February 2016 Laguna Beach Real Estate
A Broker’s Take On the $10M+ Market
Audio and Video
The high end Laguna Beach real estate market has long been overpriced, illiquid, and inefficient. Price reductions – even though we are in a historic bull market – are common place: 28 of the 32 homes that have closed over $10,000,000 since January 1, 2010 have reduced their original listing price. These price reductions have averaged just over 19%. The median combined days on market for all 32 of these homes was close to a year, at 344 days. One was on the market for 2,180 days.
A lot can change in a year. 1101 Marine Drive -- right behind me -- is a classic example. It was listed May 21, 2015 at $75,000,000. The price was dropped to $65,000,000 on October 28th and again to $45,000,000 on November 30th. It was not pretty, but it did sell at a record $45,000,000 early last month.
Overpricing can have painful consequences. Buyers will not take an overpriced home seriously and the market becomes illiquid. Homes just sit on the market. Time will be wasted. Opportunity will be lost.
Hello, my name is Boyd Roberts. I am an independent broker, highly experienced, and a problem solver. I can help you negotiate this market and add tremendous value to your real estate purchase or sale. Call, text, or email me, today.
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Created March 2016 on Crescent Beach near 1101 Marine Drive. Boyd Roberts is solely responsible for all content. All data/statements/opinions/conclusions are taken from sources deemed reliable (California Regional Multiple Listing Service, Inc.), but are not guaranteed, and are not a forecast of higher or lower prices. This information is for your personal, non-commercial use. Copyright 2016. All Rights Reserved.