Price Cuts Hit Laguna Beach Luxury Homes

The luxury market in Laguna Beach continues to feel the blow of the housing crash, with several high-end homes slashing their prices this week alone. Some have been on the market for almost two years and have been priced down by as much as $5 million.

The biggest cut was seen in 42 Smithcliffs, a sprawling 4-bedroom, 5.5-bath property sitting on a .63-acre lot. The home has been on the market for 623 days. First listed at $15 million, subsequent price cuts have brought the price down to just under $10 million.

Besides the price, several contributing factors have been proposed on the home’s inability to sell. Some believe the association dues, totaling $1,150 per month, are turning off buyers. Others think it’s the lack of ocean views, a common perk in Laguna Beach homes.

Another home in Three Arch Bay, one of Laguna’s most expensive neighborhoods, went down by $300,000 in the same week. Only 50 days after being listed, the 3-bedroom, 4-bath home cut its asking price from $5.7 million to $5.4 million.

This home, occupying a 3,300-square foot property on North La Senda Drive, has ocean views and does not come with the hefty association dues, so agents are not sure what drove the early price cut.

Perhaps one of the cheapest waterfront homes in Laguna Beach today is located in South Laguna, an area known for its breathtaking ocean views. Featuring 4 bedrooms, 2.5 baths and over 2,700 square feet of living space, the home went from $4.8 million to $4.5 million in the same period.

 

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