Orange County Register

Some potential buyers see hefty price cuts and think, “hey, that’s a great deal!”

Others look at those price cuts and how long said home has been on the market and say “it was overpriced to begin with and is just headed to a realistic price.”

Take our poll below!

High-end homes are taking the price plunge the most as they continue to sit on the market with no activity. Altera Real Estate’s Steven Thomas says in his latest report that high prices are related to market time (this is common, but especially in this economy), and Laguna Beach has an expected market time of 10.31 months:

“The upper range, homes priced above $1 million, represents 29% of the active listing inventory, but has an expected market time of 10.37 months. Anything over 10 months is basically an almost frozen market, a deep buyer’s market. So, today’s Orange County buyers need to know that the lower the range, the hotter the market.”

Several homes in Dana Point, Laguna Beach and San Clemente have seen price reductions in the past two weeks, probably to compete with activity in the lower ranges.

Here are a few of the notable, high-end price cuts:

Laguna Beach

3 Camel Point Drive

• Now: $17,499,000
• Was: $19,800,000
• Days on market: 257

15 Camel Point Drive

• Now: $11,995,000
• Was: $15,500,000
• Days on market: 50

12 Vista De San Clemente

• Now: $5,950,000
• Was: $6,950,000
• Days on market: 121

42 Emerald Bay

• Now: $5,499,000
• Was: $8,500,000
• Days on market: 127

Dana Point

35845 Beach Road

• Now: $6,595,000
• Was: $6,995,000
• Days on market: 101

27532 Gable Street

• Now: $1,099,900
• Was: $1,399,900
• Days on market: 223

24332 Santa Clara Avenue

• Now: $5,995,000
• Was: $6,875,000
• Days on market: 163 days

35093 Beach Road

• Now: $3,985,000
• Was: $4,495,000
• Days on market: 361

San Clemente

300 Avenida De Las Palmeras

• Now: $6,499,000
• Was: $6,999,000
• Days on market: 126

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