would turn down 3.6 for that--it's a fiction perpetuated by a desperate realtor.
2670 Victoria is a tear down not worth anymore than the lot, and the new build across the street started at 5.775 and is now at 5.2 with no takers (another bland design like 2626). Who on earth would pay 5.2 MILLION for a house completely devoid of character?
Laguna has some of the nicest people (and the other blogster is right, they're not rich), but some of the most butt-ugly homes for high prices imaginable! Tiki-shack teardowns and roach motels! Really, though, we appreciate those who keep their houses up and remodel (even for their tenants).
Welcome back, Blue!

Anonymous said...

Many of the homes that seem to be outrageously priced are set at the owners loan balance. It would be interesting to know the owners debt load.

Mr. Blue said...

Looks like the owner paid about $2.3M for the place in 2005. Of that it looks like there are recorded mortages of about $1.5 and $250K, but there must be other funds expended or borrowed for construction.....