Demand Increases for Laguna Beach Homes for Sale
Demand Increases for Laguna Beach Homes for Sale
Laguna Beach, located on the California Riviera, is one of the world's most desirable residential destinations. Imagine being able to live where others come to vacation! Well, several buyers are doing just that as they watch Laguna Beach Homes for Sale come onto the market at some favorable prices. This has resulted in a hive of activity. Laguna Beach Realtors believe that those who have always dreamt of owning one of these exclusive and decent pieces of real estate, may find their opportunity over the next 18-24 months.
The current market time for Laguna Beach Homes for Sale is 10.97 months, which is somewhat up from the low of 10.53 months. There are reports of a "shadow inventory" of homes that are poised to enter the market; however, have not yet been added to the inventory. These are home that the banks anticipate will enter the short sale or foreclosure process, or homeowners that are deciding whether or not they want to sell their property now. Some sellers have actually already sold their homes, hoping for a further reduction in the sales prices, so that they would be in a good position to purchase another Laguna Beach Homes for Sale that puts them in a better location, has a better view, or is larger or smaller, depending on their current needs and desires.
Lately several multimillion dollar Laguna Beach homes saw weighty price reductions, with some in the Millions. Because of the continued imbalance in local inventory, there is price pressure for the Laguna Beach Real Estate market, particularly in the luxury sector. Many Real Estate Agents are therefore expecting further drops in prices for Laguna Beach homes.
One Laguna Beach Homes for Sale in Sunset Ridge, North Laguna witnessed price drops from $6.9 million to $4.9 million, which was the biggest drop for a 4 bedroom property measuring 7,200 square foot which had been on the market for over 7 months. Similar scenarios have been found in the prestigious Emerald Bay community. For instance, a 5 bedroom property with 3,000 square feet of living space dropped from $4.5 million to $3.9 million, which is a drop of more than $500,000.
The Laguna Beach Homes for Sale in the Three Arch Bay high-end neighborhood community have also witnessed drastic drop in prices. Imagine saving $700,00 on 3 bedroom property with 4 bathrooms, with expansive ocean views. On the market for approximately 3 years, the initial sales price was $3.6 million, but was latered offered at $2.9 million.
Price drops for Laguna Beach homes are welcomed by eager buyers. Many of the homes priced at $1 million or more have reduced their prices. Similar reductions were witnessed in the same period in other South Coast cities such as $11 million homes in San Clemente and $17 million homes in Dana Point, both which have had to reduce their prices.
Realtors are of the opinion that there are many buyers in the South Coast real estate market. However, there aren't enough homes that fit into their budgets. And, when a well priced home is found, unless the buyer is a cash buyer, there are some new underwriting guidelines for Jumbo Loans. As such, there is a need for a more affordable housing inventory, as well as price reductions in order to shore up demand for real estate in some high-end neighborhoods such as Laguna Beach.
Laguna Beach Homes for Sale is become a place to look for value opportunities in an area that has historically had good stability. All over the country, demand for real estate seems to be on the rise, and houses are getting twice as much interest as before, as well as a 100% list to sales price ratio. As more distressed properties are expected to enter the market, home values will remain challenged and may even reduce further in some locations. If they do reduce in this Laguna Beach area, it may be your opportunity to enjoy a lifetime of sunset in this coastal community.
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