Luxury Laguna Homes Continue to Slash Prices

Following weeks of sluggish home sales and home price reductions, Laguna Beach seems to be on the slow road to recovery as home prices continue to drop, most notably in the city’s more upscale communities.

The slowdown is most evident in Emerald Bay, a prestigious luxury community known for its multimillion-dollar properties. This past week, two of its homes for sale saw significant price reductions after being on the market for several months.

The first is located at 33 Emerald Bay, a 6-bedroom, 6.5-bath property with ocean views and 6,000 square feet of living space. The price was recently reduced from $9.3 million to just under $7.5 million, a drop of more than $1.8 million.

The home had already been significantly reduced from its original price of $12.3 million, bringing the total reduction to just a bit over $4.8 million. The property is located right next to investor Warren Buffett’s former home, which went off the market last month.

The second home saw a much smaller but nonetheless significant price cut. Located at 50 Emerald Bay, the 4-bedroom, 5.5-bath home is down to $8.2 million from the original $8.495 million price tag. It measures 4,800 square feet and offers unique ocean views.

Recently sold homes also had to make big price cuts after sitting in the market for close to or over a year. In October, 178 Emerald Bay sold for $9.2 million more than 12 months after being listed, reduced by almost half from its original price of $17.2 million.

Currently pending sale is 42 Emerald Bay, a property that most experts deemed as overpriced (the last listing price is at $2,894 per square foot). The home is now in escrow and has slashed around $7.5 million off its original price.

 

Earlier in Laguna Beach Real Estate News:
Montage Resort Plans $400 Million Utah Expansion
Emerald Bay Home Slashes Price By $1 Million
Laguna Beach Market Times Rise To 14.5 Months