Tuesday, October 21, 2008

22% Discount on Skyline Drive ....and No Sale

Take a look at 1345 Skyline, a pretty nice house on a street with a great view. It has 3200 square feet and four bedrooms built in 1997.

On the market for a hefty 518 days, it was pulled from the market. The original listing price being pitched by Coldwell Banker Residential Real Estate was $3,200,000. Good thing some moron didn't bite because the price was reduced, reduced again and reduced yet again. In the end, the asking price was down to $2,495,000, which is about a 22% reduction. I've been inside this house during my househunt - it is very nice but it wasn't suitable for my family.

Of course, this house didn't sell at $2,495,000 and thus is worth less than that. How much less? I'd guess at least $100,000 less, but no one really knows how much less. Just like many other family sized homes in Laguna Beach, this one didn't sell and there are not very many, if any, comps available for a buyer to consider. This is another indicator on Laguna Beach home prices.


Anonymous said...

Mr blue, I have a Laguna Beach neighborhood question for you. Last month there was a OCR article about free back to school supplys for low income laguna beach kids and the growing number of them who by the way are mostly mexican.My question is where is the area of laguna where it is lower income, cheaper rent, affordable housing where these people live? I have driven around laguna and the only area that fits that description somewhat is the canyon area. Your thoughts?

Mr. Blue said...

Not sure which canyon you are thinking about - There is Laguna Canyon by the 133 and Bluebird canyon, for example. I think affordable housing is hard to find in Laguna Beach. I hope the kids get the school supplies they need.

Anonymous said...

There used to be some rental housing at 3rd and Mermaid where they used to live. I think those places have been torn down. I haven't driven by there lately, so they may still be there. It's right at the bottom of the really steep hill off of Mermaid.

Ms. Beach-a-go-go said...

I read that article as well. I imagine that the city has given redevelopment money to some developers for low-income housing, but I would imagine those developments are spread out throughout the town. There is really no individual place I have seen that is populated by low-income residents.