Laguna Beach, one of the most desired destinations in the world is all set to buzz with activity. Ask Laguna Beach Realtors and you can feel the optimism in their voice. Of course, Laguna Beach Realty is one of the most expensive ones but times are just about to change, at least for those who have only dreamt of investing in Laguna Beach Homes. Laguna Beach remains the slowest real estate market in Orange County. According to the biweekly report, the city is now in last place after slowing even further this week. The market time for an average Laguna Beach home is now 10.97 months, up slightly from an already sluggish 10.53 months. This week, several multimillion dollar homes in the city saw significant price reductions, with some falling by up to $2 million. Thanks to the continued drop in local inventory that has put pressure on the Laguna Beach housing market, particularly in the luxury sector. This premium real estate area couldn’t have been left unaffected and one can expect further drop in the prices there. Sunset Ridge, North Laguna fell from $6.9 million to $4.9 million, a cut of over $1.9 million which is the biggest drop for the 4 bedroom, 7,200 square foot property, which has been on the market for over seven months. The story just doesn’t end with North Laguna. Prestigious Emerald Bay Community has not been spared either. 3,000 square feet of living space with 5 bedrooms went from $4.5 million to $3.9 million and that’s a fall of more than $500,000. Three Arch Bay is another high-end neighborhood which has seen drastic fall in the prices. A home offering 3 bedrooms with 4 bathrooms located near beautiful ocean views has been up for sale for 1,087 days or roughly three years. The home was originally pegged at $3.6 million and is now going for just $2.9 million, a difference of approximately $700,000. In all, about 40 Laguna Beach homes have witnessed a huge price drop. According to real estate company Altera Real Estate, Laguna Beach homes priced at $1 million and up had to reduce their price by mid-September. Other South Coast cities are seeing similar reductions in the same period as $17 million homes in Dana Point and $11 million in San Clemente had to pull down their prices as well. According to an Altera broker, there are still lots of buyers in the South Coast, but there are not enough homes that fit their budgets. Experts believe that the figures reflect a need for more affordable inventory and price reductions can pull up the demand in some of the high-end areas including Laguna Beach. Countrywide demand seems to be on the rise and homes getting twice as much activity and a 100% list to sales price ratio. Starting at $500,000, the market is extremely hot for the homes priced at $750,000 or below. As more distressed properties are expected to enter the market, the values will stay low and can even go further down in some areas. For more information regarding Laguna Beach Realty, Laguna Beach Homes, Laguna Beach Brokers etc., visit: http://www.lagunaoc.com/
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