Big Bear Lakefront Information
A Real Estate Blog dedicated specifically to Lakefront Homes in the Big Bear Lake Area
With only 2 months to go, below is a list of lakefront homes that have sold on Big Bear Lake in 2017 to keep you updated on the activity. If you have any questions or if I can help in any way feel free to contact me at (mikewochner@gmail.com or 909-633-2558).
Situated on over a half acre of land, this Big Bear lakefront property had a wonderful setting. Built in 1948 with 4 bedrooms and 2 baths, this had a lot of characteristics home buyers are looking for in a cabin. It had the original knotty pine interior, a large native stone fireplace in the living room, and it had space around it (it wasn’t on top of the neighbors). It has a 2 car garage at the street with a long sweeping driveway going down to the house, as well as a 2 car boat garage in the build up on the back side of the house.
The negatives? It was old and in need of repair. You walk into the kitchen which is very dated….and there’s only 1 bedroom downstairs which is off of the living room so it wasn’t very private. That, coupled with the lower ceilings were deal breakers for a couple clients I showed the property to. I really liked the lot size but I thought the price per square foot was on the steep side.
List Price: $1,200,000
Sales Price: $1,050,000
List Price to Sales Price Ratio: 88%
Days On Market: 243
Sold Price per Square Foot: $627.24
Sale Date: 2/18/2014
This was a pretty unique property. It overlooked the center of Big Bear Lake with 110′ of lake frontage and had 2 separate units. As I’ve written in the past, properties that are zoned R-3 (multiple units) are a little more difficult to finance. There’s just not a lot of comparable sales along Big Bear Lake for appraisers to use…but this Big Bear lakefront property didn’t seem to have many problems selling. It came on the market towards the end of the year over the holidays. It was on the market for 9 days and closed escrow 47 days later. Based on the sales price, it’s easy to assume that there was a bidding war (it was listed for $799,900 and closed escrow at $815,000).
The MLS shows this Big Bear lakefront property being 4 bedrooms, 2 1/2 baths, and 2000 square feet. If you break it down per unit one was a 2 bedroom, 1 bath cabin; the other was a 2 bedroom, 1 1/2 bath cabin with a 2 car garage. Great rental potential, but it was adjacent to Lagunita Lodge which is a drawback because it is a busy timeshare complex. Overall, I thought it was a decent value (and at least 2 others thought it was a good value based on the bidding war).
List Price: $799,900
Sales Price: $815,000
List Price to Sales Price Ratio: 102%
Days On Market: 9
Sold Price per Square Foot: $407.50
Sale Date: 2/10/2014
I was a little surprised to see this one close escrow. For one, there’s no water in front of it and it’s only going to get worse this Summer unless we have another Miracle March. This lakefront home has been on and off the market since 2008…they’ve bounced around in price, from $1,195,000 to $999,900…back up to $1,125,000, down to $995,000 and the sellers went through 3 listing agents. So the Days on Market below is deceptive. Just a little bit of gamesmanship to make it look like a new listing by taking it off the market for more than 30 days to reset the numbers. But I’m happy the sellers finally got it sold.
This home sits on a nice 19,000 square foot lot. Walking distance to Holloways Marina (which makes it a busier location). The floor plan is stacked, with steps leading up to the front door. More of a full time home with lots of drywall and a formal dining room. Nice vaulted ceiling in the living room. Wall to wall carpet, except for tile in the bathrooms. 2 fireplaces, jacuzzi tubs, 2 water heaters, and a lot of oak cabinetry.
List Price: $950,000
Sales Price: $905,000
List Price to Sales Price Ratio: 95%
Days On Market: 41
Sold Price per Square Foot: $346.35
Sale Date: 1/21/2014
Another lakefront property closed escrow this past week. It was an attractive full log home centrally located off of Lakeview Drive on Gibralter. It might look familiar because it sold roughly a year ago for $925,000 (it closed escrow on 8/25/2012, click here to view details). This time it sold for $1,110,000 (at $533.65/foot)! On the Big Bear MLS, it shows as a 2080 square foot house. But if you remember the last time it was on the market, there are two structures on the property. The main structure is a 1560 square foot house and the structure closer to the street is approximately 520 square feet. Not your typical lakefront property in Big Bear….but it does have the potential as a decent vacation rental. A couple of property managers viewed the property and thought it would bring in $65,000-$70,000 (gross). That figure can obviously adjust up or down depending on the market but I was pleasantly surprised on their estimation.
And even though it sold at $533.65/square foot, I understand why it sold. It’s beautiful. It’s rustic and feels like a true cabin. It’s close to the center of town. The owner added a 2 car garage and an asphalt driveway (which was one of the biggest objections buyers had the previous time it was on the market). It might not be big enough for some buyers but the floor plan was nice and it felt bigger than 1560 square feet.
I guess I’m not surprised that it sold because of the supply and demand dynamics (there’s 15 lakefront homes on the market right now). The market has shifted and over the past 12 months I’ve seen sellers that have been reluctant to come off their asking price…I’ve seen appraisals not come in and buyers having to make up the difference…I’ve seen repair requests getting denied by sellers with more “as-is” type sales. As Ron Burgundy would say, “that escalated quickly”! 🙂
Below is a list I created of each lakefront home to sell in 2013.
It’s difficult to fully understand the rise in price per square foot without looking at 2012. But looking at the list below, I only see one house out of 38 sales that sold for over $500/square foot. The average price per square foot has increased $74.33. As I’ve mentioned in the past, price per square foot isn’t everything. Most of the value in lakefront land varies because of the location, the views, the lake frontage and the depth of the water.
You would assume that 2013 has been a much better year for lakefronts by looking at the price per square foot. However, a final caveat: If you take a look at the square footage of the homes, you will notice that people are buying smaller homes this year. The average square footage of a lakefront home to sell in 2012 was 3144 square feet, whereas the average square footage to sell along the lake in 2013 was only 2457. The difference in sizes affects average sales price. In 2012, it was $1,148,895.42. The average sales price in 2013 is only $1,002,626.09. We’ve only had 1 sale over $1.5mm in 2013, compared to 8 in 2012. So price per square foot doesn’t tell the whole story.
Happy Memorial Day and a big thank you to all the men and women in the armed services who risk their lives for us. We are forever indebted to you.
The first half of 2013 has flown by as we close out the Memorial Day Weekend…..Yes, I’m still working despite the lack of posts 🙂 I’ve had a busy first 5 months of year…. but I apologize for not posting more often. I do feel like it’s more difficult to find “a deal” along the lake in 2013 and the lack of inventory is showing up in the total number of lakefront sales so far for 2013.
We currently have a total of 7 lakefront homes sold for 2013, 3 in escrow, and 20 that are currently on the market. I’m actually a little surprised at the 3 lakefront homes that are currently in escrow….I wasn’t a big fan of them but I’m glad they’re in escrow. It’s safe to say we won’t have 40 lakefront sales like we did in 2012 but I’m hoping there will be more to choose from during the “summer selling season”.
Below is a quick review of what’s sold so far in 2013 along the lakefront in Big Bear.
39556 Forest- I urged a client of mine to buy this house but the timing wasn’t quite right (he had to sell a rental in Breckenridge). I thought this was a very good deal if you could get it close to $1mm. It was wind-protected, completely flat and useable, and in my opinion was the best deal on the market at the time. Some clients didn’t like the split level floor plan and the eastern exposure but after you replace the single pane windows/sliders I think the new buyer is really going to enjoy this home. It is right on the cusp of Round Drive which is an exclusive, small street that has tall mature pine trees but without the Round Drive price tag. I thought the buyer got a great deal at $1,000,000.
List Price: $1,150,000
Sales Price: $1,000,000
List Price to Sales Price Ratio: 87%
Days On Market: 525
Sold Price per Square Foot: $293.43
Sale Date: 01/04/2013
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370 Gibralter- This was more about the lake than it was about the house. It was advertised as a 2 bedroom home but it was really a 1 bedroom plus a loft. The fence line needed to be changed but that wasn’t a big deal. I think this property was priced at mainly land value….at $595,000. This was another good buy based on the wind exposure and the price point. You’re not going to find much on the lake in this price range and that’s the reason why it only lasted a few weeks and it sold for full price.
List Price: $595,000
Sales Price: $595,000
List Price to Sales Price Ratio: 100%
Days On Market: 22
Sold Price per Square Foot: $521.02
Sale Date: 02/20/2013
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38654 North Shore- I had a client that was seriously interested in this property. From what I understand, the previous owner bought this property for $385,000 and couldn’t live up here. This home rests on the sunny side of the lake over in Fawnskin. New roof, forced air heat, carpet, new kitchen and new electrical and appliances. The lot covers 6783 square feet (51′x132′x51′x134) and it sits across from the West Boat Launch Ramp on the north side of Big Bear Lake. It sold partially furnished with a private dock and a 19′ Sea Ray Boat! It is small so you are limited with the amount of sleepable areas, but you’re not going to find another home with dock rights in this price range right now.
List Price: $335,000
Sales Price: $335,000
List Price to Sales Price Ratio: 100%
Days On Market: 116
Sold Price per Square Foot: $446.67
Sale Date: 03/08/2013
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38833 Waterview Drive- This was a spectacular house but I was a little surprised that the seller got $2.6mm for it. Nice open floor plan, cathedral ceilings, newer construction….5 bedrooms, 5 1/2 baths, a guest house, built-in BBQ, fire pit and sand beach area. It had a it all. But I had a hard time justifying value over the $2.3-$2.4mm range.
List Price: $2,900,000
Sales Price: $2,600,000
List Price to Sales Price Ratio: 90%
Days On Market: 101
Sold Price per Square Foot: $590.91
Sale Date: 03/15/2013
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39278 Waterview Drive- Nice views with 5 bedrooms, 6 1/2 baths, and approximately 4400 square feet with a 3 car attached garage. My wife lived in the North Estates area before we got married and loved how quiet the neighborhood was. This lakefront home was slightly dated on the inside but had a lot to offer. It sat on a 29,569 square foot lot, had a spa room, game room, sauna, steam shower, central vac…lots of nice amenities. I believe there was about 842 square feet that was built without a permit
List Price: $1,395,000
Sales Price: $1,338,000
List Price to Sales Price Ratio: 96%
Days On Market: 53
Sold Price per Square Foot: $304.09
Sale Date: 03/19/2013
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381 Delaney Court- Another lakefront property that sold quick (4 days on the market with multiple offers) was this 3 bedroom, 2 bath, 1911 square foot single story home. It had wide lake frontage and a spectacular deck to take in the views. It was hard to justify the asking price from a comparable standpoint, but I knew it was going to go quickly because there wasn’t much to compete with it under $1mm. Nice open living room, a master that faced the lake, and a 3 car attached garage to store all of your toys.
List Price: $998,000
Sales Price: $989,000
List Price to Sales Price Ratio: 99%
Days On Market: 4
Sold Price per Square Foot: $517.53
Sale Date: 05/07/2013
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418 Gibralter- This was a tastefully remodeled A-frame lakefront. New roof, new wood flooring, new granite counter tops, newer windows and decks. They bought this property in September of 2011 for $650,000…but apparently bought another lakefront home down the street that was slightly larger…based on the sales price I don’t think they made any money, I just think they wanted to move up to a larger lakefront home. I liked this property, but for many I think it was a little too small and several buyers got scared after they discovered a water leak in the utility room.
List Price: $725,000
Sales Price: $702,500
List Price to Sales Price Ratio: 97%
Days On Market: 238
Sold Price per Square Foot: $414.21
Sale Date: 05/09/2013
Have a happy and safe holiday!
This home was on the market for 1163 days. But with all the activity along the lake, it became a better value towards the end of the year for an upper end lakefront. The owners started off at $2,195,000 back in 2009 and lowered the price over the past couple of years to $1,790,000 before getting an acceptable offer at $1,688,000. This wasn’t their first offer, but with a 7 day escrow I think it was hard for them not to accept it.
What’s unique about this property is the 6 bedrooms and 6 baths. There was obviously an addition that was done over the garage…it was nicely done but the floor plan was a little choppy. On the positive side, it gave good separation from the rest of the house so it wasn’t too goofy and it gave the homeowners a large second gathering area besides the living room. I’ve shown this home several times and the biggest complaint was that the view of the lake wasn’t expansive enough. No one complained about the number of bedrooms, the soaring cathedral ceilings with the floor to ceiling native rock fireplaces. It even had politically correct stuffed animal heads that one would find at a kids carnival, not at a taxidermist shop.
The kitchen was recently redone with new cabinets, backsplash, and counter tops which made a world of difference. All in all I thought it was nice, just not for everyone. The master was on the second floor which you accessed along a catwalk landing (another addition is my guess)…so some lakefront buyers might not have liked the steps. But with this square footage, it became a decent value for the money.
List Price: $1,790,000
Sales Price: $1,688,000
List Price to Sales Price Ratio: 94%
Days On Market: 1163
Sold Price per Square Foot: $361.61
Sale Date: 12/26/12
Again, apologies for the late post but I wanted to make sure I finished 2012’s lakefront sales….I’ve got 2 more to report after this home for a total 38 in 2012!
Located on Mallard Lagoon down the street from Lagunita Lodge, this four unit lakefront property was on the market for quite some time (1211 days to be exact). The list price was as high as $895,000 back in 2009, and as low as $500,000 to try and attract investors at an auction, but it ended up selling for $650,000 cash the week before Christmas.
Originally built in 1941, it covered 2400 square feet in all, with 5 bedrooms and 4.5 baths. The lot was 10,044 square feet (54′x195′x57′x185′) on the shallow side of Lagunita Lane. Most of the units were remodeled but needed a little TLC in my opinion. New counter tops, flooring, and dual pane windows….but in my opinion, the craftsmanship was below average. The last time I showed this property, the 2 interior units (a duplex) needed more work than the front and back structures. The exterior was wrapped with log siding (tongue and groove). There was only 1 water meter on the property but each unit had their own electric and gas meter, and was entitled to their own boat dock and access to the lake. One other tidbit that many might not know about…the listing agent used to own this property a couple of owners ago, so she was very familiar with the history of this property.
I thought this was a decent buy, however, I didn’t think it was for everyone. I think this was a tough sale because most buyers want a single family residence in the mountains, to use with their family and getaway from the hustle and bustle….not an investment property that you have to attend to. The price per square foot was low, which was good for the buyer, but it had to be low in my opinion in order to attract an investor. The water level is shallow in this location, so when the lake recedes from time to time it will be difficult to get your boat out on the lake…all in all, it’s difficult to find a lakefront in this price range so I think the investor did okay. They’ll just want to make sure if they ever sell that the water level is up otherwise it will be an even tougher sale. Currently Big Bear Lake is 4′ 4″ from full.
List Price: $695,000
Sales Price: $650,000
List Price to Sales Price Ratio: 93%
Days On Market: 1211
Sold Price per Square Foot: $232.14
Sale Date: 12/18/12
Round Drive has always been one of my favorite parts of the lake. The way the road curves around the point, the space in between some of the houses, the tall mature pine trees on the street. It has a cool rustic feel to it that you would expect out of a mountain retreat. Some of the lakefront homes on this short and narrow street go all the way back to the 20’s and have a simple but timeless look to them, from the tree bark that was left on the exterior of the homes, to the native stone fireplaces that have withstood the test of time. Lakefront homes on Round Drive tend to be a little more sought after and more expensive. Over the past several years we’ve seen lakefronts on this street sell from $950,000 all the way up to $2.2mm.
A lakefront home at 122 Round Drive recently sold and had a nice layout to it. Large great room with picture windows overlooking the west end of Big Bear Lake, 2 master suites which is nice for multiple families (one on the main floor and one downstairs), and a bonus room downstairs for a second gathering area. It covered 3279 square feet with a total of 4 bedrooms, 3.5 baths, and was built in 1991 by the previous owners.
I had a client that really liked this property and the western views. They were pretty serious about it but decided that it would probably take to much work to get it how they wanted it. As you entered the front door, you can see 4 different types of flooring from the entry. I would have tied the flooring together and made it a little more consistent…not to many people like carpet in the bathrooms. It didn’t have a real cabin flavor to it and maybe with some rustic furniture/decor it would help. Inexpensive light fixtures and tub enclosures….So I thought there was probably a light remodel option, for those that wanted to use this as a rental (rentals get a lot of wear and tear so you wouldn’t want to throw a bunch of money at it if it were an income property) and a medium remodel option for those that wanted it for just personal use. It also needed a boat dock, (probably $15,000 to $25,000 cost depending on the type of materials used). Loved the sea wall and the 100′ of lake frontage. The water level seemed to be somewhat shallow for the first 30-40′ from a distant view…I know Round Drive is known for it’s deep water but it didn’t seem as deep compared to a couple of doors down to the north.
All in all, I liked the layout and I thought the sellers were in the ball park in terms of value comparing it to the other lakefront cabins in the $1,000,000 to $1,100,000 range, so I think the buyers got a good value at $1,005,000.
List Price: $1,089,000
Sales Price: $1,005,000
List Price to Sales Price Ratio: 92%
Days On Market: 189
Sold Price per Square Foot: $306.50
Sale Date: 12/12/12
Located on the point of Lagunita, this lakefront property faces the center of Big Bear Lake and has deep water access (the shoreline isn’t going to recede as much as other lakefront locations in Big Bear). It’s a 2 story, sierra style duplex within minutes of Snow Summit Ski Resort, the Village, and grocery stores. Newer drywall, windows, window treatments, lighting and plumbing fixtures, hardwood floors, stainless steel appliances, newer counter tops, two custom stone fireplaces and was sold completely furnished. Built in 1966 but tastefully remodeled, this lakefront covered 1320 square feet with 3 bedrooms and 2 baths (1 bedroom and a bath downstairs, and 2 bedrooms and a bath upstairs).
This lakefront home was on the market for quite some time (924 days). The seller bought it for $775,000 in December of 2005 and put quite a bit of money into remodeling the property and was reluctant to “give it away” as the real estate market turned for the worse. She started at $1,200,000 and chased the market down reducing the price to $1,050,000, $888,000, $699,900, $649,900, and finally $585,000 before accepting an offer at $570,000.
The buyers on this property were extremely patient. Their first lender said they would never get a loan based on the property type (zoning is single family, but when it was built it was zoned multi-family…so the proper term down at the City of Big Bear Lake for this property is “legal, non-conforming”…it is legal based on what the zoning was back in the 60’s (it’s grand-fathered in), but it does not conform to today’s zoning guidelines….a lot of Big Bear has been “down-zoned” or encouraged to build single family as opposed to multi-family dwellings now). The lender also said that buying a multi-family property as an investment property in a rural area (that was the designation on the appraisal) would be impossible…not to mention, there’s not a lot of multi-family lakefront dwellings to compare it with, so the appraisal would be difficult.
Some people give up after hearing something like that, but to me, it was a challenge to prove the lender wrong. We got a second opinion from a different lender who told us that it wouldn’t be a problem and long story short, we got the loan. The buyers never took their eye off the goal and in my opinion got a great property at a great price. Our escrow was a long 100 day process, but they successfully closed before the holidays.
Thank you, Dan, Sherry, Jason, and Katherine! It was a pleasure working with you and although the escrow was stressful and taxing, I believe your perseverance on purchasing this lakefront home will pay off in the long run. Congratulations and enjoy!
List Price: $585,000
Sales Price: $570,000
List Price to Sales Price Ratio: 97%
Days On Market: 1024
Sold Price per Square Foot: $431.82
Sale Date: 12/11/12
