Laguna Beach Church Sold at 60% Off

A church on Morningside Drive in Laguna Village, Laguna Beach sold for $2.1 million last week, 60% less than its initial listing price, after spending almost four years on the market. It is one of several Laguna Beach properties that have slashed prices in recent years as a result of the slow real estate market.

St. Paul's Lutheran Church first went on the market in June 2006 for $5.25 million. The new buyers, represented by agent Inge Bunn, intend to convert the property into a single-family residence.

The property spans three lots for a total area of 2.64 acres, much larger than the average Laguna Beach residential lot. The church compound, offering an attractive ocean view, includes offices, a childcare center, a meeting hall, a sanctuary, and a spacious parking lot.

Ken Frank, city manager for Laguna Beach, sees no problem with the conversion as the property is zoned as residential hillside protection (RHP), which covers the building of residential homes. Locals may even approve of the change as it would mean less traffic in the neighborhood.

Experts agree that the property is a steal considering Laguna Beach land prices and the property's location in Laguna Village, where prices tend to be prohibitively high. A similar property in equally prestigious Corona del Mar in Newport Beach would sell for upwards of $5 million.

Architect James Henry has been chosen to remodel the church, according to Bunn. It would be built to preserve the views afforded by its location, which also include the Aliso and Wood Canyons Wilderness Park to the north.

 

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