A penthouse apartment in Laguna Beach was recently reduced by $200,000 and is now being offered as a short sale.
The home’s price was actually reduced less than a month from being on the market.
Its new price is $1,250,000.
For one bedroom.
Located at 31423 South Coast Highway #86, the unit has 1 bedroom, .75 bathroom, 1,090-square-feet and ocean views. The penthouse shares one common wall.
The listing information touts:
“Top floor penhouse unit offering stunning sweeping ocean views and direct beach access. High end remodel with the best of materials, design and craftsmanship. Limestone floors, granite counter tops, custom cabinetry and doors. Special kitchen with G. E. Monogram stainless steel applicances, wine cooler. 50′ plasma TV with surround sound system and custom lighting. Fleetwood telescopic sliding doors, recessed ceiling motorized sun shades makes this unit an Architectural Digest style and quality!! Dare to compare with the other LB listings for quality, $$$ value, and location!!! PROPERTY NOW OFFERED AS A SHORT SALE!!!”
Here’s the zinger – HOA dues are $848 a month. That’s $10,176 a year.
Now that it’s a short sale, my guess is this place will be an even harder sell. Because not only are homes priced over $1 million just not selling like they used to, but short sales simply aren’t budging.