Quality And Value To Be Found With Laguna Beach Homes For Sale

Laguna Beach Real Estate is a prime residential destination with an unparalleled California Coastline community lifestyle

. With the combined forces of price reductions and unique homes entering this market that haven't been available in years, this area recently witnessed a buzz of activity. Agents are upbeat about Laguna Beach Homes for Sale for those who have always dreamt of owning one of these expensive and worthy pieces of real estate.

Laguna Beach is one of Orange County's paced real estate markets. Recent reports indicate that this city is actually in last place after slowing down even more. 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.

Lately, there have been some major price reductions seen in several high-end dollar Laguna Beach homes, with some falling by $2 million or more. As local inventory increases, there will most likely be continued pressure on Laguna Beach real estate, particularly in the luxury sector. Real estate agents are therefore expecting further drops in prices of Laguna Beach homes.

Laguna Beach Homes for Sale in Sunset Ridge, North Laguna witnessed price drops from $6.9 million to $4.9 million. This is a drop of over $1.9 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 played out for homes located 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 significant drop in prices. A 3 bedroom property with 4 bathrooms, and located near expansive ocean views has been on the market for approximately 3 years. Its initial sale price was $3.6 million, but was slashed by $700,000 to an offer of $2.9 million.

By mid-September this year, the homes priced at $1 million or more were compelled to reduce 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 which had to reduce their prices. All in all, many Laguna Beach Homes for Sale have had substantial reductions.

Agents are of the opinion that there are many anxious and excited buyers in the South Coast real estate market just waiting for the right home to come on the market with the availability of the right financing. However, there aren't enough houses that fit into their budgets. 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.

All over the country, demand for real estate seems to be on the rise and many homes are getting 100% list to sales price ratio. With a starting price of $500,000, the real estate market is quite hot for homes whose sales price is pegged at $750,000 or below. Even Laguna Beach Homes for Sale can be found in this price range less than $1 million. As more distressed properties are expected to enter the market, home values will remain depressed and may even fall further in some areas.

by: Hillary Caston

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