Below is your weekly update for the Big Bear real estate market as of 6/1/2009.
|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||61||0||3||0||8||0|
These are the quick stats for the week –
30 new residential listings for the week – 4 bank owned (13%), 2 short sales (7%), and 24 organic (80%).
18 new residential pending sales for the week – 5 bank owned (28%), 2 short sales (11%), and 11 organic (61%).
11 new residential closed sales for the week – 2 bank owned (18%), 1 short sales (9%), and 8 organic (73%).
It was a another good week for organic sales, the second in a row. We are starting to see more organic sales, which is a good sign for the market. Unfortunately, I think bank owned and short sales are going to pick up again. With the recent foreclosure moratoriums and banks holding off on listing their properties, it has created a large surplus. This surplus will hit over the next 3-12 months.
Add to that the number of properties that are distressed (notices of default & trustee sale) and you can see what is still coming.
Case in point, I received 4 new bank owned properties in the last 3 days!
This just means more and more competition for organic, Mom & Pop, sellers. And that is not the kind of competition you want if you are concerned about getting the most money possible.
I will be posting the Foreclosure numbers for May 2009 in about a week so be on the look out for that.
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
There were 15 properties that went back to the bank last week, 1 more that the week previous.
Most of the properties went back to the bank last week went for close to the opening bid price, which is rare. 1253 Balsam went back at a great price, $221,000, nearly 57% less that the published opening bid of $512,433. This property was easily worth $300,000. Be on the lookout when this bank owned hits the market. With great lake views, a private setting, and steps from Bear Mtn., the Balsam location is extremely desirable.
I’d hoped for better but 549 Cienega was a bust! It went back to the bank for $1,090,892, which is at least $400,000 more than what it is really worth. This is one bank owned property you don’t want to buy if you are looking for a lakefront deal but I guess it will depending on what price they list it for. Stay tuned!
Below are the Big Bear properties that are set up to be sold by trustee’s sale in the next week. There are 28 total, 7 less than last week.
These represent a good smorgasbord of the properties in Big Bear, with nearly every area in Big Bear represented, including Erwin Lake, Baldwin Lake, Sugarloaf, Moonridge, Fox Farm, Big Bear City, and Big Bear Lake.
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.