Home for Sale at 575 Center Street, Laguna Beach, CA 92651

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575 Center Street
Laguna Beach, CA 92651

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Property Details

List Price:	$6,200,000
Beds:	3
Baths:	Full: 3
Status:	Active
SqFt:	1934 Square Feet
Agency:	Compass
Agency Phone:	(949) 438-4340

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Description/Comments

Lot Size:	0 acre(s)
Garage:	Garage
Property Type:	Residential-Single Family Residence
Year Built:	1961
Notes:	Located in one of the most desirable and quiet ocean-view locations in Woods Cove, this perfectly finished and presented home is warm, inviting, and perfect for entertaining. The oversized lot is open at its widest to the views and the elevated plan affords these views from all of the main entertaining areas, as well as the master bedroom suite. The open plan, which is configured as a contemporary great room, is a very large and open space that includes the kitchen, dining, and living room areas. It also adjoins and opens through sliding doors to a nearly equivalent outdoor terrace with ocean views. Covered with a trellis, this outdoor room includes a generous seating area and outdoor dining. Inside, the kitchen has just been redone with all new professional grade Thermador appliances, quartzite counters, and expanded and restyled cabinetry. The master suite has been redesigned as well and complemented with an entirely new bath. The additional two bedroom suites have optionality to expand into three if required. The side and rear gardens are private and surrounded by lush, mature trees and foliage. Set at the top of Center Street street loop, this idyllic location is highly valued by those who understand which locations have the best views, privacy, and access to town and the beaches. This one cannot be beat.
MlsNumber:	--
ListingId:	NP24171851

Listing Provided By:	Compass, original listing
Phone:	(949) 933-7046
Office Phone:	(949) 438-4340
Agent Name:	Robert Giem
Disclaimer:	Copyright © 2024 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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