Below is your weekly update for the Big Bear real estate market as of 5/11/2009.
|Property Type||Listings for Sale||Change from Last Week||Pending Sales||Change from Last Week||Sales Year to Date||Change from Last Week|
|COMMERCIAL & RES INVESTMENT||65||+5||3||-2||7||+2|
These are the quick stats for the week –
44 new residential listings for the week – 5 bank owned (11%), 5 short sales (11%), and 34 organic (88%).
33 new residential pending sales for the week – 11 bank owned (33%), 2 short sales (6%), and 20 organic (61%).
13 new residential closed sales for the week – 3 bank owned (23%), 3 short sales (23%), and 7 organic (54%).
It was a better week for the organic sales. Maybe these sellers are starting to understand that the price needs to be very aggressive in order to sell. When you really look at the organic sales, most of these have been on the market over 200 days, with the sellers dropping the price by 20-30% or more from their original asking price to the closed sales price.
There are many properties in Big Bear selling right now in 30 days or less. The reason – they stand out as deals compared to the others on the market, regardless of whether they are bank owned, short sales, or an organic seller. And there are plenty of buyers out there waiting, ready to gobble these deals up.
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
There were just 4 properties that went back to the bank last week, 5 less that the week previous.
1100 Johnny Way went back to the bank for $524.691. The previous owner had been trying to sell it closer to $1,000,000 for the past 2-3 years. Given that it is located on private acreage in a desirable Fox Farm neighborhood, it should sell quickly when the bank lists it for sale.
The median price for properties that went back to the bank was 2% more the published opening bids, but this number is a bit skewed this week. See the details below. Typically, the median price is about 30% less that the published bid.
There are some good opportunities for buyers with cash to pick up a deal.
Below are the Big Bear properties that are set up to be sold by trustee’s sale in the next week. There are 26 total, 7 less than last week.
The property at 169 Stony Creek is set to be sold this Wed, 5/13. If it does go to sale, and the opening bid is under $500,000, it may be a great option for someone. This is a Gilligan built log sided home located in the prime Eagle Mountain neighborhood of Fox Farm. I live a few doors down and can vouch for the location. It has been scheduled for sale several times in the past few months but never came through. So, this might be the time it actually sells.
The published bid is $692,487 but I expect it to come in closer to the real value, about 30% less.
The best way to buy one of these properties at a Trustee’s sale is to know about it months in advance. We can help with that if you are interested.
The majority of these may be postponed for one reason or another, so make sure to double check before showing up at the sale.
Be sure to check back here every Monday for your Big Bear Market Update or sign up to get this emailed to you every week.
* Information updated weekly, courtesy of the Big Bear MLS. This update includes MLS data from areas including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, Fawnskin & Baldwin Lake. It does not include data from areas in the Big Bear MLS that are located outside of the Big Bear area or data on properties in Big Bear that are listed in other MLS systems.
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