Coldwell Banker's MLS Listed Cartoon House Foreclosed Upon

I've written about the 940 Hillcrest cartoon house for a while now - how it was a Coldwell Banker listing priced at (hold your laughter) $2,800,000. The original MLS listing didn't even have a picture of the house, it had a nice fancy cartoon drawn house drawn over the present house.

This was the ultimate bubble listing. It wasn't about the house that existed in REALITY - instead the brokerage wanted everyone to buy into a fantasy cartoon house that only existed in the MLS. After all, that's where the value is - in pretend homes. Gee, thanks, Coldwell Banker.

Well, the sales tactics didn't work and its all over now. According to the new MLS listing that hit the system today, the property is now bank owned and priced at $937,800, roughly 66% less than Coldwell Banker's original price. I'm really happy for the buyers out there who didn't fall prey to the original list price.

Next time you see a Coldwell Banker listing, think of this one - how much do you really trust these people to present a property with a fair market price? I'll let the commenters answer that one.

Cartoon House - Now Asking $1.2M - Down 57%

In December 2007, I identified this listing as ridiculously overpriced at $2,800,000.
Nailed this one. At 940 Hillcrest in Laguna Beach, it hasn't sold and is now listed at $1,200,000, a whopping 57% reduction in asking price. Of course, that is still a lot for a CARTOON HOUSE.
Presumably, this property is being sold for the value of the lot. Nonetheless, I think the term CARTOON HOUSE fits in just fine with the snake oil most Laguna Beach and Newport Beach real estate agents are selling.

Barton Rollert of Coldwell Banker has this listing. Rollert's credibility is scraping bottom since the past listing for this property asked for $2,800,000, and obviously this was way, way off the real value.

Barton, can I buy your CARTOON HOUSE with CARTOON MONEY?

This shows how much trouble a buyer could get into by giving any weight whatsoever to a Coldwell Banker list price. If someone would have paid $2,800,000, or anything close, we now know that the buyer would have been stuck with at least a $1,600,000 loss based on the present list price.....

Fanta-sea Listing of the Week

Look at this Laguna Beach property that was just listed. Yes it.... is a ..............cartoon. A $2,800,000 cartoon. As shown, the cartoon shows what a house would look like IF one was built using the approved plans that come with the property, located at 940 Hillcrest Drive, Laguna Beach.

I haven't driven by to see if the property is an empty lot, but the current owner purchased the property in October of 2006 for $1.45 million. Well now, since the seller has approved plans, there must be some added value, right? Of course!

Even though prices in Laguna have been diving, this property is priced at $2.8M!! That's right, those plans must be worth at least $1.35 MILLION DOLLARS! A seller's fantasy land? Time will tell and I'm betting there will be plenty of time to tell as this listing may languish.