South Laguna Comp - Big House, Big Lot - $500/sq. ft.

31401 Holly Street finally sold for $1,865,000. This is about a MILLION dollars less than the original listing price. When I was in the property at a time close to the original listing, I told the agent that the thing wrong with the price was .... the "2". As in it should sell for a price of a million dollars less that would instead begin with a "1". Of course, my comment was met with fake shock by the agent, who said something like "Why, this is a good deal even at the asking price! You have to realize what neighborhood you are in."
Uhhhh, yeah. Right.

In the end, it sold for about a MILLION dollars less than the asking price. I'll take my victory lap now. This is now great evidence of the fall in Laguna Beach home prices.

In any event, this is an ocean close/big house/big yard comp for $500 per square foot. It has 5 bedrooms, etc. Had some buyer trusted the outrageously high price originally sought by Coldwell Banker, they would have taken a $1,000,000 bath. Shame shame Coldwell Banker. Take note all.

31401 Holly Street, Laguna Beach - WTF?

This house gets the "Market Chaser" award. Remember back in the 90's there were sellers who just couldn't lower their price, only to reluctantly lower it too late, after the market had gone down yet again? These people slowly reduced their prices but never quite caught up with the market. The result? NO SALE and losses galore.

Well, 31401 Holly Street, Laguna Beach may be firmly going down that road. Listed for over 6 months, the owner recently cut the price from $2,900,000 to $2,700,000. I looked at the house last weekend. OMG is it just awful. The showing agent was quick to point out that it has a yard and a "great" location. The view is good, but that is counteracted by the closeness to PCH, which on Sunday sounded really loud from the house's deck. Not only that, the house needs maintenance badly and remodeling in a big way. And it smells. And it is dirty. And the quality of the decorative detail is not top notch. Not $2M material by a long shot. $1,600,000? Maybe. The way OC home prices are declining and the way Laguna Beach home prices are declining, I wouldn't look for this to sell anytime soon.

Good luck with that.