Laguna Beach November 2009 Real Estate Update

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Laguna Beach November 2009 Real Estate Update

November Sales were good. Minimal seasonal correction.

It looks like the sales activity has legs

  • There were 24 closed sales in Nov. 2009 in Laguna Beach. This is good for an end of year holiday month. There were 27 sales in Oct. It is the highest number of sales in November since 2005, at the height of the boom, with 35 sales.
  • The price range that has the most growth is in the $1.5m to $2m range, which had 7 sales. 3 where sfr and 4 were condos. The sfr price per sqft was around $640k. Condos were $1,200 a sqft (ocean front) and the sales price was 30%+ off the original price. 1 sfr was a foreclosure.
  • The less than a million range had 9 sales down from October’s 12. This might be due to lack of new inventory on the market. 2 were foreclosures and 2 were short sales. The average price per sqft was $500k. 2 of the 9 sold were condos.
  • The were 6 sales in the $1m to $1.5m which is down from 9 the previous month. They averaged around $600 a sqft. All were sfrs and the final price was about 15% off the original list price. All the sales were standard sales (no distressed properties)
  • The rest of the sales (3) were above $3m. 2 were in Emerald Bay.
  • This is an interesting tid bit. There are currently 66 Pending Sales in Laguna Beach.  27 are either short sales or foreclosure. Below is a simple analysis of when they went into escrow.

2 have been in escrow for more than six months

3 have been in escrow for more than four months but less than six months

9 have been in escrow for more than two months but less than four months

52 have been in escrow for less than two months.

  • There are 334 active listings for sale. This is the lowest this year since Jan. but typical of the season.  27 are either short sales or foreclosures.

Again, from my vantage point it appears a lot of the buyers are from inland LA or Orange County. They are either second homes or permanent residances. They’ve been waiting on the sidelines for quite a while and feel it is time to strike. Prices at the lower range are down enough for them and the mortgage rates are excellent. No less, it is a good time to negotiate if you have the financing.

With the listing inventory seasonally down I help my clients to be on top of any new houses that come on the market with videos of most of the new listings in the less then $2m range as well as being alerted of these new listings. If your not getting them please let me know and I’ll send them to you.

About Author

Sean McCracken

As the OC Realtor I’ll help you find your special OC Coastal home at that special price. With my hand holding, I’ll take you through the buying process for the minimal amount of pain - Call Me @ 949-290-5317

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