Need advice in Laguna Niguel

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surf4390_IHB

New member
Just to give everyone a quick background I am one that stayed away from the housing boom and now finally feel some justice is being served in the marketplace (not to mention love this blog, first time blog for me). However, with that said I would like to get into the marketplace but would hate to buy something today and 6 months later be in the shoes of everyone else.



I have currently been looking in Laguna Niguel at 28451 La Pradera. In your opinion, what price does this property need to be before pulling the trigger? I am a first time buyer and have been patient and waited quite a while, so no time to be lazy now and not get IHB's opinion.
 
<p>Redfin link: <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1155037">www.redfin.com/stingray/do/printable-listing</a> (surf4390, please confirm).</p>

<p>Before we start:</p>

<p>1) Why do you like the house?</p>

<p>2) Why do you need the house?</p>

<p>3) How much are you planning are put down for a downpayment?</p>

<p>4) What is your financial status?</p>

<p>5) How long are you planning to stay there?</p>
 
Yes. That is the correct property.

1) I like location and area

2) Do not need house, I rent

3) 5-10%

4) 120k plus 20-40k bonus

5)Min 5 years
 
<p>Found one house just sold in the area for $695K but has one more bedroom and about 600 more square feet. That should give you an idea as to the level of price drop that is to come. </p>

<p><a href="http://www.zillow.com/HomeDetails.htm?zprop=25554539">www.zillow.com/HomeDetails.htm</a></p>

<p>I think the seller is still trying to double his money (tax value is about $350K) so you will have a hard time talking him down. Based on the $695K sale, I believe this house should go for no more than $600K in this market. I think it will drop to at least $500K before it is all said and done. No data to back up my opinion, just a feeling. It also looks like house will need a little work (flooring) and thus you need to factor that in.</p>
 
Surf - if you sat out the entire boom, what is another year or two going to hurt? Any price you pay now, you will likely lose your down payment in the next year or two.
 
<p>699K is way too much for this house, there is a single story of the same size going for 499K right now (just went in escrow) in laguna niguel, 2 miles from the beach.</p>

<p>here is the linky: </p>

<p><a href="http://homeseekers.com/Scripts/detail.asp?_org_id=casocal&_uid=EBC2B659-E452-47C1-93B2-26B81C5AC4B1&_current=2&mls_property_id=L23444&_per_id=&_vp_cb">http://homeseekers.com/Scripts/detail.asp?_org_id=casocal&_uid=EBC2B659-E452-47C1-93B2-26B81C5AC4B1&_current=2&mls_property_id=L23444&_per_id=&_vp_cb</a>=</p>

<p> </p>
 
Wow guys! What a wealth of knowledge you have provided me. Yes, I just did create my account because this is the first property I really considered buying. I still have much to learn. Thanks for your input, I mean lashing;)
 
Wow guys! What a wealth of knowledge you have provided me. Yes, I just did create my account because this is the first property I really considered buying. I still have much to learn. Thanks for your input, I mean lashing;)
 
<p>Wait another year, the only thing you have to lose is a few months rent. I bet lose 15% off of the value of a home would easily be whatever you pay in rent for a YEAR.</p>

<p>good luck</p>

<p>-bix</p>
 
<p>Don't mind us surf. We all put on our tinfoil hats when new people post.... </p>

<p>Whomever you are, the house will be 100K less at some point during the next 2 yrs. Wait to buy....(or reduce your price). There, I covered all bases.</p>
 
The reason I posed the question is because my realtor said they will accept offers between 575k - 610k. I believe the owner passed away and the family is looking to unload the property.

Bottom Line: It appears IHB's opinion is that it will go down to 500k
 
<p>If they would <strong><em>accept</em></strong> offers between 575K-610K, why would you (or anyone else, for that matter) ever offer anything above 575K? Is this a kool aid issue?</p>

<p>disclaimer- this is not a comment/question targeted at surf. just a general question.</p>
 
I think an "average house" should be 500K by the end of 2008. If the house is above average, expect to pay up to 600k. If the house is below average, you should pay less.
 
I don't see anything <em>wrong </em>with the place. Location is pretty convenient to both the metrolink station and freeway. Then again, it sure looks like they want a heck of a premium for a house that is in need of big-time updating in the kitchen (and possibly elsewhere). The most recent sale nearby (same-sized house) was for $700k in early November.
 
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