Friday, April 24, 2009

Laguna and Corona Del Mar Home Prices Crash to New Low

The show keeps going folks. Despite the typical "our town is immune" cheerleading from most local real estate agents, the Laguna Beach median home price slid to $1.14 million in March, down 30% since last year. The average Laguna Beach homeowner has lost about $30,000 per MONTH in net worth from home value decrease during the last year.

Glad I'm still renting while I'm in house hunting mode. My landlord could repave a mile of PCH with the dollar bills he loses in home value in only one month. Oh, yeah, while that bleeding goes on, I get to live in his fabulous house! Sounds like the new version of the American dream!

The "immunity" has turned into the full blown plague. Don't catch it!

Sunday, April 5, 2009

Bye Bye 2626 Victoria Drive

We've watched as 2626 Victoria Drive has gone from an outrageously over-priced listing to a complete disaster for the owner, via a failed auction organized by local realtor John Stanaland of First Team Estates. Now the posted data shows that the property will be auctioned in foreclosure next week. Perhaps the banks will price it closer to the $1,500,000 the property could have fetched at the failed auction back in November, 2008. No one is immune to the drastic drop in Laguna Beach home prices.