Laguna Beach Real Estate
$10M+ Market 1/1/2010-12/11/2017
Boyd Roberts, Broker
Gallery Real Estate 949-463-9152
Video: www.LagunaGalleryRealEstate.com
43 homes sold in Laguna Beach for $10,000,000 or more since January 1, 2010. 39 of those were listed for longer than 1 day. All of these 39 all had to first reduced their price before they were able to secure a buyer. Many experienced dramatic price reductions and extended time on the market. Total price reductions totaled $227,040,250. The average reduction $5,280,000 or 22.16 %. The median price reduction was $3,000,000 or 20%. The twin points property, 1101 Marine Drive, capitulated the most. It reduced its price by $30,000,000 before securing a buyer at a record setting $45,000,000.
The median days on market for these high end homes was 349 days. Said another way, half of the homes took longer than 11.6 months to sell. The average days on market was slightly higher at 387 days or almost 13 months. 2555 Altamar was an extreme. On the market for almost 5 years, it went thru several agencies and reduced its price by 50% before closing in 2013.
Another observation: there is a very high correlation between belated price reductions and extended listing periods. Homes that take the longest to sell – in the end – reduce their price the most. 33 Smithcliffs was originally listed on March 17, 2014 at $32,000,000. After approximately 981 days on the market, four agents, and one auction company, it sold for $12.5M earlier this year after reducing its price by just over 60%.
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SOLDs $10+ (January 1, 2010 to December 11, 2017)
Total # of Closings 43 Closings
Aggregate Price Reduction $227,040,250
Average Price Reduction $5,280,005
Median Price Reduction $3,000,000
Average Price Reduction 22.16%
Median of the Average Price Reduction % 20%
Median Combined Days on Market (CDOM) 349 Days
Average Combined Days on Market 387 Days
Boyd Roberts is solely responsible for all content/statements/opinions/and conclusions. He is a licensed broker and is not a professional statistician or an economist. All data: has been taken from sources deemed reliable; is not guaranteed; may be subject to compilation errors, data source errors, and statistically invalid data sample sizes. All forecasts and opinions are not guaranteed. Information pulled from the Laguna Beach Real Estate $10M+ January 1, 2010 thru December 11, 2017 Sales Report and from California Regional Multiple Listing Service, Inc. This information is for your personal, non-commercial use and may not be used for any other purpose.
“Days on Market” used in this report combines listing periods separated by less than 90 days. Some agents refer to this as “combined days on market.
Boyd Roberts was licensed as a salesperson in 2002 and as a broker in 2004. Individually and as a broker he has closed or overseen the closings of over 800 real estate and real estate loan transactions in excess of a $1/4 billion.
BRE 01354788 Copyright 2017. All Rights Reserved.
Address
Date
Original List Price
Closing Price
Price Reduction
% Reduction
CDOM
31921 S. Coast Highway
4/30/2010
$ 17,900,000
$ 15,800,000
$ 2,100,000
11.7%
375
1855 Ocean Way
8/3/2010
$ 11,000,000
$ 11,000,000
$ -
0.0%
0
13 Lagunita
9/8/2010
$ 16,900,000
$ 10,250,000
$ 6,650,000
39.3%
373
990 Ocean Front
1/4/2011
$ 13,995,000
$ 11,500,000
$ 2,495,000
17.8%
23
168 Emerald Bay
7/5/2012
$ 21,995,000
$ 16,000,000
$ 5,995,000
27.2%
343
3 Montage Way
9/13/2012
$ 32,500,000
$ 20,000,000
$ 12,500,000
38.4%
610
2529 S. Coast Highway
12/26/2012
$ 24,995,000
$ 14,025,000
$ 10,970,000
43.8%
131
3 Camel Point Drive
12/31/2012
$ 19,800,000
$ 17,500,000
$ 2,300,000
11.6%
941
1031 Marine Drive
3/15/2013
$ 13,700,000
$ 11,000,000
$ 2,700,000
19.7%
557
2555 Altamar Drive
4/9/2013
$ 21,500,000
$ 10,750,000
$ 10,750,000
50.0%
1768
992 Ocean Front
5/28/2013
$ 17,900,000
$ 13,650,000
$ 4,250,000
23.7%
441
2523 Altamar Drive
8/13/2013
$ 16,500,000
$ 12,500,000
$ 4,000,000
24.2%
421
2661 Victoria Drive
8/30/2013
$ 11,900,000
$ 10,500,000
$ 1,400,000
11.7%
120
170 Emerald Bay
10/17/2013
$ 20,000,000
$ 15,500,000
$ 4,500,000
22.5%
664
990 Ocean Front
4/15/2014
$ 13,500,000
$ 11,500,000
$ 2,000,000
14.8%
469
2620 Riviera Drive
5/2/2014
$ 14,500,000
$ 11,500,000
$ 3,000,000
20.6%
200
2675 Riviera Drive
6/16/2014
$ 40,000,000
$ 23,600,000
$ 16,400,000
41.0%
438
267 Cresent Bay Drive
8/27/2014
$ 12,750,000
$ 10,200,000
$ 2,550,000
20.0%
349
169 Emerald Bay
9/19/2014
$ 10,500,000
$ 10,200,000
$ 300,000
2.8%
197
176 Emerald Bay
9/22/2014
$ 20,000,000
$ 15,075,000
$ 4,925,000
24.6%
518
11 La Senda Place
10/1/2014
$ 10,000,000
$ 10,000,000
$ -
0.0%
1
2099 Ocean Way
3/31/2015
$ 13,700,000
$ 10,500,000
$ 2,200,000
16.0%
253
182 Emerald Bay
5/11/2015
$ 17,850,000
$ 15,000,000
$ 2,850,000
15.9%
276
3 Emerald Bay
5/13/2015
$ 14,999,000
$ 11,600,000
$ 3,399,000
22.6%
413
1901 Ocean Way
6/29/2015
$ 15,400,000
$ 14,200,000
$ 1,200,000
7.7%
394
31401 Mar Vista Avenue
8/20/2015
$ 14,400,000
$ 10,100,000
$ 4,300,000
29.8%
409
33 Bay Drive
9/11/2015
$ 15,800,000
$ 15,800,000
$ -
0.0%
0
2 Rockledge Road
10/7/2015
$ 10,500,000
$ 10,000,000
$ 500,000
4.7%
73
168 Emerald Bay
10/14/2015
$ 20,995,000
$ 17,200,000
$ 3,795,000
18.0%
206
1379 Circle Way
10/22/2015
$ 11,395,000
$ 10,433,750
$ 961,250
8.4%
238
2475 S. Coast Highway
11/20/2015
$ 29,995,000
$ 17,500,000
$ 12,495,000
41.6%
584
1101 Marine Drive
2/2/2016
$ 75,000,000
$ 45,000,000
$ 30,000,000
40.0%
257
102 Emerald Bay
3/23/2016
$ 29,995,000
$ 19,125,000
$ 10,870,000
36.2%
887
845 Cliff Drive
5/6/2016
$ 11,950,000
$ 10,900,000
$ 1,050,000
8.7%
33
101 Emerald Bay
7/13/2016
$ 14,250,000
$ 10,500,000
$ 3,750,000
26.3%
825
17 Lagunita Drive
8/10/2016
$ 16,900,000
$ 12,200,000
$ 4,700,000
27.8%
191
1885 Ocean Way
8/31/2016
$ 16,500,000
$ 16,000,000
$ 500,000
3.0%
44
39 Smithcliffs Road
2/6/2017
$ 18,995,000
$ 10,000,000
$ 8,995,000
47.3%
643
33 Smithcliffs Road
3/16/2017
$ 32,000,000
$ 12,500,000
$ 19,500,000
60.9%
981
160 Saint Anns Drive
5/19/2017
$ 15,695,000
$ 13,000,000
$ 2,695,000
17.1%
210
1225 Cliff Drive
5/24/2017
$ 10,350,000
$ 10,350,000
$ -
0.0%
0
2480 Monaco
7/24/2017
$ 11,995,000
$ 10,000,000
$ 1,995,000
16.6%
67
21 Montage Way
10/16/2017
$ 29,500,000
$ 18,000,000
$ 11,500,000
38.9%
744
Total
$ 227,040,250
Discussed in video
Average
$ 5,280,005
22.1%
387
4 Listings sold off Mkt: this likely skews all #'s down
Median
$ 3,000,000
20.0%
349