Semi-Luxury Homes in Laguna Niguel, Between $1-3M

In some parts of the country any home price over $400K is a luxury home. Not so in Laguna Niguel. As a most desirable coastal community with ocean views and cool breezes our community has truly luxurious homes up to $20 million in some cases. Today I am focusing on the price range of $1 to $3 million. How has that portion of the luxury home market fared this year?

Since May 1 there have been 35 sales of homes between $1 and $3 million. Of those 35 only four were above $2 million. The average turned out to be $1,471,000. It took on average 85 days on the market to sell these homes and the average price per square foot was $381.68. Not too shabby for a weak economy.

Flashback! In the corresponding time frame back in 2006 the same money got you less home. During the May-to-October time frame of that year there were 101 sales of homes from $1 to $3 million. The average price was $1,364,250. It took 84 days for these properties to sell and the average price per square foot was $446.45. One surprising statistic is that these sale prices averaged 93 percent of the original list price and 96 percent of the list price at the time of sale. That statistic is exactly true this year as well.

You can still purchase that dream luxury home for yourself. There are 31 homes currently active on the market between $1 and $3 million. Only four of those are over $2 million. Some buyers have already taken the plunge because there are twenty homes in escrow at this time. 

Jumbo loans are once again very attainable with 20 percent down and reserves in place. Interest rates of course, are at all-time lows. There may never be a better time to buy your dream home.

For communities with luxury homes in the $1 to $3 million range or higher check out the beautiful communities of Bear Brand, Ocean Ranch, Crest de Ville, Niguel Heights, Niguel Summit, Coronado Pointe, Palmilla, Monarch Point and Hillcrest Estates.