Home for Sale at 611 Griffith Way, Laguna Beach, CA 92651

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611 Griffith Way
Laguna Beach, CA 92651

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Property Details

List Price:	$2,350,000
Beds:	4
Baths:	4
Status:	Pending
SqFt:	1875
Agency:	Side

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Description/Comments

Lot Size:	4,792 sqft
Property Type:	Residential
Year Built:	1964
Notes:	Refreshed and ready for move-in, this exceptional duplex at the end of a cul-de-sac in the heart of Laguna Beach offers a seemingly endless array of possibilities. Located only a half-mile from the beach, the two-level, two-parcel property can easily be experienced as a year-round home while keeping one unit available for lease or guests; enjoyed fully as a private compound; or rent both apartments and maximize income potential. As an added advantage, plans are approved by the city to convert the two-car garage into a one-bedroom, one-bath ADU of nearly 400 square feet, further expanding the propertyâ€™s versatility. Each unit extends approximately 938 square feet and features two bedrooms, two baths, interior laundry, and garage parking. The lower residence opens to a private backyard, and the top unit features an expansive deck with neighborhood views and a peek at the ocean. Both apartments showcase on-trend appointments that include wood-look plank flooring, fresh white paint and upgraded windows. Kitchens open to living and dining areas and shine with solid-surface countertops, stainless steel appliances, white cabinetry and breakfast bars. Moments from world-famous coves and beaches, this outstanding duplex is within easy reach of Laguna's vibrant village, galleries, shopping and dining, and award-winning schools. Schedule your private tour today and donâ€™t let this opportunity pass you by.
MlsNumber:	LG24068046

Listing Provided By:	Side, original listing
Name:	Side
Phone:	(949) 922-9552
Office Name:	Livel Real Estate
Office Phone:	(949) 922-9552
Agent Name:	Anthony Georgopoulos
Disclaimer:	Copyright Â© 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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