I have been a Realtor in Laguna Beach for many years.
In general, as we know, Real estate is local in nature & cyclical!
Take Laguna Beach, CA, for instance.
There are areas such as Emerald Bay which have increased in value and then there areas such as Arch Beach Heights which have declined.
Laguna Beach, unlike many communities, is an artist village consisting of homes which are not "cookie cutter"!
Because of this factor, one cannot use price per square foot solely to gauge value!
Laguna Beach across the board is holding its value!
Matter of fact, we had multiple bids recently on a $22M listing.
I have not heard of any lawsuits!
Anyone can sue, for any reason, but it does not mean their argument is valid or justified!
The trophy communities such as Newport Coast, Corona Del Mar, Laguna Beach, Rancho Santa Fe, La Jolla and the like are historically the best areas to purchase for long term value investing!
I personally pride myself in representing my buyers and sellers with properties which have maintained and accelerated in value.
A cycle has four phases (if not influenced by an outside source): The Peak (Top) - The Contraction or Slump (Recession) - The Bottom (Trough) - The Recovery (Expansion or Boom)
We are currently, as we all know, are in the Trough stage. This is evidenced by a fall in output and employment.
I personally believe we have another 18-30 months to go.
Having said that, we are & will be witnessing many excellent buying opportunities in the near future.
From 1998-2008 there were many predatory people who should not have been practicing real estate or lending! Many of those people have found other professions!
If someone is misrepresenting or has misrepresented the facts, they definitely should be held accountable!
Every day I receive at least 2-5 phone calls from people who need help!
My objective is to assist as many people as I can!
Prudential CA Realty
Laguna Beach, CA
Just a few points regarding your response below.
An agent, broker, and or Realtor should never advise and very few Seasoned agents will!
Secondly, only God knows for sure where the market is going, but we all realize the current economic condition.
In this current cycle, cash is king!
In my opinion, the Fed. allowed and introduced products to the market which tempted many to borrow themselves rich!
This principle very seldom works!
Many who purchased shouldn't have.
Many who used their homes as ATM machines shouldn't have.
Many who abused their credit cards and borrowing power shouldn't have. The list goes on....
You made reference to secrets. I am not sure what you mean, for there are no secrets.
A Seasoned agent should and will disclose, disclose, & disclose.
It sounds to me that you purchased a property, you are upside down & you are blaming your agent.
Is this the case?
If so, you may have options.
Laguna Beach is a vacation destination as we all know.
It may be possible to furnish your property and attempt to rent it out weekly or monthly.
Just a thought!
Keep in mind, a vacation rental must be approved by the City of Laguna Beach.
Arch Beach Heights and South Laguna offer a potential buyer, who can afford it, an opportunity to purchase and live in Laguna Beach for a little less in some cases depending upon property condition, location, etc.
Bottom line: There are no guarantees & purchase only what you can afford and continue to maintain.
I hope this helps!
The above is not offered as advice and is only a professional personal opinion.
I have not heard of this....but I know it's natural to want to blame someone when things go wrong. If there was fraud and/or misrepresentation then certainly it's fair to explore damages on that basis, but if it's just buying at the wrong time, I don't see any liability for an agent.
It's too bad so many people are in such a tough situation.
I thought that would be apparent to anyone, by now. The answers you sought cannot be obtained in this forum. You know that. Your posting of the question - while appearing innocent a few days ago, has - as I stated below - been "outed" as the feeble attempt to be argumentative, that it is.
Don't bother calling ME to look for properties - if that day ever occurs - I'm FAR too busy working with clients who appreciate my hard work on their behalf.
Have a good life, Sir.
Funny how these things always become clearer with the passage of of few days - and a few additional posts.