1283 Starlit Drive - Another 11% reduction in price

This blog long ago identified the overvalued remodel at 1283 Starlit Drive - deep in Bluebird canyon. Well, the seller just reduced the price by $100,000 to $800,000. Considering it was bought in 2007 for $1,100,000, the asking price now represents about a 30% decrease. This is merely a comparison of the asking price and the last sale price. If (and when) the property sells for less, the real reduction will be even more. And this doesn't include the flipper's remodeling expenses.

Family homes in Laguna have slid downward big time. 1283 Starlit is Exhibit A.

Update: This home sold in April of 2009 for $835,000.

Flipper Smackdown - 1283 Starlit Drive

1283 Starlit Drive was featured on Bluemove in February. It is a somewhat remodeled home located way back in bluebird canyon with no ocean view.

My sage advice then? I said I was waiting for the $900K offers to roll in. I think the seller is a reader - today the listing price was lowered to .....$899K.

This is $400K lower than the original asking price, of $1,299,000, which is a 30.8% reduction.

The last purchase price, in 2007, was $1,100,000, so even if this home sells, the seller will see a big haircut.

This is the latest evidence that true market values are much less than most list prices in Laguna Beach. Laguna Beach home prices still have some settling to do.

1283 Starlit Drive - Another Member of the Laguna Beach Desperate Flipper's Club

Bluebird Canyon is a nice part of Laguna Beach. 1283 Starlit Drive is located well inside the canyon and was just listed. Too bad that it is a just finished remodel that has hit the market waaaaay tooooo late.

Purchased for $1,100,000 in early 2007 before the bottom dropped out, the asking price is now a hefty $199,000 more, totaling out at $1,299,000.

The listing comes right out of the box with a desperate plea: "Seller will carry!! Beautiful home remodeled, 4bed 1 bed converted to family room /office. 2 full bath one story,shows very well,great for large family or roomates. Has seperate entrances. Wood floors, newer carpet and tile,ceiling have been scraped,formal dinning room, fireplace in living room. Many fruit trees in yard, very private. Open floor plan. Please call listing agent for special financing detail. "

So let me get this straight. I should pay $200,000 more in a DOWN market for some wood floors and scraped popcorn ceilings??????? The listing photos DO NOT show the kitchen, so I'm wondering if the old kitchen is in this minimal remodel. But sure, I'll pay the listing price anyway - because the "Seller will carry". Easy loans just like the good old days means I don't care what the purchase price is. Let the good times roll!!! Yeeee-haaaaah! Booooo YAAAAA!!!! Sign me up!!!!!!

Seriously. I'm wondering when the $900K offer comes in.............