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The Orange County Register, Calif., Jonathan Lansner column.
Byline: Jonathan Lansner
May 10--BUFFETT FINDS PARABLE IN SALE: A dilly of a bearish signal.
Legendary investor Warren Buffett sold a Laguna Beach home, then cited the sale as an example of the nation's overheated real estate markets.
In February, the world's second-richest man sold a 51-year-old, two-bedroom, ocean-view house in Laguna's Emerald Bay neighborhood for $3.5 million.
The result is signature Buffett. He bought this home practically at a market bottom in 1996 for $1.05 million, according to county records.
Buffett, 74, still owns another nearby home in Laguna -- one he bought for $150,000 in 1971. Buffett said 18 months ago this house was worth $4million -- but make that $5.2 million today, based on appreciation rates for O.C. homes.
So why sell?
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Source: HighBeam Research, The Orange County Register, Calif., Jonathan Lansner column.