Saturday, February 27, 2010

$358 Per Square Foot in Top of World - Bluemove's Value Prediction on 3216 Tyrol Comes to Pass - It sells for about 50% of the original list price

I've previously written last July about the value of 3216 Tyrol, which at one time was listed for sale at $3.2 or $3.4 million, and more recently listed for about $2 million. I said at the time, i'd pay 20%-30% less, given that the home was purchased in 2007 for $2M, back when values were a lot higher. My inescapable conclusion? The home in my opinion was worth to me much less than $2 million.

Well, it just sold for $1,685,000.
This is why I do not trust whatsoever the original listing prices for some of the homes for sale in Laguna Beach as being representative of what I should pay for a home.

This sets a comp price point of $358 per square foot for homes in the Top of the World Neighborhood. This is yet another decline. You probably won't hear about this from your agent. Until you ask.


Anonymous said...

You were correct on this one 100%


chrissie said...

Mr Blue, you are correct in many ways, but I must correct you in some numbers. You state that this house was listed at 3.2 million.

I bought it in 2006 for 2 million. The highest my agent ever listed it at was 2.9 million in what 2007 around the time the bubble burst. I took it off the market and At the time your blog was written, I had it re-listed it at $1,998,000. According to the MLS data $1,685,000 was sale at 85% of its list price. You can "stand by your comment" but that does not validate it as fact.
I do believe the listing agent (when I bought it) may have had it at 3 million, prior to 2006. Research it a little more,

I am very pleased with the outcome of the sale and this is a fine home.

Keep on blogging blue.


PS: What do you think of 655 Brooks Street?
My children and partner are enjoying the move to this great home!