Posted by: mikewochner | February 20, 2010

119 Lagunita Lane: Back on Market for $200k Less

119 Lagunita Lane

119 Lagunita Lane just came back on the market, this time it’s $200k less.  Listed at $699,900 now with Tyler Wood of Coldwell Banker, this duplex is in the center of town and would make an excellent rental.  Small lot, next to other vacation rentals, but the water is deep and the views are spectacular (overlooking the center of Big Bear Lake as opposed to looking at a marina or a shallow lagoon).  Expect this one to get some activity.  It think this is where they needed to be in the beginning, as far as price goes, so it looks like the seller is getting serious now. Kind of formal on the inside but completely remodeled and turn-key.  For more information, click here to view a previous article I wrote about it, or if you would like to view the inside of this property give me a call.



Responses

  1. Banks running away from loans on vacation/2nd. homes, Big Bear running record unemployment levels and home mortgage defaults.

    I will wait until this becomes a likely “bank owned” property. My guess the bank will off-load for $450K by next year.

    • I agree we still have an issue with people walking away from their homes, but we haven’t seen a high default rate along the lake. I would say less than 5% of people that own on the lake live in Big Bear full time so the local unemployment factor, if it is high right now, doesn’t influence the lakefront market.
      The current owner paid $775,000 for it at the end of 2005 but only has a 1st for $275,000, so if they let it go back to the bank, the bank will be making a pretty good profit. IMO it is highly unlikely that this property will go back to the bank. No notice of default has been filed and there seems to be a cushion of equity in there that most homeowners wouldn’t walk away from. I guess time will tell.


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