Monday, November 23, 2009

Dataquick October Numbers - Houses Above $2M in Laguna Overpriced

The October dataquick numbers are in and the median price is flat for Laguna Beach, compared to recent months.
The median single family home price in Laguna for October was $1.195 million, but this is down a whopping 36.4% from October, 2008.

The interesting thing is that while the median price has been flat in the recent months, the economy and the lack of good financing is just killing the homes priced above the median, for which one would borrow more than the current $729,000 conforming jumbo limit. Specifically, sales of homes above $2,000,000 have been frittering away to nothing as the year has progressed. No sales of these homes in October. None at all. This means that homes in Laguna Beach that are listed for above $2 million are SEVERELY OVERPRICED.

I wouldn't want to be a buyer of one of these homes earlier in the year - If I was, I would be listening to my home value deflating below the purchase price. sinking underwater......

1 comment:

Anonymous said...

I'm glad you posted again. I always look forward to your comments.