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