
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.
Recent Comments