Monday, January 12, 2009

South Laguna Comp - Big House, Big Lot - $500/sq. ft.

31401 Holly Street finally sold for $1,865,000. This is about a MILLION dollars less than the original listing price. When I was in the property at a time close to the original listing, I told the agent that the thing wrong with the price was .... the "2". As in it should sell for a price of a million dollars less that would instead begin with a "1". Of course, my comment was met with fake shock by the agent, who said something like "Why, this is a good deal even at the asking price! You have to realize what neighborhood you are in."
Uhhhh, yeah. Right.

In the end, it sold for about a MILLION dollars less than the asking price. I'll take my victory lap now. This is now great evidence of the fall in Laguna Beach home prices.

In any event, this is an ocean close/big house/big yard comp for $500 per square foot. It has 5 bedrooms, etc. Had some buyer trusted the outrageously high price originally sought by Coldwell Banker, they would have taken a $1,000,000 bath. Shame shame Coldwell Banker. Take note all.

1 comment:

JohnS said...

Wow. I'm so glad *someone* is debunking Laguna Beach.

Good find.