Laguna Beach Real Estate: We Have Liftoff!

Laguna Beach Real Estate: We Have Liftoff!

Back in January, I predicted the Laguna Beach real estate market has hit rock bottom and soon will reverse direction. Naysayers everywhere scoffed at my prophecy. Ten weeks later, those humbly-delivered forecasts have proven to be 100% on the money. Laguna Beach real estate has achieved liftoff! Not like a rocket. But with enough oomf to show we can bid hasta la vista to the bottom.

The story is in the stats. Only last year, the number of Laguna Beach homes for sale on the market stood at around 320. Now there are only 236 homes. A big chunk of those currently are making their way through escrow – 83 homes to be exact. We haven’t seen this kind of motion near the ocean in years! And consider this -- we’re only THREE months into 2012, and already 66 Laguna Beach homes have closed. Can you say awesome?!

Home-buying hunger is definitely spreading through the land of sun and surf. I myself recently experienced the unstoppable power of a feeding frenzy. My client was buying a Laguna Beach foreclosure property 8 months ago. Nice place, small ocean view, beautiful lot. There were 14 offers, and the asking price was $850,000. People were bidding like crazy, and the final price my buyer paid was $911,500. Now I find an oceanfront property that the new homeowner can’t refuse, and we put the same home back on the market for $899,000. In 7 days, we have 4 offers and a new price point of $941,600! All he did was add some pieces of furniture. But that was the extent of home improvement. Buyers either didn’t notice or care! In a matter of months, the price of this humble Laguna Beach foreclosure soared from $850,000 to a selling tag of $941,600.

Whoosh! Clean off the shelf!

Surges like this are eye-opening proof that the market bottom has come and gone ... and that prices are dancing upward with plenty of pep. Does this mean the sun has set on opportunity? Positively NOT. The deals are still brewing – they’re just not quite as juicy as they used to be. Take a glance at the current inventory:

240 Laguna Beach Homes for Sale

•51 homes under $1,000,000

•109 homes between $1,000,000 and $3,000,000

•34 homes between $3,000,000 and $5,000,000

•46 homes over $10,000,000

•And one dream property nestled on the Montage Resort. This little treat has the distinction of being the highest-priced Laguna Beach home at a cool $32,000,000. Click here to view.

Fortunately, you’re still in time to catch the wave of opportunity. Just contact The Coastal Property Experts. We’ll be delighted to schedule a private consultation. My prediction is you’ll be extremely happy you did.

See you at the beach!