The Laguna Beach direct oceanfront condominium market has between 6 and 12 months of inventory (depending on whether one goes back six or twelve months), far less than the current inventory of Laguna Beach oceanfront single-family detached homes (54 months – see my blog post from January 8, 2009). With the listing of a direct oceanfront condominium yesterday, the total number of such properties on the market climbs to two (yes, only two direct, front-row oceanfront condominiums in all of Laguna Beach.)
The prices for the two active listings and the two closed listings since October 2008 range from $1,833/sq ft to $2.533/sq ft — or from $2.2M – $4.2M. These prices are a small fraction of the price for the average Laguna Beach oceanfront single-family detached home. So, the entry-price for Laguna Beach oceanfront is still within reach of many potential buyers.
Two key factors are combining to make a Laguna Beach oceanfront condominium purchase a potentially timely consideration: (a) there are far more potential buyers in the $2Ms than in the $7M+ range and (b) the supply of direct oceanfront condos (whose prices are in the $2Ms) is extremely limited (2 homes) in comparison to that for the single-family oceanfront market (27 homes). For those whose dreams have been to own a piece of the Laguna Beach oceanfront, now might be a great time to fulfill those dreams at a fraction of the cost of owning an oceanfront single-family home (40% of Laguna Beach’s oceanfront single-family homes are priced above $10M) — and still at a good discount compared with recent ocreanfront condomium sales.
For more information on the oceanfront market in Laguna Beach, including comparisons of the various condominium complexes, prices, pocket listings, and more, please contact me at 949-701-2000 or albierogers@firstteam.com.
