Posted by: mikewochner | September 25, 2011

Another Successful Shoreline Cleanup!

Quick article in the Grizzly this week recognizing the Shoreline pickup…..a huge success, and a big thanks to all that participated!

Chalk up another successful Shoreline Cleanup. The 12th annual clean was Sept. 17 around Big Bear Lake.

One hundred forty-six volunteers participated in the annual event to help keep Big Bear Lake’s shoreline clean and spotless. Sally Rice, a teacher at Baldwin Lane Elementary, has coordinated the school’s participation for 10 years. Kids from the school volunteered their time.

The event is in partnership with the California Coastal Commission’s California Coastal Cleanup Day happening around California the same day. It is the state’s largest volunteer event, annually drawing up to 80,000 volunteers to more than 800 cleanup sites.

This year’s take was 909 pounds including 767 pounds of trash and 135 pounds of recyclable material. Volunteers have collected 15,665 pounds of trash, 2,398 pounds of recyclable material for a 12-year total of 18,063 pounds. Now, that’s a lot of trash no longer on Big Bear Lake shores.

Posted by: mikewochner | September 12, 2011

FHA/Conventional Loan Limits Expiring September 30, 2011

FHA Loan Limit Changes

To mitigate the effects from the economic downturn and the sharp reduction of mortgage credit availability from private sources, Congress temporarily increased FHA loan limits in 2008.  The stimulus stipulated that FHA loan limits be set at 125% of the median house price in each area.  This was a temporary increase.  Starting October 1st, the county loan limits will revert back to 2008 levels which will result in a decline in 669 out of 3334 counties.  The map above does a fairly good job of showing you who would be affected most.  Currently in the San Bernardino County, the limit is $500,000 but the previous limit was $355,350.  That’s a difference of $144,650!

What does this mean?  Borrowers will either have to purchase less expensive homes, come up with a larger down payment to reduce the loan limit, or look for a jumbo loan product.  This reduces the number of buyers, and with fewer potential buyers in the middle to high end range, that means that home values on the middle to upper end will decline.

Yes, 6 out of 8 lakefronts that have sold so far this year in Big Bear have been cash sales.  And an extension isn’t out of the question.  So it’s not the end of the world, but if Congress allows this to take it’s natural course it will affect those who plan on buying in the middle to high end range.

 

 

Posted by: mikewochner | September 7, 2011

418 Gibralter Goes into Escrow

418 Gibralter

418 Gibralter went into escrow….this lakefront was aggressively priced.  With a list price of $695,000, this A-frame was centrally located and very clean on the inside.  For some buyers, this home might be too small (with 2 bedrooms and 1696 square feet), but I think someone is getting a good value on a log sided lakefront home….The seller added quite a bit of redwood decking in the back with a built in spa and is selling it fully furnished.  Check back in 45 days to see sale information.

Posted by: mikewochner | August 11, 2011

436 Edgemoor Falls Out of Escrow

436 Edgemoor Rd

436 Edgemoor Road fell out of escrow this week. Click here to view the virtual tour for this home. This is the newer single story log style home over in the Metcalf Bay area. According to the listing agent, the buyer had an issue with an easement…not sure if that was the true reason or if it was stock market jitters. At any rate, it’s back on the market with Paul Zamoyta of Keller Williams for $789,000.

The house is small (1446 sqft) but it is newer (built in 1997) and has the log style look so many people want in a mountain home. It has stainless steel appliances, granite counter tops, a good sized great room that features a corner rock fireplace and pool table. The biggest feature that hasn’t really caught on yet in Big Bear is the solar powered electrical panels which make it super energy efficient. With over 300 days of sunshine, you would think more homeowners in Big Bear would take advantage of the direct sunlight (especially with the tax credits).

The water is shallow in this location, so there will be years where the water recedes quite a bit away from the home, but it sure looks good now. For more information about this home or if I can help you with your search in any way feel free to call or email me.

View from Back Deck

UPDATE: AS OF 8/16/2011 THIS PROPERTY IS IN ESCROW (IT HAD 3 OFFERS).

Normally I don’t walk through and video a home due to security reasons (no one likes to have a video of their personal belongings shared with the entire world), but I shot this one for a client of mine (here you go, Marc and Elaine) and I figured it was okay to share since it’s vacant and bank owned.

I forgot to mention in the video above that this property sold in 2005 for $1,406,500! I think that’s the reason why I repeat the current list price of $635,000 a couple times. It’s a really good value in my opinion. 5 bedrooms, 4 1/2 bathrooms with 3212 square feet…it would make an excellent rental or second home for someone who doesn’t want to shell out $1M+ for a lakefront.

The architecture and style of the home is somewhat “unique” but not done in bad taste. Just different. One correction: I mentioned the wood is “white-washed”…it’s not really “white-washed” but it doesn’t have a clear lacquer finish to it. It’s been slightly modified (with a creamy tint to it) but I couldn’t come up with the words to describe it on-the-spot. Also, I didn’t have access to the detached garage which has a 3/4 bath and workshop (the bank hasn’t rekeyed that door yet).

The home is in excellent condition for a bank owned property and has a lot of custom features; the heated paver driveways, the radiant heating inside, soft water/purification system, dumb waiter, etc. IMO, most people won’t have an issue with the style (the roof lines give it some character). Some buyers might want to knock out the dividing walls in a couple of the rooms but that’s more of a cosmetic decision. I think it will come down to layout and whether or not the view is expansive enough for some.
All in all, I predict this will sell in the first week to 10 days.

Call or email me if you would like additional information regarding this property or if you would like to come up and take a look!
To give credit, Damian Duncan of Yucaipa’s Century 21 Best Properties is the listing agent.

Below is a quick video of 39248 Waterview and the vacant lot next door (39250 Waterview) which just went into escrow today.  This would be an excellent sale along the lake if it closes and it would help support house prices on the higher end of the lakefront market.  As I mentioned in the video, there’s only been 7 lakefront sales to close this year…which is way off from previous years.  And there’s only been 7 houses to sell in 2011 over $1M in Big Bear (4 lakefronts and 3 homes off the water).  So that’s why it’s nice to see a higher end lakefront go into escrow in the current economy. Stay tuned to see if/when this sale closes escrow.

UPDATE: AS OF 8/15/2011 PROPERTY IS BACK ON MARKET….SALE FELL THROUGH. GUESS IT WAS TOO GOOD TO BE TRUE.

If I can help you with your lakefront property search in any way, don’t hesitate to call or email me.

Posted by: mikewochner | July 1, 2011

Big Bear Quarterly Lakefront Report: 2Q of 2011

Kind of a slow 2nd quarter for lakefront sales this year….one could say it was because of the weather or the economy.  I tend to believe that it’s because there’s not a lot of distressed sellers in the lakefront market.  There are plenty of lakefront homebuyers out there if the price is right.  Problem is there are only a handful of sellers that HAVE TO SELL along the lake.  Investors are waiting for the right opportunity and they’re being patient. The handful of buyers I’m working with right now have been looking for months, if not years.  They know which part of the valley they want to be in, the price range they feel comfortable with, and the type of home they’re looking for.

How can I tell there are buyers out there?  Whenever a Big Bear property is priced-to-sell, whether it’s bank owned, a short sale, or a traditional-type sale, there seems to be multiple buyers looking at it.  I’ve been in 10 multiple offer situations this year ( 1 on the lake ).  This scenario tends to mess with your head when there are multiple buyers looking at the same property!  You’ve looked at dozens of homes, you’re convinced that the property you found is a good value but you don’t want to get caught up overpaying in a bidding war….the reality is, if it’s a good deal you’re probably not the only one who thinks so.

The most interesting stat I’ve discovered is that 37% of ALL sales in Big Bear in 2011 so far were paid for with cash! This is uncharacteristically high (it’s roughly 3x the norm).  5 out of the 7 lakefront sales this year have paid cash, and the buyers on both short sales that are pending plan on paying cash.  So if those close that would make it 7 out of 9…..yes I’m a mathematical wiz.  I know. :)

Just like the 1st quarter of 2011, we had a variety of sales.  One short sale on Eagles Nest which had multiple offers and sold below market value, an ultra high end sale on Cove which believe it or not sold for a discount (sellers paid $2.8m and it re-sold for $1.9m), a contemporary lakefront on the North Shore, and a small cabin on Cove.  Below are the details of each sale.

Sales from April 1 - June 30, 2011

Price continues to dominate the market.  It doesn’t matter if a home looks cluttered, is difficult to view, or it’s in poor condition….if it’s priced well and buyers think it’s a good value it’ll sell. Happy Fourth of July! If I can be of any help don’t hesitate to call or email me.

Posted by: mikewochner | June 21, 2011

Saw This in the LA Times Today


Written by Chris Erskine, Los Angeles Times

Paddleboarding has found its way to the fresh, sparkling waters of Big Bear Lake. Ready to give it a whirl? Beginners clinics will be part of the fourth annual Big Bear PaddleFest, July 9 and 10, at the resort community in the San Bernardino Mountains, about a two-hour drive east of Los Angeles.

Last year was the first time that paddleboarding had been part of the festival, which also offers two days of canoeing and kayaking. On July 9, local experts will teach clinics for beginning and advanced paddlers in kayaking, canoeing and paddleboarding.

Races in the three sports, scheduled for July 10, will be open to all levels of paddlers. The races include 5-, 10- and 20-kilometer distances. A fun paddle is free for kids 12 and under.

Paddleboards — long, sturdy boards first used in the ocean and popular off the shores of Malibu — have found a niche in Big Bear. Marina owners attribute their popularity to the lake’s calm waters and scenic surroundings.

Stand-up paddleboarding is “easy to learn, a great way to explore flat waters, and nonstop fun,” said John Sanders, owner of Captain John’s Fawn Harbor & Marina. “It’s like surfing, but much easier. If you can stand, you can paddle.”

Note to drivers: It’s now easier to get up to Big Bear, thanks to the reopening of Highway 330 last week after a six-month closure that was caused by storm damage.

Info: Big Bear PaddleFest, or call Jim or Janet Dooley at (909) 866-3414. Clinics are $25, race entry $45 (plus a $10-per-day lake permit). It’s free to watch the races.

RELATED ARTICLES:

Big Bear Grizzly: Paddle to a New Venue for Fourth Annual Event 4/27/2011

Posted by: mikewochner | June 17, 2011

Highway 330 is Open!

Highway 330 collapses

Remember this photo? It was only 6 short months ago that the road collapsed and everyone was wondering how long it would take to repair….officials and rumors were saying 1-2 years!
KBHR announced yesterday that highway 330 is now open permanently! This is great news for businesses and homeowners on the west end of town! Hope this reaches you before you make the drive up…it should save everyone some time and frustration.

Big Bear, Ca, June 15, 2011, 3:00pm – Great news for motorists who have been waiting for Highway 330 to open! According to Terri Kasinga, Public Information Officer with CalTrans, Highway 330 is set to open permanently to two-way traffic after the recognition ceremony on Friday, June 17th. Kasinga told KBHR that flagging will still occur while repairs are being finalized, and a full closure may occur after the road is open, however, it would only be short term. Repair crews have worked since last December to replace several portions of the roadway that were washed away during heavy winter storms. “I’m amazed at the speed and quality of the work here. Thinking back, the damage to the roadway in December was enormous,” stated Assemblyman Paul Cook. “Now, just six months later, we’re cutting the ribbon for the permanent reopening of 330, just in time for the Fourth of July weekend. This is great news for the local economies in the San Bernardino Mountain region.” The June opening beat early assessments, which estimated an October reopening. However, due to favorable weather conditions, and expedited contract work, repairs were able to move forward at an extraordinary pace. Motorists will be able to access Highway 330 after the ceremony, which is set to end at 4:00pm on June 17th.

It’s that time of year. People are bring up their boats and getting ready for the Summer boating season…and the real estate market is beginning to heat up as well.
2 high end lakefronts went into escrow over the past month, there’s been several price reductions, and activity is picking up.

PENDING SALES

40141 North Shore

40141 North Shore Drive was a modern style custom home along the north side of the lake.  Listed with Cindy Pearson of Gilligan Log Homes, this property is listed at $1,600,000.  Some people prefer Fawnskin…others prefer to be on the south side of the lake.  It’s all personal preference.  One side is not better than the other.  The buyers that are in escrow on this property already own in the Fawnskin area and have been eyeing down this property for quite some time.  Rumor is this is a cash sale and should close in 30 days or less.

655 Cove Drive

655 Cove Drive was on the point of Papoose Bay and was listed at $1,999,000 with Sherry McDaniel of C21. Even though I thought it needed some updating it was a good value in my opinion.  It sold at the end of 2006 for $2,750,000 so it was deeply discounted and offered some of the best views in all of Big Bear.  Deep water, 185′ of lake frontage, and a 5 boat slip dock.  The views on this home literally were 270 degrees wide.  This too was a cash sale and is suppose to be closing next week.

755 Cove Drive

755 Cove Drive was also located on the west end of town.  It was listed with Stephanie Murphy of KW for $849,000….This property was too small for some of my clients (1506 sqft) but it was located in a great neighborhood, was wind protected, and finally went into escrow yesterday.  This fits the stereotype of some real estate investment philosophies of buying one of the smallest homes in the nicest areas.  Property was purchased in January of 2007 for $800,000.

If you’re in the market for a lakefront home, or if I can be of any help with your mountain home search feel free to contact me.

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