Posted by: mikewochner | December 30, 2011

Local Big Bear Investor puts several Lakefront Homes on The Market

Over the past week, I’ve seen several new lakefront homes come on the market…what makes this circumstance different is the fact that they’re all owned by the same individual.  Back in 2006, when the market started to turn, this investor bought over $10M worth of property up here.  Paid cash for every purchase.  It was quite amazing to see because that segment of the market wasn’t moving well ($1.5-$2.7M).   So it’s interesting to see some of these properties back on the market at a discount.

643 Cove Drive

643 Cove Drive- This was the first property the investor bought.  Located in the Papoose Bay Estates subdivision, this property is a deep water lakefront that faces west.  Paid $1,595,000 in August of 2006….owner has discounted it 20% and is now up for sale at $1,275,000.

811 Peninsula

811 Peninsula- This is a beautiful full log home that faces Boulder Bay and was purchased in July of 2009 for $2,000,000.  Owner has discounted this home 25% from what they paid for it and have it back on the market at $1,500,000.

200 N Eagle Drive

200 N Eagle Drive- This property was purchased for $1,750,000 in March of 2009.  Owner has discounted the price on this home approximately 20% down to $1,395,000.

Everyone seems to be looking for a bank owned lakefront home because they think they’ll get the best value on a foreclosure.  Sometimes that’s the case, but based on what I’m seeing, some of the best deals over the past year or two have been from motivated sellers…traditional type sellers who have lots of equity in their home and they want to move on.  I’m guessing this investor has found an investment out of the area and he’s cashing out so he can take advantage of something else.  After all, there’s no mortgage on any of these homes, so he doesn’t HAVE to sell….but he understands the market and has priced them accordingly.

Posted by: mikewochner | December 28, 2011

Big Bear’s Polar Plunge is March 10th

I saw this in the Grizzly this week and thought I would share….haven’t decided if I’m brave enough to do it.

Big Bear will experience its first Polar Plunge March 10. The Plunge benefits Special Olympics Southern California–Inland Empire Region. The event is largely sponsored by the Law Enforcement Torch Run for Special Olympics. It is open to all brave enough to take an invigorating early spring dip in the lake at Swim Beach.

Civic clubs, schools, businesses and other organizations can organize teams, and individuals and families can also plunge. A disc jockey, concession booths, food, games and prizes are part of the fun planned for participants and spectators.

“We’re really excited to unveil the Big Bear Plunge,” said Kelly Kloepping, event promoter. “This is what people would call a true plunge.” She should know. Kloepping, the assistant vice president of marketing and communications for Special Olympics Southern California, hails from chilly Wisconsin, where divers guide the swimmers to the surface from beneath the thick ice.

While Big Bear Lake likely won’t have ice in mid-March, the local Polar Plunge is more akin to a typical plunge than similar Southern California events held at Pacific Ocean beaches. The lake’s water averages about 35 to 40 degrees in March.

Participants gather pledges to raise funds. Registration starts at $50 per person. Plungers have ranged in age from 5 to 80-something years old. These ice-water waders show up in all sorts of getups, from outlandish costumes to wedding dresses. Proposals have been made at plunges.

“Plunging is becoming a sport that draws unique enthusiasts … a true winter outdoors you’re-crazy kind of thing,” Kloepping said. This is a great way for civic groups and school teams to show their spirit, she said. Teams often coordinate costumes and can hold signs. Awards are given for accomplishments such as best costume and highest earners.

On the promotional end, Kloepping is working with Northwoods Resort and Dan McKernan, marketing and public relations manager for the Big Bear Lake Resort Association. The message to visitors will be to come and enjoy Big Bear’s scenery, play games, buy souvenirs, enjoy the food and watch brave children, women and men “freezin’ for a reason,” Kloepping said. Inland Empire Special Olympics athletes will serve as ambassadors. Kloepping plans to officially announce the event at a press conference in January.

The Law Enforcement Torch Run is the largest grassroots fundraising event for Special Olympics. This year law enforcement officers in Southern California raised more than $1 million. Law enforcement agencies participating in the Big Bear Plunge include the San Bernardino County Sherriff’s Department, Beaumont City Police, California Highway Patrol and more. The idea for a Polar Plunge at Big Bear came from Beaumont Chief of Police Frank Coe, Kloepping said.

“They told me because it’s my idea, I have to be the first one in,” Coe said with a chuckle. “The Special Olympics is very important to me. The athletes and their families are just very special people … . The Special Olympics builds their confidence and courage. It’s very rewarding to see the athletes compete and to see the courage they have in doing things we take for granted.”

For more information about the Big Bear Lake Polar Plunge, visit www.sosc.org/bigbearplunge.

Below is a video I found on YouTube from Lake George…they do it every New Years and the turnout is pretty strong!

Posted by: mikewochner | November 11, 2011

Big Bear Lakefront Quarterly Update: 3Q of 2011

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.

This past week I had the pleasure of helping a client close escrow on a lakefront home in Big Bear.  This was a major triumph.  The home had multiple offers, was a short sale (so the process took much longer than a traditional type sale), but they got a great deal and their patience paid off.  After 6 long months of waiting for the bank to respond we finally got approval and closed the transaction.  But our work wasn’t done.

So many agents mentally shut off when escrow closes…commission checks are cut and files are closed out.  But there’s still a few things to take care of to ensure a smooth transition.

Utilities-  Now that the property is in your name, you’ll need to get the utilities transferred over into your name.  This seems like a no-brainer, but I can’t tell you how many times a new homeowner drives up the mountain to enjoy their new home and the utilities are shut off….an entire weekend without power, water and gas!

  • Call Bear Valley Electric or go on their website and download their application.  You might need to have your escrow information available to reference so they can verify that the property is in your name.
  • Call Southwest Gas or go on their website and fill out an application to start service.
  • Call Department of Water and Power or go on their website and fill out a water service application.  Again, you will need your escrow information in order for them to process the application.
  • Not a necessity, but figure out if you want cable, internet or phone….for some, an hour or two without internet seems like an eternity.  So make sure you contact the appropriate carrier ahead of time.
  • Does your property have an alarm?  Call Paul Bernardo over at Lake Alarm (cell phone 909-725-2918) to get everything dialed in.  You want to make sure your new investment is protected and you have a sense of security when you’re not in Big Bear.
Municipal Water District- Many real estate agents forget this step, but if you buy a property with dock rights you need to fill out an application with the MWD so they can keep their records current.  They will want to go over the Lake Rules and Regulations, Lake and Boat Dock Fees, and Insurance Requirements.
Call or email me if you have any questions or if I can help in any way.
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.

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