178 Lagunita Lane just closed escrow today, making it the 18th Big Bear lakefront home to sell this year.
This 4 bed, 3 bath, 1694 square foot home, built in 1974, with a two car garage listed for $595,000 and sold for $572,000. This home sits halfway down Mallard Lagoon, a relatively small, dredged finger of water that branches off from the main body of water that is Big Bear Lake.
This home needed some work to it but certainly was in livable condition. Being located on such a narrow sliver of water inhibits the big lake view that most buyers are looking for. But considering the size of this home, the fact that it has a garage, and the price, I think this purchase was a really good value at a sale price of $337 per square foot.
With six other Big Bear lakefronts currently in escrow and considering that there were only 16 total sales of lakefronts last year in the Big Bear MLS compared to 18 so far this year through July, the Big Bear lakefront real estate market continues to show signs of recovery.
After 6 years of value declines, it's nice to see the turn finally come. The silver lining for buyers needing (or choosing) to purchase with a loan is that interest rates remain incredibly low. The overall market condiitons certainly seem ripe for buyers to reap the rewards of future appreciation.