Mr. Blue

Jenny Le, perhaps you didn't understand the post. It is quite simple, really. Try to stay with me here.
There were no sales in October in Laguna Beach for homes over $2,000,000.
The sales in Emerald Bay and on Hillcrest were NOT over $2M. The take away remains - the market over $2M is severly overpriced, otherwise SOMETHING would have sold........... - Fri Nov 27 2009, 21:18

Wow did I unleash a wave of denial from out of area real estate agents who are doing a lot of guessing. Wrong guessing.

Pretty telling that not one agent from the local area responded.

I think I can address every question raised by the responders, who obviously know nothing about the local market here. If you knew anything, you would know that simlar ASKING prices on homes within 2 blocks have already dropped well into the $3,000,000's. Uhhhh, last time I checked, the market value for a home was less than asking price. These are all cookie cutter homes so it is a valid comparison.

First, as to the lack of detail, did any of you click on the web link? The detail is all there in my blog. Always has been. Web links are these things that most people understand.

The houses are all identical cookie cutter Tuscan homes. I know. I live here. I've been going to open houses in this neighborhood for 2 years.

Finally, appraisals are always pretty squishy and have a lot of room for error. Market data on the other hand doesn't lie. So if the buyer's agent didn't tell the buyer about the skyrocketing inventory, foreclosures in the neighborhood and the trend of vastly decreasing closings, the buyer was uniformed. Can't hide behind the appraisal..... - Wed Oct 21 2009, 22:58

The quality of service I see out there has changed because some unqualified agents have dropped out and changed careers. The vast majority of agents are underperforming and undereducated. There are a few who are top notch and have elevated their service to a sophisticated level. Most other buyers i encounter rate the average realtor as having skills below a used car dealer because of the inherent conflicts realtors have in needing income from selling homes regardless of whether or not buyers are paying the market value of a home or not. - Thu Aug 20 2009, 22:14