Emerald Bay Home Slashes Price By $1 Million

A luxury home in the prestigious Emerald Bay community in Laguna Beach has reduced its price by over $1 million. It is one of the many upscale homes in upscale Orange County to have made price cuts in recent weeks, as buyer activity drops and the inventory continues to grow.

The five-bedroom, five-bathroom home at 540 Emerald Bay was initially listed around four months ago at $8.995 million, but is now going for $7.95 million, making a difference of $1.045 million.

The home sits on a 5,680-square foot street-to-street lot and offers 4,650 square feet of livable space, which amounts to over $1,710 per square foot. This is hardly surprising as Emerald Bay, located in North Laguna, has always been one Laguna's priciest areas.

Built only last year, the home boasts three levels and has views of the ocean, coastline, whitewater, and neighboring Catalina Island. Other features include a three-car garage, view decks and terraces, a fully furnished chef's kitchen, and a modern construction combining natural stone and warm wood tones.

The upscale design fits right in with the Emerald Bay community, known for its stunning homes and breathtaking views. Homeowners’ association dues amount to about $600 per month, a standard in Laguna Beach luxury neighborhoods.

Home prices have been dropping in Laguna Beach, as well as other high-end cities, as the buying season draws to an end and more luxury homes fall into distress. A new wave of foreclosures has been predicted earlier this year by experts, said to be concentrated on upscale and coastal areas.

 

Earlier in Laguna Beach Real Estate News:
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More Luxury Homes Hit Laguna Beach Real Estate Market
Oldest House In Laguna Beach To Be Rehabbed