136 Round Drive, Big Bear Lake, CA 92315
This property is situated in one of the best areas of Big Bear! It is on the point of Gilner Point with 180 degree views of Big Bear Lake. It’s a deep water location so you don’t have to worry about the water receeding away and it sits on a large 17,920 square foot lot. The home covers 1712 square feet (which is small of the neighborhood) has 3 bedrooms and 2 baths, and is some what dated but well cared for. It is currently listed with Lyle Linquist of Realty Executives for $1,550,000. The seller started at $2,120,000 in September of 2007 and has reduced their price ever since.
If you take a look at this listing on most websites, you will notice that the main emphasis is placed on the location and the views. That is obviously the main selling point to this property. The Location! The house itself (the structure) is not that impressive. It might have been back in 1978, but I think for most buyers who are spending $1M+ for a lakefront home, they expect more. The land value on this particular property is probably close to $1,000,000, however, I believe that the buyer who buys this property will end up spending another $75,000 to $200,000 to remodel or $500,000 to $1,000,000 if they decide to tear down and rebuild. The seller has plans for a large 2 car garage with a second floor guest area towards the front of the street (the foundation is already in place, but who knows if those plans need to be updated/changed/re-engineered). They are also selling it furnished with a pontoon boat and dock slip ready to enjoy.
The way I see it, a buyer would have the following options:
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Keep it the way it is and do minimal upgrades. This option would allow a buyer to enjoy the property and keep the out of pocket cost down. The overall investment would stay low, you could remodel it down the road after the real estate market turns around, and you could figure out what’s important to you. You could put it on a rental program and not be concerned about the wear and tear.
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Upgrade/refinish a few of the improvements but don’t do any major structural modifications. This would involve changing whatever you didn’t like and upgrading it to look new. Changing out the windows (installing larger picture windows), putting on new log siding, maybe upgrading the kitchen, changing out the flooring etc. I’m talking about spending $75,000 to $100,000 to give it a fresh new feel (cosmetically). The architecture and the layout would still feel dated but you would have a nice property.
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Expand it, give it a fresh new look and take it to the next level. This would obviously be the most costly but you could change the layout, give it more curb appeal by changing the roof line, create more of an inviting entry, expand the kitchen,etc. If you look at the houses on either side of this property you can see there’s a lot of opportunity…and space to make it an incredible property. As a recent comparable, the home at 174 Round Drive closed escrow on December 5, 2008 for $2,286,500. So the numbers are there.
Kitchen
Entry/Laundry Room/Mud Room
Wall of Windows
Family Room with Fireplace
I think the highest and best possible scenario would be to incorporate options 2 and 3 (depending on your budget). Try and keep your cost down as much as possible but upgrade it enough where you can meet the demands of today’s and tomorrow’s type of buyer. Having more bathrooms and bedrooms is one thing….enlarging the kitchen would be another….and changing out the windows would make a huge difference.
If you have suggestions, or if you are considering purchasing a lakefront home in the Big Bear area remember to contact Mike Wochner. I’m here to help.
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