Friday, June 03, 2005

Number of Offers For Landslide Homes Reduced by a Third

Real estate agents revealed today that the landslide in Laguna Beach has tragically reduced the number of offers on the homes involved by a third.

Drake Fallows of Laguna Prime Realty said one of the first houses down the hill is now down to only two serious bidders. “It was like we lost one buyer for each foot it fell,” said Fallows, “it’s just so sad. Most homes in this area usually go for an amount over list price which increases with each person who makes an offer. I hate to say it, but the owner might only make two to three hundred thousand over what they invested last year. Sometimes you wonder what God is thinking.”

Wayne Dander and his wife Eileen are one of the couples who are still in contention for a multistory converted bungalow that was involved in the slide. “Hey, they tell you to expect the unexpected when you start looking for a house! I tell you it’s still our dream place, even if it is mostly scattered bits of wood and concrete incased in mud right now,” said Mr. Dander. Although prevented from inspecting the house due to the danger of further collapse, Mrs. Dander is still excited about moving in if their bid is accepted. “The corner room is going to be the craft room I’ve always dreamed of, it’s that one with the huge geyser of water shooting out the window from the sheared off fire hydrant,“ she said.

Most experts agree that massive overbuilding on soil made of loose, silty sand and clay is a sure sign of a hot market. Neil Renard of the California Bureau for Housing Bubble Retention said that the unstable hills in Laguna Beach are just one example of the “risky” locations being found for new developments. “San Andreas Acres is a new multitrack complex being built on the San Andreas fault,” said Renard. “Each house is going for a starting price of the high 700’s and they didn’t have to excavate to put in a lovely water feature. They just covered the actual fault depression with neoprene and filled it with water. You’d swear it was an authentic mountain stream!”


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