South Laguna Homes Get Cheaper

The holidays may be a good time for buyers to snap up Laguna Beach luxury homes, as prices fall in anticipation of slow buyer activity over the winter, according to real estate columnist Kelli Hart of the Orange County Register.

Two oceanfront homes have recently slashed their prices in Laguna Beach, both of them in the multimillion-dollar range. More such price cuts are expected in the next few months, typically the least active time of the year for home selling.

One of the homes, located in South Laguna, is now priced at $9.75 million, six months after it went on the market for $10.75 million. The 4-bedroom, 4.5-bathroom property was last sold in January 2009 for $10 million.

The home, sitting on 6,251 square feet of land and offering 4,300 square feet of floor space, has panoramic ocean views and recently underwent renovations estimated at $2.5 million. Features include a home gym, private beach access, and a wine room.

Another home, listed back in April, went from $7.2 million to $6.2 million last week. Located in the upscale Three Arch Bay community, it sits on a .3-acre lot and offers 3,150 square feet of floor space.

Hart says another reason to buy a home over the holidays is the lack of competition. People tend to set aside home-hunting during the season to focus on the holidays, so buyers are in a better position to negotiate.

Price cuts are not uncommon in Laguna Beach these days, as luxury home sellers struggle to find buyers in a slow economy. As the off-peak season rolls around, homes are expected to stay low, making it a great time to buy.

 

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