Posted by: mikewochner | June 14, 2009

Big Bear Lakefront Home of the Week, It’s Bank Owned: 386 Meadow Circle North, Big Bear Lake, CA 92315

Bank Owned (REO) in Eagles Knoll

386 Meadow Circle North, Big Bear Lake, CA 92315

This just came up today. $847,900 for a 3 bedroom, 3.5 bath log style lakefront home over in Eagles Knoll.  There’s been a lot of hype about this property.  Everyone’s looking for a bargain and because it’s bank owned, potential buyers were assuming it would be inexpensive.  It sold back in April of 2005 for $985,000….the previous owner, who is a local real estate agent, did a cosmetic reno (put new flooring in, redid the bathrooms with marble and slate, and replaced plumbing and lighting fixtures), and flipped it for a hefty profit. It sold at the end of 2006 for $1,500,000. 100% financed with a 1st of $1,200,000 and a 2nd for $300,000. The bank recently took it back at $772,539.

The Positives: It was updated in 2006. Distressed hard wood flooring, all bedrooms are suites with their own bathroom.
The Negatives: It needs a little TLC.  Interior and exterior paint.  It needs 10 new interior doors and some light fixtures. 

Fireplace

Fireplace

Master Bedroom Upstairs

Master Bedroom Upstairs

Bathroom Upstairs

Bathroom Upstairs

Boat Slip

Boat Slip

 

All in all I think it will sell fast….probably multiple offers.  Give me a call or shoot me an email if you think this might be something you would be interested in. 

 

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=386+Meadow+Circle+North,+Big+Bear+Lake,+CA+92315&sll=37.0625,-95.677068&sspn=30.048013,56.25&ie=UTF8&ll=34.264381,-116.882257&spn=0.007644,0.013733&z=14&iwloc=A&output=embed&w=425&h=350]



Responses

  1. Good luck selling :)


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