Below is your weekly update for the Big Bear real estate market as of 5/25/2009. Happy Memorial Day to All!
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These are the quick stats for the week –
46 new residential listings for the week – 4 bank owned (9%), 5 short sales (11%), and 37 organic (80%).
21 new residential pending sales for the week – 7 bank owned (33%), 2 short sales (9%), and 12 organic (57%).
14 new residential closed sales for the week – 3 bank owned (21%), 0 short sales (0%), and 11 organic (79%).
It was a good week for organic sales. While they still make up a majority of what is coming on the market, this is the first week in a long time that the pending sales and closed sales were even close to the same percentage as the new listings. Typically, they will make up close to 80% of the new listings, but under 50% of what is seller or going into escrow. This past week was different. This means that some of these sellers are pricing correctly and getting their properties sold.
It’s important to remember, buyer’s really do not care if they are getting a bank owned property per se. Rather, they want to feel like they are getting a bank owned price!
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
There were 14 properties that went back to the bank last week, 5 more that the week previous.
As with last week, the median price for the winning bid was 40% less than the published opening bid price. There are deals to be had for the savvy buyers. If you are looking for instant equity, trustee sales might be the place to look.
The property at 149 Stony Creek went back to the bank at $567,000. It had been on the market in the Big Bear MLS for the past 1-2 years between $875,000 to $1,075,000. While the layout and floor plan are not the greatest, the Fox Farm / Eagle Mountain location and size of the home (3525 sqft.) in this price range is a good buy.
Below are the Big Bear properties that are set up to be sold by trustee’s sale in the next week. There are 35 total, 14 more than last week.
549 Cienega is the best pick for this week. It is a lakefront property located in the Metcalf Bay area of Big Bear. Even though it is not the best lakefront location, with nearly 2000 sqft. and a two car garage, this property should be a good overall investment. Keep in mind that this property sold just a few years ago for over $1,000,000. The published bid is $1,055,071 but I expect the actually opening bid to be closer to $500,000 than $1,000,000.
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.
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.