There were 7 lakefront sales in the third quarter of 2011. See below. There’s been 14 lakefront sales all year, so the 3rd quarter was a busy quarter along the lake for real estate in Big Bear.

755 Cove Drive- Cabin was built in 1947 but was tastefully decorated (sold fully furnished) and in a wind-protected bay (Boulder Bay). I liked the fact that it had a 3 slip boat dock, the fact that it was on Cove Drive (typically homes in this area have deeper water so the land value is higher here compared to properties further east). The buyers have already addressed the shake roof (click here to read about city ordinance 2007-373) and it has a nice Old World charm to it. There was a big disparity between list price and sales price but I think it sold closer to the true value….this was a traditional sale (not a short sale or foreclosure). The MLS stated that it rented out approximately 125 days for the 1st year it was on the rental program in 2010, so they had good supplemental income while it was on the market. This closed in June for $735,000.

755 Cove, Big Bear Lake, CA 92315
39008 Waterview- This was partially built (just past the framing stage)…rough electrical and plumbing was done but not signed off by the building inspector. So whoever bought this will probably have to hire an architect and re-engineer everything. But they flat out stole this property. I had a client that wanted to buy this property for substantially higher but the bank stuck with their 1st offer. Perfect example of TARP money going to work for the banks. They lost quite a bit of money on this one but I’m sure they got compensated on the back end. It closed for $360,000 (under land value in my opinion).

39008 Waterview, Big Bear Lake, CA 92315
136 Lake Drive- This cabin was built in 1950 but was dramatically remodeled in 2009. Located near Gilner Point, it had 2 offers on it and was a short sale. We were fortunate to get this one pushed through. The buyer waited 6 months, was very patient, and everything worked out. This was a great deal….everything was decorated by Interiors and the property was “turn-key”. It closed on 9/2 for $700,000.

136 Lake Drive, Big Bear Lake, CA 92315
40041 North Shore- Located on the north side of Big Bear Lake, this Fawnskin property had a 2-slip dock and a guest house. It was a rental and was a little worn on the inside but the numbers were good. Fawnskin isn’t always an easy sale…a lot of people want to be close to the ski slopes and the Village but this had nice views looking back at town. It closed on 9/21 for $899,000.

40041 North Shore, Fawnskin, CA 92333
418 Gibralter- This A-frame was centrally located and in good condition. For some, it might have been too small (at 1696 square feet and only 2 bedrooms) but it had a nice mountain feel to it and it was priced fairly aggressively. Lots of upgrades from when I sold the home. Huge deck on the back with built in spa, tankless water heater, security cameras, etc. Someone got a good value at $650,000.

418 Gibralter, Big Bear Lake, CA 92315
657 Cienega- This property was located in Metcalf Bay close to Pleasure Point Marina. I wasn’t a big fan of the water level here, and it was real close to the marina but the house was nice. Huge open great room with lots of glass overlooking the lake. 3 slip dock and 3 car attached garage. It sold on 9/28 for $935,000.

657 Cienega, Big Bear Lake, CA 92315
39136 Waterview- This sold in 3 days. It was custom built in 2007 with views from every room. Completely gated with a separate guest house towards the front of the property. Sold for full price at $1,500,000.

39136 Waterview, Big Bear Lake, CA 92315
Outlook for the 4th Quarter
Looking at the last couple of months for 2011, there are 4 homes currently in escrow:
40116 Lakeview- Listed at $1,299,000….this property is contingent upon the sale at 39645 Lake (the sellers on Lake plan on buying this).
39645 Lake- Listed at $929,000….this property has an encroachment issue which is trying to get sorted out.
147 Eureka- Listed at $1,199,000…this went into escrow a couple of days ago but should close before the end of the year.
436 Edgemoor- Listed at $1,125,000…this included 4 other parcels and went into escrow a couple weeks ago.
We might get another sale or two going into the holidays but traditionally speaking we are heading into the slower months. It’ll be interesting to see how many of the 34 lakefront homes currently for sale stay on the market, and how many decide to re-list in the Spring. If you’re looking for a waterfront home in the Big Bear area, give me a call or send me an email. I know this segment of the market very well and would love to help.
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