Laguna’s Oldest Home Hits the Market

Laguna Beach’s oldest home, built in 1883 and aptly sitting on historic Pearl Street in Laguna Village, has just hit the market with an asking price of $2.8 million, down by a million from its last selling price in 2008.

Known to locals as simply “the Pearl Street house,” the 3-bedroom, 2-bathroom house boasts 1,500 square feet of floor space on a 5,000-square foot property. Among the main features are a spacious loft and a terrace facing the oceanfront just a street away.

Laguna-based real estate developer Tresor Properties bought the home for $3.8 million in 2008. The company’s co-founder and listing agent Jeff Fishbeck has also announced plans to sell the adjacent lot behind the home as soon as the sale closes.

The Pearl Street house has not been renovated since it was last sold, perhaps because changes are restricted by the city’s Design Review Board, and is currently offered as is. Fishbeck says the company is working with city officials in planning restoration projects, and is willing to work with the new owner to preserve its value.

Industry players are curious about the $1-million price drop, considering the home’s historic value and its oceanfront location. A lot alone in the Laguna Village neighborhood is worth as much as the house’s current asking price. Fishbeck calls it “the best deal in town” and says they priced it specifically to attract more buyers.

Some believe the company sold the property to stay liquid, and that the price slash won’t hurt as much as they plan to sell off more properties in the same area.

 

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