5 Atlantis Cove Listing Has High Aspirations

5 Atlantis Cove in Crystal Cove was recently listed by Jane Polley for $3,195,000. Considering that two Seabourne type homes were listed and failed to sell at $2,995,000 or so, I'd say this listing is rather ambitious. Another Seabourne model without a view sold a while ago for $2,200,000 and in my opinion would sell for less today.

5 Atlantis Cove does not have the best ocean view because it mostly faces a gully, not the ocean. According to the property records, a notice of default for a huge loan on another property was mailed to this home in May. The listing also omits the square footage - I wonder if this is a way to avoid the question of what Seabourne models have been selling or listing for on a per square foot basis?

All in all, in my opinion, I'm all in on this one for $2,100,000!

Unrealistic Sellers Flood OC's Home Market

The OC Register confirms that sellers have flooded the OC home market with homes that are priced unrealistically high. Buyers purchasing in the high end may end up paying too much. Way too much.

Local Real Estate Consultant Says Use 2003 Sale Prices to Determine Home Prices Today

Interesting post on Lansner's blog:

We believe 2003 prices are a reasonable estimate for most home values today. Obviously, this is a very back-of-the-envelope analysis and our work with clients is more targeted toward the decisions they are trying to make.

Many many homes in Laguna Beach and Newport Beach are listed at prices way over 2003 levels. Buyers need to be careful to avoid drastically overpaying for a home.