New Low-End Laguna Beach Homes on the Rise

Laguna Beach, whose prohibitively high prices have slowed down its market for much of 2009, is seeing a bigger share of relatively affordable homes. In the past two weeks alone, two homes valued at less than $800,000 hit the market, an unusual occurrence in a city where $2 million is the average going price.

One of the homes, listed on April 21st, is a 640-square foot house sitting on a 4,500-square foot lot. Located in North Laguna, one of the city’s most expensive neighborhoods, it includes one bedroom, 1.75 bathrooms, and a storage shed. It was sold to the lender for $892,245 and is now going for $799,000, a difference of almost $100,000.

The home is being sold “as is” and seems to be in need of some improvement, so experts aren’t sure how fast it will sell despite its price tag. For the price, the buyer will also get a peek ocean view and access to several community amenities. There are no homeowners’ association dues attached, and tax rates are promised to be low.

The other home is an ocean-view condo in Laguna Village going for $564,800. The price is rare enough in the neighborhood, which has a particular reputation for luxury estates. The owner’s bank bought it in February for $562,250, so they hope to make a small profit from the sale.

The two-bedroom condo offers a patio with an ocean view extending to nearby Catalina Island, as well as one carport space and a newly remodeled kitchen. The only problem experts have noted is that it’s located right off the Pacific Coast Highway, which can give rise to noise and pollution problems.

 

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