Laguna Beach Homes Over $2 Million Harder To Sell

Properties priced over $2 million aren't uncommon in Laguna Beach, but they're not the biggest sellers on the market these days, according to recent data from the Southern California MLS.

Listings show that of the 26 homes sold in Laguna Beach in October 2010, only 5 were in the $2-million and up range. Two were priced between $2 million and $3 million. A large majority of the homes were in the middle market in the lower $1 million range.

Laguna Beach real estate columnist Kelli Hart says the hardest homes to sell are in the super-luxury range, those priced well over $2 million. Only one such home was sold in Laguna Beach last month.

Another super-luxury home was sold just last month in North Laguna, presumably the most expensive neighborhood in Laguna Beach, at $8.7 million - half its price tag when it was first listed in March 2009.

Hart adds that more high-end homes may end up just sitting on the market in the past few months. According to the MLS data, some 41% of Laguna Beach homes for sale in the past month are in the over-$2 million range.

Hart points to two factors that can explain the trend: first, the market is still unstable and probably will be for at least a few months; and second, buyer activity is typically slow in the fall and winter.

Laguna Beach homes have generally been one of the slowest in Orange County, both for their higher-than-average prices and the low demand for high-priced homes in the wake of the recession.

 

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