The real estate market in Laguna Beach continues to thrive with the combination of low inventory and a high number of buyers in the marketplace. We are working with a number of buyers who want to jump into the market but unable to find the right property at the right price. With that being said there are a number of properties that are getting a lot of attention and have the potential for being a good deal for the right buyer.
The #1 most viewed property in Laguna Beach is an ocean view three bedroom home listed for $240,000. What's the catch? First, the home is located in the Laguna Terrace community which is a small neighborhood located by the Montage Oceanfront Resort that is filled with cute manufactured homes. The distance to the beach is just a short walk down to the beach which makes this an ideal place to live. The home has been nicely updated and features views of the Pacific Ocean as well. The catch is that it is located on leased land so a $3,500 monthly payment is required to be paid to live here. This is a pretty high price for a land lease payment and is almost equivalent to getting a $700,000 loan on a property. Hence, a lot of buyers are looking at this property at around $940,000 rather than the low $240,000 price that's is being advertised.
One of our other properties that is located in the 24 hour guard gated community of Three Arch Bay. What makes this home so appealing is the location and price. First, the location is ideally located at the very south end of the community with amazing coastline views of Three Arch Bay. The views are simply breathtaking as pictured below that can be seen from many of the rooms in this house. What is drawing a lot of attention is the listing price that is currently listed at $8,988,000 which is a very good price point for an ocean front home in Laguna Beach. Recent ocean front sales in the past 6 months in Three Arch Bay include 114 S La Senda which sold for $10,500,000 on 12/20/2017 and 90 S La Senda which sold for $12,900,000 which sold on 1/2/2018. The home looks like it could use some TLC but for this price there seems to be a lot of upside potential.
Finally, for those who love historic properties this home is catching a lot of eyebrows. The home located at 259 Arch Street is a 3 bedroom historic home that is on the market for $1,699,000. The home was built in 1938 and has lots of charm with wood beamed ceilings, hardwood flooring and a vintage kitchen. One of the biggest selling points is that the home is currently under the Mills Act which grants historic homeowners a tax break on their home. It's being advertised that the annual tax bill is at $6,000 a year and will carry over to the new owner. This is a significant savings as taxes in Laguna Beach are typically around 1.1% of the purchase which would be around $18,689.00. That's a savings of over $12,000 and only available for homes under this program. Historic homes are not for everyone as they typically do require some work and upkeep but will be a wonderful home for the right person. To learn more about hot properties in the Laguna Beach area please contact us at 949-355-1622 today.