2009 Big Bear Real Estate Recap

Year end inventory of residential homes available in Big Bear is 678 units. Sales of residential homes for the year were 872 (669 in 2008 +30 %) . This gives us a 9.34 month supply at this rate of sale. When I broke down the price ranges of homes available and homes sold these are the numbers.

2009:

• Homes under $300,000 / active inventory 357 units / units sold in 2009 = 602 / 7.11 month supply
• Homes $300,000 – $700,000 / active inventory 210 units / units sold in 2009 = 222 / 11.3 month supply
• Homes over  $700,000 / active inventory 112 units / units sold in 2009 = 48 / 28 month supply

• Homes in the highest price range (over $700,000) have 16.5 % of the inventory, but make up only 5.5% of the unit sales.
• Homes $300,000 – $700,000 have 31% of the inventory, and 25% of the sales.
• Homes under $300,000 have 41% of the inventory and have created 69% of the sales in 2009.

In 2008 the picture was different:

• Homes in the highest price range (over $700,000) made up 7.3% of the unit sales.
• Homes $300,000 – $700,000 contributed 33% of the sales.
• Homes under $300,000 were 59% of the closed escrows.

Unit sales have gone up 30% in 2009, but for the mid and upper price ranges they are down. I think in 2010 we will see more foreclosures in the higher price ranges than we have in 2009. This will require traditional sellers in the higher price ranges to reduce their list prices if they want to sell. Homes in the the lowest price  may see prices stabilize in 2010.

Hallmark Gold Crown Store for Sale in Big Bear

Gold Crown Hallmark Store

Overview Maps Photos Description

$199,900 Commercial For Sale Main Features 1 Unit Interior: 3575 sqft Location 42166 Big Bear Blvd. Big Bear Lake, CA 92315

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Steve Hirschler Coldwell Banker DRE# 01703081 (909) 866-3481 steve@bigbeargallery.com http://www.stevesellsbigbear.com Listed by: Coldwell Banker / Steve Hirschler

Our recent listings Gold Crown Hallmark Store Mountain Get A Way Priced like a Bank Owned Moonridge Lakeview Property Single Family Residential for $499,900 in Big Bear City, CA Subscribe to our listing feed

See more Big Bear Lake, CA real estate for sale

Can I Short Sale My Big Bear Cabin?

A short sale occurs when someone sells a house or condo for less than the outstanding mortgage debt against the property. Lenders will want to see a true hardship and proof of the borrowers inability to repay the debt. In Big Bear many homes will not qualify for a short sale since they are second homes.

For a primary residence homeowner struggling with mortgage payments, a short sale is a way to get rid of a property. It may be possible for a homeowner to buy another home after two years, depending on the circumstances. Usually after foreclosure, one must wait three to five years before they will qualify for a loan.

With a short sale, the seller could remain liable to the bank for the difference between the sale price and loan amount – this is known as a deficiency judgment. Purchase loans on primary residences are exempt. Homeowners who have refinanced or gotten a second mortgage may wish to consult an attorney on their liability. Sometimes deficiencies can be negotiated down, or even eliminated.

Tax liability gets complicated and you may want to talk to an accountant. Remember that capital gains are based upon the sale price, not the debt on a property. Also, if the sale price does not cover the mortgage and the lender simply “forgives” the difference, that amount can be taxed as income. However, debt forgiveness up to $2 million is exempt through 2012 on loans used to buy, build or improve one’s primary residence. Read more on www.irs.gov by searching the site for Mortgage Debt Relief Act of 2007.

Don’t assume that you will qualify for a short sale just because you are upside down on your loan. A short sale needs to be approved by the lender, and the debt that is forgiven may be taxable!

3 New Bank Owned REO Homes in Big Bear this Week 12/26/2009

612 BOOTH BIG BEAR CITY

3 BEDROOM 2 BATH 1200 SQ FT HOME ON A 5000 SQ FT LOT

LISTED AT $144,800

GOOD LOCATION GAMBREL STYLE MTN CABIN. NEW PAINT AND CARPET. LARGE LIVING ROOM WITH BRICK FIREPLACE AND WOOD WALLS AND CEILINGS FOR WARMTH. KITCHEN AND DINNING AREA IS EQUALLY IMPRESSIVE. SECOND FLOOR FINDS THREE BEDROOMS AND A LARGE BATHROOM FOR STORING THOSE WINTER CLOTHS. BUYER TO BE PREQUALIFIED WITH SELLER. FREE CRDT RPT AND APPRAISAL WHEN BUYER FINANCES THOUGH SELLER.

*Listing Courtesy of Parkinson Group Resort Properties

42742 Willow, Moonridge Area of Big Bear Lake

2 bedroom 2.5 bath home 1138 sq ft home on a 5000 sq ft lot

Listed fort $164,000

CHARMING MOONRIDGE CABIN NEAR SKI SLOPES. WOOD T&G WALLS AND CEILINGS GIVE THIS HOME THAT WARM MTN FEEL. DINING ROOM, LAUNDRY AND SLEEPING/STORAGE LOFT. CENTRAL FORCED AIR. BUYER TO PAY $75 DOC FEE AT CLOSING. ALL CONTRACTS ARE SUBJECT TO SELLER SR MGT APPROVAL AND ANY OFFERS OR COUNTER OFFERS BY SELLER ARE NOT BINDING UNLESS THE ENTIRE AGREEMENT IS RATIFIED BY ALL PARTIES.  

*Listing Courtesy of Keller Williams Big Bear

714 Fairway, Big Bear City

3 bedroom 2 bath home 1895 sq ft home on a 5000 sq ft lot

Listed at $189,900

WHAT A VIEW! EXTERIOR FRESHLY PAINTED, FENCED YARD W/LOTS OF PARKING. RECENTLY UPDATED WITH WOOD FLOORING,TILE FLOORING AND MARBLE COUNTERTOP IN BATHS. MASTER HAS WALKIN CLOSET. FAMILY/GAMEROOM WITH ATTACHED STORAGE AREA.ROCK FIREPLACE IS LIVING ROOM. PINE CABINETS WITH GRANITE COUNTERS. LARGE DECK AND BRICK PATIO. BUY FOR ONLY 3% DOWN! APPROVED HOMEPATH MORTAGE FINANCING.

*Listing Courtesy of MOUNTAIN TOP PRODUCERS REALTY

New Bank Owned Home in Big Bear’s Fox Farm Area

1226 Fox Farm Road, Big Bear Lake

Currently Listed at $549,000

Built in 2006 this 2406 sq ft home has 4 bedrooms and 2.5 baths. It is located in the prestigious Fox Farm area and backs to an acreage parcel. Uniquie rock exterior and 2 car garage. Wood floors and granite counter tops. Centrally located near all of the shopping and both ski areas.

This home went back to the bank on 11/17/2009 for $1,385,960. (click here for Realist Details)

Listing Courtesy of  FIRST TEAM REAL ESTATE-BIG BEAR

What’s Selling in Big Bear?

13 homes have closed escrow here in Big Bear during the first 13 days. (Click here to see the details) 

The price differential of 94.5% is a good indication of what you might expect to pay when you find a home that stands out as a good value. Most homes in the Big Bear area have sold within 8% of list price this entire year. The homes that are over priced just don’t get looked at and don’t sell.

The current residential inventory is now at 708, the lowest level in the past 3 1/2 years. 

Last month we had 92 homes close escrow which gives us a  7.7 months supply at this rate.

Year to date we have closed 822 homes, a 27.2% increase over last years 646 for the same period.   

While interest rates are still very good, selection is getting limited. If this trend continues, I think prices will stabilize.

1123 Mount Shasta, Big Bear Bank Owned REO Foreclosure, Great Deal!

1123 Mount Shasta (click here for current price and info)  is located in the Whispering Forest area of Big Bear City.

3 Bedroom, 2 Bath 1115 sq ft home with a 1 car garage on a 7440 sq ft lot. Sold for $236,000 in 2003.

GREAT SETTING IN THE TREES FOR THIS WHISPERING FOREST HOME.  EXTENSIVE DECKING, ATTACHED GARAGE.  GRANITE COUNTER TOPS IN THE KITCHEN, UPDATED BATHROOM, WOOD LAMINATE FLOORS AND WOOD BLINDS.  ONE BEDROOM HAS ITS OWN BALCONY.  PEEK VIEWS OF SKI SLOPES.  NICE PROPERTY, NICE PRICE. 

Listing Courtesy of: Keller Williams Big Bear

554 Highland, Big Bear Lake, New Bank Owned REO Foreclosure

554 Highland, Big Bear Lake

2 Bedroom, 1 Bath 804 sq ft home with a 1 car garage on a 6000 sq ft lot. Sold for $80,000 in 1999.

CHARMING CABIN CENTRALLY LOCATED IN BIG BEAR LAKE.  KNOTTY PINE WAINSCOTING WITH REAL ROCK FIREPLACE.  UPDATED KITCHEN AND BATH.  WOOD FLOORING IN BEDROOMS.  DETACHED 1 CAR GARAGE WITH SEPARATE LAUNDRY, STORAGE.  CLOSE WALK TO MARINA.    “THIS IS A FANNIE MAE HOMEPATH PROPERTY.  LOW DOWN OPTIONS AVAILABLE! APPROVED FOR HOMEPATH MORTAGAGE & RENOVATION MORTGAGE FINANCING.”

 Listing Courtesy of: The Tim Wood Group

815 Rainbow, Big Bear, Bank Owned REO Foreclosure in Big Bear

815 RAINBOW BLVD., Big Bear City

2 Bedroom, 1 Bath 896 sq ft home on a 2500 sq ft lot. Sold for $60,500 in 1998.

LEVEL, EASY ACCESS BIG BEAR CITY LOCATION FOR THIS GAMBREL STYLE CABIN.  SPACIOUS ROOMS AND LOTS OF BUILT-INS.  REAL ROCK FIREPLACE WITH LOG LIGHTER.  TONS OF WOOD AND BEAMED ACCENTS.  LAUNDRY.  LARGE FRONT DECK, TREED SETTING.    “THIS IS A FANNIE MAE HOMEPATH PROPERTY.  LOW DOWN OPTIONS AVAILABLE! APPROVED FOR HOMEPATH MORTAGAGE & RENOVATION MORTGAGE FINANCING.”

 Listing Courtesy of: The Tim Wood Group

6 New Bank Owned REO Homes in Big Bear this Week, 12/6/2009

$79,900

46044 Wooded Road, Big Bear City ( Baldwin Lake Area) 

2 Bedroom, 1 Bath 992 sq ft home on a 3000 sq ft lot. Sold for $115,000 in 2004.

FANTASTIC VIEWS FROM THIS CLEAN HOME IN A QUIET AND PEACEFUL AREA.  NICE DECK IN FRONT TO ENJOY THE VIEWS.  SELLER ADDENDUM TERMS TO APPLY.

Listing Courtesy of: PREMIER PROPERTIES SOTHEBY’S INT’L / Tom Benson

$94,900

1037 W. Mountain View, Big Bear City

2 Bedroom, 1 Bath 864 sq ft home on a 5950 sq ft lot. Sold for $250,000 in 2006.

PILOTS DREAM!  PERFECT FOR ANYONE THAT LOVES TO WATCH PLANES LAND AND TAKE OFF.  AWESOME VIEWS OF BOTH SKI RESORTS. FULLY FENCED LOT WITH PLENTY OF PARKING FOR YOUR TOYS.  NEWER CARPET AND TILE.  SOLD AS IS WITH NO WARRANTY GIVEN OR IMPLIED.  BUYER ADVISED TO VERIFY PERMITS ON SHEDS AND ADDITIONS

Listing Courtesy of : REALTY EXECUTIVES, BIG BEAR / Jenny Rogers

$94,900

2135 2nd Street, Big Bear City (Erwin Lake)

2 Bedroom, 2 Bath 1040 sq ft home on a 2250 sq ft lot. Sold for $168,000 in 2005.

REMODELED 2 BEDROOMS, 2 FULL BATHS WITH NEW CARPETING, PAINT, PARTIAL DUAL PANE WINDOWS, APPLIANCES INCLUDED. STACKABLE WASHER AND DRYER. FULLY FENCED. WOULD BE GREAT FULL TIME RENTAL. SOLD AS IS- NO WARRANTIES

Listing Courtesy of : REALTY EXECUTIVES, BIG BEAR / Mark Dolan

$132,800

1091 Pan Springs, Big Bear City

2 Bedroom, 2 Bath 1038 sq ft home on a 4500 sq ft lot. Sold for $239,000 in 2006.

TERRIFIC STARTER HOME WITH 2BR 2 BA  SOON TO HAVE NEW INTERIOR PAINT, CARPET, VINYL & STOVE & OVEN.  NICE SIZE LOT & 2 BIG STORAGE SHEDS.  GREAT PROPERTY WITH BIG KITCHEN & LIVING AREA. 

Listing Courtesy of : Keller Wiliiams / Carolyn Dalby

$140,000

42827 Monterey, Big Bear Lake (Moonridge)

2 Bedroom, 1 Bath 840 sq ft home on a 5088 sq ft lot. Sold for $279,000 in 2005.

NICE PRICE FOR THIS CUTE MOONRIDGE CABIN, JUST IN TIME FOR THE SKI SEASON!  GREAT LOCATION NEAR SKI SLOPES, YOU CAN SEE BEAR MTN FROM THE BACK YARD.  LARGE TREED LOT OFFERS SECLUDED FEELING.  EASY ACCESS, FRONT AND BACK PATIOS, SPA.  WOOD STOVE IN THE LIVING ROOM. 

Listing Courtesy of : Keller Wiliiams / David Cartwright, Jr.

$275,000

42675 Moonridge Road, Big Bear Lake ( Moonridge)

3 Bedroom, 3.5 Bath 2432 sq ft home on a 3275 sq ft lot. Sold for $152,000 in 2000.

WALK TO THE SKI SLOPES SHUTTLE FROM YOUR VERY OWN MOONRIDGE RD ADDRESS.  LEVEL EASY ACCESS, STREET TO STREET LOT, 2 CAR GARAGE.  GREAT POTENTIAL INCOME PROPERTY. 

Listing Courtesy of : Keller Wiliiams / David Cartwright, Jr.

Click here for the additional details and photos of these properties.

I can show you any home for sale in Big Bear.

Search the Big Bear MLS (Multiple Listing Service)

Search the Southern California MLS  (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

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