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2616 Queda Way
Laguna Beach, CA 92651
$6,650,000
Conventional
Property
Bedroom
4
Bathroom
6
Property Type
Conventional
Square ft
4440
Property Description
This Historic Mediterranean style home built in 1940 by James Cannon (Cannon Electric) was the focal point for the social events of the day. The Cannon Estate was named and known as Ciela del Mar "Heaven by the Sea". The estate originally consisted of four separate homes, the main home and entertainment hub, there were also a guest house, a Gardeners house and Chauffer's house and garages located lower down on Glenneyre. The location at the end of Queda Way, a cul-de-sac, provides quiet and privacy, with spectacular ocean views. There are four bedrooms, five and one half baths, plus gym, with over 4,400 square feet of living space. Elegantly laid out, the maids quarters on the ground level, two guest suites and gym on the second level, the third floor is the huge primary suite, kitchen, formal and informal dining rooms. The top level is the enormous Living Room, with wood floors and high vaulted hand carved beamed ceilings. A reading nook, wet bar and and European style view balcony with panoramic ocean views completes the upstairs. All three floors have glorious, panoramic ocean views from San Clemente to palos Verdes, Catalina Island and coastline, as well as Laguna Village views. Outside you will find brick and stone patios and a hidden Koi Pond. Be a part of history and be the next owner of Ciela del Mar.
Property Information
Lot Size
7,200 sqft square ft
Property Type
Residential
Year Built
1940
MLS Number
LG23226412
Location
Address
2616 Queda Way
City
Laguna Beach
State
CA
Zip Code
92651
County
ORANGE (SOUTH)
Listing
Provider
Name
Compass
Phone
(949) 438-4340
Office Name
Compass
Office Phone
(949) 339-3659
Agent Name
James Ardery

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.