Thursday, December 3, 2009

1130 Summit Drive - Good Deal or Not?


Recently, 1130 Summit Drive was foreclosed upon and listed by its new bank owner. It is big, w/5 bedrooms, very nice inside, but no yard, on a very busy steep street and the house is all vertical - 4 stories up to the kitchen from the garage.

The bank wants $2.4 million - that's quite a steep price for a home in Arch Beach Heights, which is typically a low value area in Laguna Beach. Rumor has it that there were multiple offers a few weeks ago but even then the price didn't go that high. Now though, it looks like the house is under contract.

Oh yeah, the neighbor's house (1289 La Mirada St.), which is bigger and is uphill on a better and level street, was recently listed for $500,000 less. Not a good sign that 1130 Summit is worth anything near to the asking price, in my opinion.

What say ye? Is someone going to get a good deal or is the new buyer getting a load of trouble - a house that's going to sink underwater yet again in the future?

8 comments:

Anonymous said...

The property across the street, 1129 Summit Ave. ($1,300,000) was on the market for ages and was about to go to auction, but has just sold. I liked 1129 a lot better.

Jes Sierra, B.Sc. said...

Who ever did the BPO (Brokers Price Opinion) must of priced it high. If it doesn't move, the bank will have to reduce the price to sell the fine home.

Anonymous said...

Mr Move: Obviously someone liked this fine home, it is escrow. Have you ever driven through the beautiful streets of Laguna? You are obviously a transplant. What gives it charm? Laguna Beach has diverse architecture and homes built on steep hills. They derive the best views in town, and some of California’s best homes. It is negative fictional writers like you who further diminish an already depressed market. I have to give it to you; you are a good author, you are just not factual.......

Anonymous said...

Mr Move: Obviously someone liked this fine home, it is escrow. Have you ever driven through the beautiful streets of Laguna? You are obviously a transplant. What gives it charm? Laguna Beach has diverse architecture and homes built on steep hills. They derive the best views in town, and some of California’s best homes. It is negative fictional writers like you who further diminish an already depressed market. I have to give it to you; you are a good author, you are just not factual.......

Anonymous said...

Mr. Blue,

I'm looking for a home in Laguna Beach and have come across your past posts about other homes in Laguna and about this home in particular. It seems fairly obvious that you are interested in this home and are waiting for it to get into your price range. Me too. Its gorgeous. I was told there were 15 offers at around the $2 million mark.

Mr. Blue said...

Last Anon - The house is nice in spots on the inside, beat up in other spots, but the cars driving up the busy street would be too noisy for me. If 15 people made offers at around the $2M mark, then I'd say that is a fair indication that the value is about $2M. A sale price over that would logically be overpriced.

Anonymous said...
This comment has been removed by a blog administrator.
Mr. Blue said...

The previous post has been deleted. To the writer, feel free to drone on about stainless steel appliances like it was 2007, but please leave names of third parties out of the blog.