Lakefront Home at 40116 Lakeview Drive

Lakefront Home at 40116 Lakeview Drive Closes Escrow (Closed Sale #9 for 2012)

This is a classic example of being patient.  A client of mine made an offer on this property 1 year ago.  The buyer and seller were too far apart and couldn’t come to terms on price.   My buyer came back to the seller a year later and they came to terms at a far more reasonable price ($175,000 less than the seller’s previous counter offer).  Time was on the side of the buyer in this instance.

This lakefront home is an excellent rental property.  In 2011, the net to the seller was close to $69,000 on Big Bear Vacations rental program.  It has 4 bedrooms (all master suites), 4 1/2 baths, and covers 4000 square feet.  It was built in 1986 and is worn due to the high volume of rentals, but it delivers incredible lake views, is wind-protected, and has deep water in front of it.  The location is excellent and I think the value was there at the right price.

 Information regarding this Lakefront Home Sale

List Price: $1,299,000
Sales Price: $1,160,000
List Price to Sales Price Ratio: 89%
Days on Market: 431 Days
Sold Price per Square Foot: $290.00
Lake Frontage: 77′

Boat Dock for this Lakefront Home

Gameroom for this Lakefront Home

Master Bedroom for this Lakefront Home

Lakefront Home Dining Area

Master Bedroom Sitting area in this Lakefront Home

Downstairs Bedroom in this Lakefront Home

Downstairs Bedroom on this Lakefront Home

This lakefront property sold for $1,150,000 back in December of 2002.  The previous owner paid $1,280,000 back in July of 2003 and added an additional bath.  If you think we’re at 2002 prices, which many tend to believe, it was bought at the right price.
Thank you, Marc and Elaine for being so patient and great to work with. I’m looking forward to seeing the house after you finish the improvements you want to make.

GOOGLE AERIAL VIEW OF THIS LAKEFRONT HOME

Lakefront Home at 39408 Point Rd

Lakefront Home at 39408 Point Drive Closes Escrow (Closed Sale #8 for 2012)

I’ve written about this lakefront home before…..a couple weeks ago it came on the market as a bank owned REO.  The agent was from out of the area and was dealing with multiple offers.  Within 48 hours she had 6 offers on the property.  Listed at $449,000, the bank created a bidding war.  It had it’s share of issues (click here to read a previous article on this property), but most investors can look past that if the price is right.  Below are the closing details.  Hat tip to Steve Hirschler for bringing the winning bid.

Information about this Lakefront Home Sale

List Price: $449,000
Sales Price: $676,101 (no, that’s not a mis-print)
List Price to Sales Price Ratio: 151%
Days on Market: 2
Sold Price Per Square Foot: $328.52
Lake Frontage: 160′

Aerial View of 39408 Point, Big Bear Lake, CA 92315

7 CLOSED LAKEFRONT HOME SALES

Lakefront Home at 533 Cienega

533 Cienega Closing Details
List Price: $3,250,000
Sales Price: $3,250,000
Sales Terms: Cash
Days on Market: 0 Days
Sales Date: 2/6/2012
Sales Price Per Square Foot: $390.81

Lakefront Home at 39902 Lakeview Drive

39902 Lakeview Closing Details
List Price: $995,000
Sales Price: $914,845
Sales Terms: Cash
Days on Market: 170 Days
Sales Date: 2/13/2012
Sales Price Per Square Foot: $304.95

Lakefront Home at 128 Round Drive

128 Round Closing Details
List Price: $1,175,000
Sales Price: $1,050,000
Sales Terms: Conventional Loan
Days on Market: 193 Days
Sales Date: 2/23/2012
Sales Price Per Square Foot: $341.46

Lakefront Home at 39403 Point

39403 Point Closing Details
List Price: $1,299,000
Sales Price: $1,225,000
Sales Terms: Conventional Loan
Days on Market: 878 Days
Sales Date: 2/23/2012
Sales Price Per Square Foot: $312.74

Lakefront Home at 561 Cienega

561 Cienega Closing Details
List Price: $519,000
Sales Price: $520,000
Sales Terms: Conventional Loan
Days on Market: 16 Days
Sales Date: 2/24/2012
Sales Price Per Square Foot: $382.92

Lakefront Home at 180 N Eagle Drive

180 N Eagle Closing Details
List Price: $2,399,000
Sales Price: $1,850,000
Sales Terms: Conventional Loan
Days on Market: 229 Days
Sales Date: 2/28/2012
Sales Price Per Square Foot: $406.33

Lakefront Home at 651 Cove Drive

651 Cove Drive Closing Details
List Price: $1,250,000
Sales Price: $1,200,000
Sales Terms: Conventional Loan
Days on Market: 82 Days
Sales Date: 3/15/2012
Sales Price Per Square Foot: $385.85

PENDING LAKEFRONT HOME SALES

WHAT STANDS OUT:

Obviously the number of lakefront homes under contract/in escrow and closed so far this year is exciting.  Having a couple sales over $2mm is equally impressive and shows confidence in the market.  Another interesting stat is the fact that more buyers have shifted back to financing their purchases as opposed to paying cash.  With interest rates being at historic lows, I don’t blame them…..

If you’re interested in a lakefront home in Big Bear, give me a call or send me an email.  I’d love to help.

Big Bear Lake, CA (Strong Cities, Strong State) 2 from CreateIF Designs + Solutions on Vimeo.

Bank Owned Lakefront Home at 39408 Point Road in Big Bear Lake

This bank owned lakefront home came on the market yesterday.  I called the listing agent, an agent from out of the area, and she said she had 2 offers within the 1st 3 hours of it hitting the market.  There’s a total of 4 now…the bank is requiring an “as-is” sale (no inspection contingencies), no loan or appraisal contingencies (must be a cash offer)….and they want to close the bidding by the end of the day today.  It has it’s share of problems, (I wrote about this property back in March of 2009, Click here to view) but I think it’s a great deal.

This vintage lakefront home was built in 1954, has 3 bedrooms, plus 2 with a detached guest house, open beamed ceilings, and lots of tongue and groove panelling throughout.   It actually has 2 units on one lot (zoning is legal non-conforming).  The location is ideal…at the tip of Gilner Point, with deeper water and panoramic views.  160 feet of lake frontage.  And the hook?  It’s listed at $449,000.  This property was listed last year for $1,195,000….it was way overpriced.  Now I think the pendulum has swung in the opposite direction.  The bank wants this property off their books and they’re serious about selling.  Should be interesting to see how far it gets bid up.

Getting a good value on a lakefront property like the one above is possible, but it requires having an agent that knows what you are looking for….otherwise they’ll slip through the cracks or you’ll miss out.  If I can help you with your search, or keep an eye out for a specific property I’d love to help.  Just send me an email or give me a call.

Lakefront Home at 119 Lagunita Lane, Big Bear Lake, CA

The price on 119 Lagunita Lane got reduced yesterday.  This home has been on the market for quite some time….but I think the current price will help it sell.  Below is the price history of this property.

• Current Owner paid $775,000 on 12/16/2005. Complete renovation of both units occurred in 2006.
• Duplex goes back on the market for $1,200,000 on 12/12/6/2006.
• Price gets reduced to $1,050,000 on 1/1/2008.
• Price gets reduced to $888,000 on 12/31/2008.
• Price gets reduced to $699,900 on 2/20/2010.
• Price gets reduced to $649,000 on 8/2/2010.
• Price gets reduced to $585,000 on 4/9/2012.

Information regarding this Lakefront Home

Located on the point of Lagunita, this lakefront home faces the center of Big Bear Lake and has deep water access.  This is a 2 story, sierra style duplex with newer drywall, windows, window treatments, lighting and plumbing fixtures, hardwood floors, stainless steel appliances, newer counter tops, and is being sold completely furnished.  It covers 1320 square feet with 3 bedrooms and 2 baths, and was originally built in 1966.  I’ve shown this home many times, and I would say the two objections I get from potential buyers is the size of the lot (3311 square feet) which makes it difficult to add on to, and the fact that it’s not a single family residence.  Most buyers coming up from San Diego, Orange County and Los Angeles want a lakefront cabin…not a duplex they can rent out.  It seems like many want the option to renting their property out, but it’s not their primary reason for purchasing.

What’s Unique About this Lakefront Area

This particular area is well known for it’s central location and proximity to Lagunita Lodge.  Lagunita Lodge is a timeshare condomium complex which consists of 98 units (1 bedroom, 2 bedroom and 3 bedroom condos).  Most of the condo rentals are on the water with full views of the lake and have a lot of amenities.  There’s also quite a few vacation rentals in the area, because of it’s central location, which can be a good thing and a bad thing.

If you would like additional information regarding this home, or any lakefront home in the Big Bear area, don’t hesitate to call (909-633-2558) or email me (mikewochner@gmail.com).  I’m here to help.

U.S. vacation homes beckon to bargain shoppers

(Reuters) – Splurging on a vacation home shortly after the housing market meltdown was not an easy decision for Kathy and Dan Nikolai.

The couple, who live in California’s San Fernando Valley, wanted a nearby escape that would accommodate their teenage son’s busy schedule and allow the family to ski in the winter and to enjoy water sports in the summer.

But even after they found what they wanted – an upscale lakefront property about two hours’ drive away – they spent a lot of time revisiting the Big Bear Lake home online and in person before they took the plunge. The timing finally seemed right.

“We believe the market for prime real estate has settled enough that the house would retain its value,” Kathy Nikolai said. And with the overall economy improving, “We felt like we were in a financial position to do so.”

Buyers like the Nikolais are returning to the U.S. vacation home market in large numbers. Second-home sales soared in 2011 to their highest level since 2005, to 1.72 million homes sold, according to a survey done in March by National Association of Realtors (NAR.L). Investment-home sales surged 64.5 percent over 2010 levels, while vacation-home sales rose 7 percent. Half of investment-home buyers plan to make another purchase within two years, while one-third of vacation-home buyers do.

Miami’s red-hot luxury sector saw prices rise 19 percent year-over-year in December, according to real-estate consultancy Knight Frank. Transactions in posh ski resort Aspen climbed 25 percent last year. Even in Phoenix, where the real estate bubble burst dramatically with price declines of 70 percent over the last six years, inventories have begun to tighten.

Anecdotally, brokers report more traffic than they have seen in years. “There’s a confidence now that we’ve been through the worst,” said Paul Suding, president of the Santa Barbara Association of Realtors. “People are ready to buy again.”

In fact, added Allison Turk, an agent with Miami Beach’s Esslinger Wooten Maxwell Realtors, “Buyers feel a sense of urgency to get into this market.”

A STRONG BUYERS’ MARKET

Consumers are taking advantage of bargain-basement prices, desperation sales of distressed properties and anxious sellers to snag dream vacation properties. “Affordability is at an all-time high,” said housing economist Celia Chen of Moody’s Analytics.

But this new round of vacation home purchases looks different from ones that occurred during the height of the real estate bubble. Now, despite record-low interest rates, more second-home buyers are using cash. Cash purchases were up for the second straight year in 2011, making up half of investment-home sales and 42 percent of vacation-home sales, according to the NAR study.

Those buyers should not be expecting to flip their vacation homes for outsized profits anytime soon, said Chen. She suggests that prices may continue to drop in 2012, but will start to crawl up slowly in 2013 or 2014.

Vacation home shoppers who have the money and are willing to stay put for at least a few years may find 2012 to be the year of opportunity. Here’s why.

The median vacation-home price in 2011 was $121,300, down 40 percent from 2006, according to NAR. Distressed properties – those in foreclosures or short sales – are continuing to come on to the market in many resort communities. Sellers, fed up with waiting for prices to rise, are often willing to deal.

Many properties that were once attainable only by the very wealthy are now in range for the merely well-heeled. In Vail, Colorado, for example, a four-bedroom property listed at $2.8 million in 2009 recently sold for $1.35 million.

The same applies to less-expensive homes. A four-bedroom home in South Lake Tahoe, California, changed hands in early March for $540,000, after having sold for $875,000 in 2004. Two other popular second-home destinations, Las Vegas and Tampa, Florida, saw average home prices hit new lows in December, according to the Standard & Poor’s/Case-Shiller index.

Then there are the mortgage deals. For buyers who do not want to pay cash, today’s cheap financing may be too good to pass up. Getting a good low rate on a mortgage can lower monthly payments more than shaving some money off the purchase price, said Arthur Welch, a Phoenix real-estate agent.

Still, financing remains hard to get for those without impeccable credit. Homeowners with second mortgages are almost twice as likely to be underwater (or owing more on the property than it is worth), according to mortgage tracker CoreLogic, and many banks have moved to tighten borrowing standards. Lenders today frequently ask for 25 to 35 percent down, brokers report, and the median downpayment for second-home buyers was 27 percent in 2011, said the NAR.

Furthermore, Washington plans for post-election tax legislation threatens the deductions for mortgage interest paid for second homes.

YOU CAN RENT TO OWN

The typical vacation-home buyer in 2011 was 50 years old, according to the NAR data. About one-third of the people who buy vacation homes plan to use them as a primary residence in the future, usually after retirement.

To make some money while they wait for that move, many buyers plan to rent out their new properties, said Andy Twisdale, a real estate agent in Hilton Head, South Carolina. Brokers generally have a rule of thumb: a week of peak rental income should cover a month of mortgage expenses.

“People forget a second home has most of the same expenses as a first one, but add in travel,” says Scott Kaminsky, a certified financial planner in Philadelphia. “You have to plan for the worst-case scenario and be sure you can pay for it.” Those worst-case scenarios can include damage from floods, snows and renters. Vacation homes also can come with higher landscaping, maintenance, security and condominium association costs, and rental agents can charge as much as 20 percent to manage the property when the owners are away.

There are some tax breaks for vacation homeowners who rent out their properties. The rules are complex, so homebuyers might also budget for a good accountant. Generally, homeowners can offset their taxable rental income with deductions for their expenses.

Investment profits and taxes are rarely top-of-mind for most vacation-home buyers today. Roughly 80 percent of them, like the Nikolais, just want to have fun. “They want to be close by, to be able to go for a weekend or easily take care of any maintenance issues that come up,” says Walter Molony, a spokesman for the realtors group.

History says prices are likely to rise. By not acting now, certain buyers run the risk of being priced out down the road. Indeed, said Suding, some are already asking, “Wait, did we miss it?”

(The author is a Reuters contributor. The opinions expressed are her own.)

Lakefront Home at 651 Cove Drive, Big Bear Lake, CA 92315

Lakefront Home at 651 Cove Drive Closes Escrow
(closed sale #7 for 2012)

This bank owned lakefront home in Big Bear finally closed escrow last week. If you’ve been reading my blog over the past year or two, I’ve featured this home on several occasions.  The current buyer bought this lakefront home for $1,200,000….what’s funny (or not) is the fact that the bank turned down $1,300,000 as a short sale, and resold it for $100,000 less.  And you wonder why the banking industry is in such a mess.

About this Lakefront Home in Big Bear

Here’s what my marketing brochure said:

Gorgeous upscale custom lakefront home in prestigious Papoose Bay Estates with extraordinary  views of one of Big Bear’s most serene bays and surrounding forest service-owned lands.  Originally built to the highest standards, this lakefront home was recently updated and renovated by “Interiors, on Fox Farm”.  An abundance of windows showcase the lake views from nearly every room.  On the main level, soaring vaulted/beamed ceilings are complemented but the timber frame-style accents, evoking an Old World feel.  A formal entry with slate flooring leads to the spacious living area with dramatic full-wall rock fireplace.  The open and airy space comes alive after dark with the custom lighting treatments used throughout the home.  The “upscale lodge” style interior design by Patti Dokter, ASID includes high quality carpets, hand scraped hardwood flooring, Hunter Douglas window coverings, and fine furniture and accessories.

With over 3100 square feet of living area, the open floor plan is an entertainer’s delight, and both the formal dining and living areas open to expansive view decking for casual summer gatherings overlooking the historic bay.  A separate office with built-in desk and cabinetry allows a productive workspace without being removed from the hub of the home.  The completely renovated kitchen with skylight, vaulted ceilings and beam accents, offers raised panel oak cabinetry with mesh front display top cabinets, slab granite countertops, built-in KitchenAid refrigerator and separate cooktop and ovens.  The roomy layout with eating bar is ideal for gourmet’s to Grandma’s, and easily accommodates multiple cooks.

A total of 3 bedrooms and 2.5 baths are contained in the two-story floor plan, including a master retreat with beautiful lake views and decking.  The master bath features a jetted soaking tub, glass-enclosed shower and stained glass window accent.

A large lower-level game room is a multi-functional space and includes a wet bar area with extensive cabinetry.  Outdoor recreation opportunities with the property include use of the Papoose Bay Estates community picnic area and clubhouse.  Dock rights are included with this lakefront home, as well as a boat dock at the lake’s edge.  A new artesian hot tub on the private lower deck is the ideal place from which to watch the lovely sunsets.  The lakefront home is entirely wired for state-of-the-art stereo, including outdoor speakers.

Practical upgrades and amenities include two laundry areas, on-demand hot water system, new roofing, and landscaping designed to ensure privacy from within the home.

Truly luxury lakefront living at it’s best, this lakefront home is a short distance to the shopping and dining venues in the Village, or skiing and golf.  Close proximity to Highway 18/330 offers easy access year ’round, and Big Bear City airport serves private and executive aircraft for ease of commuting or a weekend getaway.

Statistics of this Lakefront Home sale

List price: $1,250,000
Sales price: $1,200,000
List price to Sales price ratio: 96%
Days on Market: 82
Sold price per square foot:  $385.85
Lake Frontage: 62′

Listing Agent:  Mike Wochner
Selling Agent: Mike Wochner

Congratulations Dan and Kathy!  I hope you enjoy your new lakefront home!

Okay…one lakefront property sale slipped passed me, and the other I’ve been meaning to write about.

561 Cienega and 180 N Eagle Drive both closed escrow over the past week (Sales #5 and 6 of 2012)

561 Cienega is located over in the Metcalf Bay area and was “a flip”.  The previous owner was trying to short sell it (they bought it for $490,000 back in July of 2007), but the bank wouldn’t comply with a short payoff, so before it went back to the bank an investor bought it at the County courthouse steps (Trustee’s Sale) for $399,000.  They fixed it up and turned it for a quick profit.

Buying at the Trustees Sale is risky business…you are buying a depreciating asset so you better know what you are doing and you have to buy it “right”.  The investor did the traditional..paint the inside, put new flooring in, and made a quick $85k (for four months worth of work).  I don’t recommend doing this unless you’re familiar with how Trustee Sales work, but if you have the cash you can make some decent money.

My opinion on this sale:  Most buyers would be happy about buying a lakefront property in Big Bear close to $500,000.  On the flip side, we’ve had a very mild winter which eventually translates into receding water levels which concerns me with this home (because this is located in a shallow water area).  I’ve always preached about looking at lakefront property with “deep water”.  If you look at the Google Map below, this property is located next to 2 marinas (Pleasure Point Marina and Holloway’s Marina) so the location is busy and instead of overlooking Big Bear Lake, you’re looking at dock slips.  I see this as decent buy but not “a steal”.  If we continue to have mild winters, it will be difficult to walk out to your dock (this property has access to the lake via an easement).

Information about this Lakefront Property sale:

List Price: $519,000
Sales Price: $520,000
List Price to Sales Price Ratio: 100%
Days On Market: 16
Sold Price Per Square Foot Price: $382.92
Lake Frontage: Access by Easement

The second sale occurred at 180 North Eagle Drive.  This was a new construction built by Bob and Gina Gilligan, long time contractors of Big Bear.  They’ve built hundreds of homes in Big Bear and are fairly well known for their particular style of construction. They’re the masters at making a stick-frame built construction look like a rustic log style home.  They took a gamble at building a spec-home in this current market and probably didn’t make a lot of money but I’m sure they’re happy to get rid of it.  The water level on this lakefront property is deep and the views are pretty spectacular…it reinforces the fact that there are buyers on the higher end in Big Bear.

My opinion of this sale:  I had a chance to preview the inside of this home while it was under construction.  Gina has a great eye for decorating but it might have been over-done.  You really have to spend some time in this lakefront property to appreciate all the attention to detail.  I wasn’t a big fan of how close it was to the Gilligan’s primary residence (they split their lot into two lots and it almost looks like it’s a guest-quarters or casita from the street because it’s so close to their primary residence…it looks like one big compound!).  I liked the fact that it had 2 master bedrooms, and they obviously know what sells (they had lots of practical amenities such as a mud room coming off the lake with a washer/dryer area to accommodate wet clothes).  I’ve had clients looking for lakefront property that thought it was “a little busy” from a decorating standpoint, but it must have appealed to someone who wanted “the cabin look”.  This was a good sale for upper-end lakefront homes.  This was well above the average so far in 2012.

Average Sales Price for a Lakefront Property in Big Bear in 2012 so far:  $1,468,307
Average Median Price for a Lakefront Property in Big Bear in 2012 so far: $1,137,500

Information about this Lakefront Property sale:

List Price: $2,399,999
Sales Price: $1,850,000
List Price to Sales Price Ratio: 77%
Days On Market: 229
Sold Price per Square Foot: $406.33
Lake Frontage: 50′

Dining area for this lakefront property

Living Room for this lakefront property

Living Room (different angle) from this lakefront property

Kitchen of this lakefront property

Kitchen of this lakefront property

Master Bedroom of this lakefront property

Master Bath of this lakefront property

View of Big Bear Lake from this lakefront property

If you are looking for a lakefront property for sale in Big Bear click here, or if I can help you with your mountain home search in any way feel free to contact me at 909-633-2558 or mikewochner@gmail.com

I recently had a client ask me what parts of town have been affected the most by the downturn in Big Bear real estate.  My immediate response was that the east end of the valley has plummeted more than the west end of the valley based on the high number of foreclosures and distressed sales in that area.  I was guessing that over the past 5 or 6 years prices had dropped 50% on the east end and 30-40% in Big Bear Lake.  This was completely a “gut-feel” response.  So I wanted to provide some statistics to see if I could substantiate it with more fact rather than just a casual observation or guess.

Big Bear Real Estate Average Sales Price / Median Sales Price over a 6 Year Period

Looking at Big Bear real estate for the entire valley between 2005 and 2011, the average sales price is down 46% and the average median sales price is down 51%.

Big Bear Real Estate from 2006-2012 (Entire Valley)

Breaking down the different areas shows the true diversity of Big Bear real estate, not only in location but in price.

Lakefront Homes: This segment of the market is hard to examine due to the small sampling size (# of sales vary from 16 to 34 per year) … so the trends are a little more difficult to see but it’s interesting to see an uptick in 2011 for average sales price and median price because it’s the only segment that saw a positive reversal in trends.  If you compare 2006 to 2011′s #’s, the average sales price is only off 26%….but comparing it to 2010, which was the lowest point on the graph, average sales price was off 38%.  I guess it just depends on whether or not you believe the housing market is slowly starting to turn around or not.  If you’re optimistic, the luxury market is picking up…if you’re pessimistic,  you could argue that with fewer sales in 2011 (16) there’s not enough sales to determine a true turnaround.  The only way of truly knowing is when we look in the rear view mirror (usually 9 months to 1 year after the trend is confirmed).  One or two quarters isn’t a trend, it’s more of a fluke in my opinion but this is a good start.

I do think 2012 will be better than 2011 (from an average sales price standpoint, an average median sales standpoint, and total # of lakefront sales).  I just feel like there’s more activity along the lake.

Big Bear Real Estate from 2006-2012 (Lakefront Sales)

Big Bear Lake: When homebuyers are thinking about Big Bear real estate, I think they’re generally thinking about property in the Big Bear Lake area.  Average sales price in 2006 was $569,197 and median sales price was$428,950…in 2011 average sales price was $333,825 for a 41% discount and the average median sales price was $240,000 (44% off).

Big Bear Real Estate from 2006-2012 (Big Bear Lake sales)

Fawnskin:  When you look at the graph below, Fawnskin is doing slightly better than most of the areas in Big Bear.  Lakefront sales in Fawnskin will help keep the numbers up along with a low sample size (# of sales in 2011 were 18 and sales in 2006 were 37).  Average sales price over the past 6 years is off 35%, but the average median sales price is off 45%.

Big Bear Real Estate from 2006-2012 (Fawnskin sales)

Moonridge:  Real estate in Moonridge is very consistent with Big Bear Lake’s #’s.  Most buyers looking for Big Bear real estate like the Moonridge area because it varies in terrain, it feels like you’re in the mountains, it’s close to Bear Mountain Ski Resort, and the views are great.  The average sales price is off 40% over the past 6 years and the average median sales price is off 44%.

Big Bear Real Estate from 2006-2012 (Moonridge sales)

Big Bear City:  As we start moving east, the #’s drop further.  The average sales price in Big Bear City in 2006 was $290,633 and the average median price was $270,000….in 2011, average sales price was $147,793 (off 49%), median sales price was $120,000 (off 55% from the peak).

Big Bear Real Estate from 2006-2012 (Big Bear City sales)

Sugarloaf:  Here’s where it starts to get really ugly.  The average sales price in 2006 for Sugarloaf was $220,165 and the median sales price was $209,000.  In 2011, the average sales price in Sugarloaf was $98,218 (off 55%) and the average median sales price was $90,000 (off 57%)

Big Bear Real Estate from 2006-2012 (Sugarloaf sales)

Erwin Lake: Erwin Lake’s average sales price is off a whopping 64% and the average median sales price in Erwin Lake is off 56%.  The big disparity between average sales price and median sales price comes into play because of the acreage parcels out in Erwin Lake. We’ll get a $900,00 sale once or twice a year (usually in the Meadowbrook Estates area) that throws the numbers off.

Big Bear Real Estate from 2006-2012 (Erwin Lake sales)

Baldwin Lake:  The area of Baldwin Lake is one of the more rural areas of town, so it’s generally more popular for people who have horses or want the seclusion because you’re pretty far way from town.  Average sales price is off 45% and the average median price is off 43%.

Big Bear Real Estate from 2006-2012 (Baldwin Lake sales)

While some of the statistics are surprising, the overall market data came in close to what my gut was telling me about the current state of Big Bear real estate.  I see continued pressure in the Big Bear City, Sugarloaf, and Erwin Lake areas as foreclosures and short sales continue to dominate in their respective areas.  And I see the lakefront real estate market picking up (not because I focus on this segment of the market, but based on the graphs above).  I do think if we are in a recovery its going to take awhile to get through the mess that we are in, but it does look like the higher end of the market, particularly along the lake in Big Bear, seems to be more stable.

If you have questions about Big Bear real estate feel free to call or email me.  I’m here to help.

]]> http://bigbearlakefrontinfo.com/2012/03/05/is-lakefront-property-more-stable-than-other-real-estate-in-big-bear/feed/ 0