1315 Dunning WTF Nuked by Next Door Comp Killer

1315 Dunning, back in the peaceful part of Bluebird Canyon, recently went on the market for $1.95M. It is the lower house shown in this picture.

Don't look next door...

1315 Dunning's listing says "This completely remodeled craftsman home is a masterpiece."

Hardly. I've been inside and its very very average.

Don't look next door.....

The listing goes on trying to make ordinary something more: "Offering hand hewn hardwood floors, Gourmet kitchen with stainless steel appliances and much more. "

Don't look next door, the listing agent hopes!

Why? Next door at 1325 Dunning sits the upper house in the picture. This home is also a "masterpiece." Its a DEAD ON COMP. Sold January 17. Sold for ONLY $1.35M.

When I was inside 1325 Dunning, the agent showing the house played dumb about the neighborhood until I said "That house next door, it looks familiar."

Dread on the agent's face.

I continued "I think it sold for a loooooot less, about 1.35 million." I could almost hear the agent thinking "oh no, an informed buyer - I won't be able to sell the house to this one."

In the end, she stammered "Oh, yes...but it was a short sale." I asked "wont the appraiser look at it? It could have sold for more if it was worth it?" She could do nothing but agree and hope that I would leave quick and not infect other buyers with the truth. This agent showing the house was not the listing agent.

So there you have it. A WTF price on Dunning from listing agent Shauna Covington. What's she thinking? It must be "I hope a moron shows up with an offer." I would think that most people would agree that the listing price does not reflect an honest valuation of this property. I wouldn't put my name and reputation at risk by putting a rediculous price on this listing. Buyer beware of Laguna Beach home prices.

2616 Victoria Drive Update

Reality is setting in down on Victoria Drive - in over 100 days on the market it has not sold and the asking price has been reduced to just shy of $4,000,000. The price has a long way to go down, however, as this house doesn't compare well to other beach close homes in gated communities that are beach close, with community amenities and parking. This house, while nice, is small and has neither.

Looks like Laguna Beach home prices and Orange County home prices as well continue to slide.

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.