Ocean Views Worth $500,000 in Laguna Beach

Laguna Beach is known for its oceanfront homes, but how much more is a buyer willing to pay for a home with a view? Recent data shows that two near-identical homes, one with an ocean view and the other without, can differ in price by more than $500,000.

Two homes in Arch Beach Heights, an upscale neighborhood in Laguna Beach, are currently listed at $1.249 million and $1.750 million. The two are roughly the same size and are located on the same street, the difference being that only one has an ocean view.

The more expensive home is larger, but is still more expensive in terms of price per square foot. The ocean-view home, located on a 5,000-square foot costs around $733 per square foot, while the other is at around $690 and sits on about 3,000 square feet.

Both homes have been on the market for about six months, and expect to stay listed for at least a few more weeks. The Laguna Beach real estate market has been one of the slowest in Orange County for the past few months, with market times nearing or exceeding a year.

Some experts argue that these two homes alone are not a basis for the valuation of ocean views, as other factors have to be taken into account. For one thing, they say, the quality and construction of the home itself also play a big role in how much the property is worth.

However, oceanfront homes have always been favored in real estate in and out of Laguna Beach. The city, as well as others in Orange County, has imposed building regulations in many of its neighborhoods to preserve ocean views in areas located farther from the shore.

 

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