Posted by: mikewochner | January 10, 2012

A Look Back at Lakefront Home Sales in 2011……And What to Expect In 2012

As the year comes to a close, I always like to look back at the sales and statistics of the year to see if anything stands out.

In terms of closings, we only had 16 lakefront sales in 2011, which is low compared to previous years…….comparable to 2008 levels.



Avg List Price for a Lakefront Home in Big Bear in 2011: $1,101,768

Avg Sales Price for a Lakefront Home in Big Bear in 2011: $1,033,870

Avg List Price to Sales Price Ratio for a Lakefront Home in Big Bear in 2011: 94%

Avg Sold Price per Square Foot for a Lakefront Home in Big Bear in 2011: $375.25 

Avg Days on Market for a Lakefront Home that Sold in Big Bear in 2011: 166 Days

CLICK HERE TO VIEW EACH LAKEFRONT SALE IN 2011 FROM A GOOGLE MAP.

 

  • 50% of all lakefront properties sold (8 out of 16) were paid with cash.  That’s slightly higher than the average for the entire Big Bear Valley area (37%) in 2011.
  • After a slow start, there was a high percent of lakefront sales closing in September and October in 2011 (7 of 16).  I don’t see any sort of significance here, other than the Summer months produced several sales and it was good to see an uptick in the numbers.
  • One property didn’t have the MWD’s required lake frontage in order to have a boat dock in front of it (the MWD requires a minimum of 25′)…it has 10′ but still has a dock in front of it.  I hope that doesn’t come back to burn anyone.

We had 1 Bank Owned Sale, 2 Short Sales, and 13 Traditional type sales.

The interesting thing to note on the traditional type sales is the fact that many of them were sold for less than what they were previously bought for but they weren’t technically “short sales” with the bank.  The owner just lost equity in the home (over 50% of all traditional sales).

What to Expect in 2012:

I will go out on a limb and say that the number of sales in 2012 will be above 20. Normally I don’t like to bust out the crystal ball, but I do see increased activity along the lake and in this price range.  There’s currently 3 pending lakefront sales…and it seems like there’s a contrarian view that real estate is going to come back over the next 3-5 years.

With the lack of precipitation this January, I could also see lower water levels affecting the shallow water lakefronts in a negative way.  It wouldn’t surprise me to see the lake down 5-6′ during the Summer, which doesn’t sound like a big amount but it will affect some of the properties currently on the market.

If you have a question, or if I can help you with your search in any way feel free to call or email me.  I’m here to help.


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