Laguna Realty - Gets A Move On
Real estate market at Laguna Beach has just got a move on. It was the slowest housing market in Orange County for weeks. The latest news is that the city’s average market time had dropped from 10.97 months to 10.32 months.
High prices of this premium area are one of the main reasons for the slow down the real estate market has seen here. According to a Laguna Realtor this was also the reason for the drop in the prices of Laguna Beach Homes. However, Laguna Realty is not crawling anymore. Laguna Beach is showing some improvement after weeks of being the slowest market in Orange County. Although Corona del Mar in Newport Beach holds first place with an average market time of 10.84 months.
Laguna Beach is one of the very few areas that has shown some improvement in past few days. The fastest housing market is in Portola Hills, where homes spend a mere 0.64 months in the market. Market times throughout Orange County are going down on average having dropped from 2.46 to 2.33 months within two weeks and for the short sales the market time is just about 1.5 months. While the average Orange County home takes about 2.5 months to sell, the million-dollar homes often spend at least 7 months on the market which is quite acceptable as luxury homes naturally have a long market time.
But the happenings in the Laguna Beach Real Estate market are surprising enough. It is just not that the market has gained some momentum but there is also some disparity in the prices the homes are going for.
Price difference of $6 million for two homes in Laguna Beach located just across the street from each other with similar size, accommodation and facilities have left the Laguna Beach realtors surprised as well. These homes are located in the Smith cliffs community of North Laguna Beach Realty. One home, located at 15 Smith cliffs Road, has been on the market for over a year and is listed at $9.998 million and the other one just down the road at 10 Smith cliffs is going for just $3.995.
Even experts are unsure what contributes to the difference, certainly it has nothing to do with the recession or the slowness of the Laguna Beach Real Estate market. One factor that might have played significant role in their price difference could be the age of the houses. The less expensive home was built in 2000, while the other was built four years later.
There are also fewer distressed Laguna Beach Real Estate Properties on the market. Last week, the number totaled 2,834 homes, down by 132 from the start of September. Short sales also dropped 134 homes to 2,050 this week.
Laguna Beach Realtors are cautious in their approach. Many expect luxury homes to drop by a further 30% before hitting rock bottom.
Nevertheless, numbers are improving countrywide but the lack of inventory in large, expensive cities like Laguna Beach can slow down their recovery.
For more information regarding Laguna Realty, Laguna Beach Homes, Laguna Beach Real Estate and Laguna Beach Brokers etc., visit: http://www.lagunaoc.com/
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