Laguna Beach Dominates ‘Hottest Homes’ List

Despite dragging behind the rest of Orange County for the past few months, Laguna Beach continues to show signs of recovery as it furnished seven of the ten most desirable homes in the county’s famous South Coast area, according to data from Realtor.com.

The other three homes were located in San Clemente, leaving Dana Point the only city without a ‘hot’ property this week. All the homes were priced between $1 million and $1.5 million, and are located in one of the five South Coast ZIP codes.

The list was compiled based on online and offline real estate searches, with homes limited to within 20% of the median home price of $1.3 million. The homes with the most views are considered “hot” in today’s South Coast market.

Topping the list was 1105 Summit Drive, a waterfront property sitting on a 7,500-square foot lot. The three-bedroom home was built in 1963 and offers unique oceanfront views, including views as far as Catalina Island and the Laguna whitewaters.

Laguna Beach also has the most expensive home on the list: 600 Loretta Drive, a three-bedroom, 2.5-bath property built on a 9,500-square foot lot. The home is valued at $1.5 million and features a stunning exterior with hints of postmodern architecture.

Experts maintain that the city’s high median prices do it both good and bad: it keeps property values high and the area marketable, but it has also slowed down local activity especially after the real estate crash.

Nevertheless, expectations are high for the Laguna Beach market in 2010, as the inventory of luxury homes has shrunk and buyer activity has started to pick up. Experts are confident that home buying will pick up in the South Coast after the holidays.

 

Earlier in Laguna Beach Real Estate News:
Government Programs Can Help Laguna Beach Homeowners
Montage Resort Plans $400 Million Utah Expansion
Emerald Bay Home Slashes Price By $1 Million