This property just came on the market on Monday. It is a Short Sale over on the west end of Big Bear Lake facing Metcalf Bay. The home is in need of some TLC (the inside feels dark, the outside could use some paint…maybe knock down some of the bee hives in the eaves). The seller paid $1,100,000 for it back in November of 2006. It has a shared driveway with the neighbors and it appears to have an easement along the driveway so neighbors can get to their dock slip. It was built in 1978 with 3 bedrooms, 2 1/2 baths, and approximately 1904 square feet.
The list price is $599,900 and is listed with Realty Executives Net Worth, a real estate agency off the mountain. I don’t know the agent nor do I know how they do business but I believe there are several obstacles that need to be overcome in order for this to sell….otherwise, I believe they will come up Short.
1). Short on What They Owe- The listing is a short sale which means they are trying to sell the property for less than what they owe the bank. In order for it to even sell at this price, the seller and the bank have to mutually agree on the sales price which may or may not be an issue. Keep in mind that 9 times out of 10 short sales do not come together. Either the bank won’t eat the loss, the seller won’t assume responsibility for the loss, or the buyer gets strung along for months without an answer and gives up.
2). Short on Accessibility- The lock box is still not on the property. It was listed on Monday and the listing agent is “hoping to make it up” this weekend to put it on. I’m assuming they will put on a numeric lockbox so anyone can open it (which means the agent won’t be able to follow up to get feedback on the property, and they won’t be able to monitor the number of showings and overall activity).
The Local Alternative: 90% of all sales in our Valley are made by local real estate agents. If they don’t know about the property, and don’t have access via a lock box how are they going to sell it?
3). Short on Advertising and Service?- There’s no sign on the property. How are they going to market to the agents that know the area and know the local market? How are buyers going to find out about the property? Agents from off the mountain aren’t going to drive up whenever someone wants to see it…. any potential buyer will have to set an appointment at a later date in order to see the inside.
The Local Alternative- A local agent can have their sign up within 24 hours of putting it on the MLS. They can put it on their Local Caravan Tour, do Open Houses and answer Sign Calls. They can meet potential buyers immediately if they would like to see the inside of the home. No waiting. Buyers don’t want to wait. They want to see it now! I guess the big point that I want to drive home is the fact that this isn’t in our local MLS (Big Bear has it’s own members only board). By not having it in a local MLS, I bet 15 agents know about this property….instead of 250. That’s big!
3). If you’re short you won’t be able to physically see it- Okay….I’m having fun with this. But when I went over to preview the property, there was a 5′ high berm in front of the driveway…obviously, the snowplower was instructed that gaining access to this property wasn’t important. Most motivated buyers will climb over the berm and fight through the snow to try and peak through the windows, but why make it difficult for buyers and their agents to view the home.
The Local Alternative: Hiring a local real estate agent would ensure accessibility and make it easier for agents to show your home. They would know when we get 2′ of snow, whether there’s a big berm in front of your home, and who to call to shovel a path to make it easier for potential buyers to get through.
Just some food for thought. I don’t think it’s priced poorly…I just saw some flaws that I thought you might appreciate.
UPDATE: 2/20/2009 Just found out from the MWD that the 2008 fees have not been paid for this property’s dock privileges. As it stands, no dock privileges nor license can be given until past dues fees of $385 are paid.
Also, there is a 20′ road and public utility ingress/egress easement on the south side of this property. If you are planning to add on to this property, the setback standards by the city are 15′ from the lake side of the property, 15′ from the west boundary, 5′ from the north boundary, and 20′ from the south boundary…really it’s 10′ but it’s increased due to the road/public utility easement. Call the Big Bear Lake planning department with any specific questions at (909)866-5831.
UPDATE #2 (6/15/2009): Property went back to the bank. The seller owed too much for the bank to accept a short sale. It’s back on the market with Brian Iverson of ReMax for $654,700.
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