Take for example 22 Sidney Bay in Crystal Cove, which sold for $2.249 million at the end of June. Although the listing made a big deal of the "ocean," the dining room and living room at what would be the ocean-facing end of this home have huge sit down views of .....
a brick wall.
Uggg.
That's right. Practically speaking 22 Sidney Bay has no ocean view because of the house located behind it. The inside is very nice, though, and i suppose that is what sucked the buyers in.
All this is not so bad until you come to know that 27 Atlantis Cove then sold for about the same price -- $2.350 million. Not so bad? No, it is bad. 27 Atlantis Cove is a bigger home with a HUGE ocean view. No brick wall view. A big ocean view from the kitchen and living room in a Crystal Cove home is worth about $500,000.
Did the buyers of 22 Sidney Bay overpay by $500,000? Probably. Especially when you consider 11 Secret Cove, which is the same size with practically the same no-ocean view. It sold for $1.892 million. 11 Secret Cove closed about a week before 22 Sidney Bay - did the Sidney Bay buyers know about this comp that was priced more than $350,000 less? I doubt it!!
Buyers need to be careful out there - do your own research and don't assume your real estate agent is keeping you informed.
