FROM THE PUBLISHERS OF “Our Town-Our Paper” LAGUNA BEACH & NEWPORT BEACH COMMUNITIES CoastalRealEstateGuide.com APRIL 21, 2017 | VOL. 7 , ISSUE 16 FEATURED PROPERTY: LAGUNA BEACH Village Location Allows Access to Town’s Amenities Offering price: $3,795,000 Address: 616 Virginia Park Drive, Laguna Beach Agents info: Diane Cannon, 949.230.1200; Ken Hanzlik, 949.338.1666 Berkshire Hathaway HomeServices California Properties This unusually spacious village home of 3,100 square feet captures a 180-degree ocean view and includes a yard. The two-story Santa Barbara inspired home features a covered deck off the living room, ideal for guests and enjoying sunsets. A large family room that opens to the freshly landscaped yard is but one of the home’s large living spaces; there are four bedrooms, one currently used as an office, three and a half baths. Other features include open beam ceilings with skylights, stone and tile floors. Close to the beach, shopping, restaurants, community pool and tennis courts. “Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property,” Amorin said. He also noted that homeowners might consider renovations simply for their personal enjoyment. While it’s nice to gain a solid return on investment, it’s certainly reasonable for property owners to upgrade just to enhance their quality of life, Amorin said. For an unbiased analysis of what their home would be worth both before and after an improvement project, a homeowner can work with a qualified real estate appraiser such as a designated nember of the Appraisal Institute to conduct a feasibility study. The Appraisal Institute offers brochure, “Remodeling & Rehabbing,” which provides consumers with advice on home improvement projects. CORRECTION: Lower-cost Renovations Offer Value The Appraisal Institute, the nation’s largest professional association of real estate appraisers, advocates that homeowners pursue smaller-scale renovation projects in order to maximize their potential return on investment. “The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio,” said Appraisal Institute President Jim Amorin in a statement. “Spending big dollars on major renovations doesn’t necessarily equate to a dollar-for-dollar return. In short: cost doesn’t necessarily equal value.” According to Remodeling magazine’s recent cost vs. value report, the projects with the highest expected return on investment are attic insulation, entry door replacement, manufactured stone veneer and minor kitchen remodel. Other projects with potential payoffs, according to the report, are garage door replacement and siding replacement. Amorin encouraged homeowners contemplating renovation projects to compare the planned improvement to what’s standard in the community. A photo credit was improperly credited in an April 14 article about realtor JJ Ballesteros in the Coastal Real Estate Guide. The aerial image of a saltwater swimming pool should have been credited to film director John Barrett. Newport Coast, CA $3,649,000 Represented by: Marcus “Kiwi” Gualter (949) 751-9600 ColdwellBankerHomes.com ©2017 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC.