More Luxury Homes Hit Laguna Beach Real Estate Market

Buyers looking to buy luxury real estate this season have good reason to check out Laguna Beach. The coastal city has seen its supply of homes over $5 million increase in the last few months, a welcome turn after a slow start to the buying season.

Most of the 27 new homes on the list are in high-end communities like Emerald Bay, Three Arch Bay, and Irvine Cove. Homes in these areas normally sell in the multi-million range, and can go for as much as $30 million. Many of the properties are being sold as short sales, however, making them particularly attractive.

Short sales, or homes being sold for less than the seller owes on the mortgage, peaked in the low and middle end of the market last year and early this year. They are just starting to creep in on the luxury market; in Orange County, some of the first to feel the crunch are Laguna Beach, Dana Point, and Huntington Beach.

The sellers of these homes tend to be fairly new homeowners, having bought the houses less than ten years ago. At that time the sub-prime lending business was in full force, and even upper-middle class buyers were snapping up million-dollar homes. After the bubble burst, many were left in financial distress and had no option but to short-sell their homes.

Despite the increase in options, experts advise aspiring buyers to enter the Laguna Beach real estate market with caution. The legal and professional costs that short sales entail can easily wipe out potential savings from the sale itself, they warned.

Working with a Laguna Beach realtor is a good way to stay on the safe side of the market. Experienced realtors can offer advice on choosing a home, getting a mortgage, and setting a budget, as well as the legal implications of each decision.

 

Earlier in Laguna Beach Real Estate News:
Charge Your Electric Car in Laguna Beach
Oldest House In Laguna Beach To Be Rehabbed
Eco-Friendly Mansion On Sale In Laguna Beach For $15 Million