The Laguna Beach Luxury home market has seen a recent increase in the supply of homes for sale in recent months. In luxury communities like Three Arch Bay, Emerald Bay and Irvine Cove we have seen more homes come on the market for sale
Online PR News – 16-May-2011 – – The Laguna Beach Luxury home market has seen a recent increase in the supply of homes for sale in recent months with several short sale listings listed for over $5 million dollars. In luxury communities like Three Arch Bay, Emerald Bay and Irvine Cove we have seen more homes come on the market for sale with 27 Luxury Homes for Sale in the Emerald Bay community alone. This is providing a good opportunity for Laguna Beach home buyers looking for a great deal with a large selection of luxury homes competing against each other.
One of the recent trends we are also seeing in the Laguna Beach luxury home market are luxury homes coming on the market as short sales. Laguna Beach Short Sales have been slowly spreading to the higher end market here in Laguna Beach. A recent home in the Smithcliffs oceanfront gated community has come on the market listed as a short sale for $5,999,000. A short sale is where the homeowners owes more money than a home is worth and is unable to pay their monthly mortgage. For the most part, short sale listings have been hitting the lower end of the market with a large majority of homes in Southern California under $500,000 coming on the market as short sales. As more and more home owners who bought at the height of the market and are experiencing financial distress in paying their monthly mortgage, a short sale is the best solution to foreclosure. As a result, national banks are now dealing with multi-million dollar properties that are in distress as Short Sales makes sense for all parties involved. First, the bank saves the cost of foreclosing on a property and avoid all the costs involved in re-marketing the property. The bank is more likely to sell the home for more money as a short sale while the homeowner still lives in the home. Second, the short sale home buyer typically is able to buy a short sale just under market value compared to a standard sale property. Finally, the seller is able to sell their home before it goes to foreclosure and avoid serious damage to their credit. As a result, Laguna Beach short sales are becoming a common thread of the Laguna Beach Real Estate marketplace.
If you are in the market to buy a luxury home in Laguna Beach now is a great time to seize the opportunity to buy a luxury Laguna Beach home at a reduced rate. Over 15% of the homes on the market right now in Laguna Beach, California are listed as short sales which includes homes listed from $350,000 to $8.5 million dollars. For more information on the Laguna Beach Real Estate and Laguna Beach CA Homes For Sale please contact any of our Laguna Beach Real Estate agents today.