Listed at $1,624,000, 39447 Lake Drive recently sold for $1,400,000 becoming the 23rd Big Bear lakefront home to sell this year. So far, 2012 has had over 50% more sales than 2011. And with 4 months left until year's end, I'd expect sales to break the 30 mark for the first time since the height of the Big Bear real estate market in 2005.
39447 Lake Drive is a 3 bed, 3.5 bath, 3300 square foot, west facing, deep water lakefront property located towards the end of Gilner Point. This home was built in 1985 and in need of some upkeep and remodeling. That being said, the location of this property is its greatest attribute. Although this home is exposed to the wind, it has expansive views from Metcalf clear across to the dam and Fawnskin. This lakefront offers some of the nicest sunset views in all of Big Bear. Other features include spacious decking with plexi-glass wind block and a fire pit. As well, this property has an attached 2 car garage.
This Big Bear lakefront home sold for $424 per square foot. This is well above the 2012 average price per square foot of Big Bear lakefront homes of $363 as well as the median price per square foot of $384. This higher value can solely be attributed to the property's location.
It has become apparent that lakefronts are continuing to lead the market recovery. No other market segment seems to be as active as the lakefront market has been. With only 26 Big Bear lakefront homes for sale currently, inventory is extremely low for this time of year. As sales continue to increase and the number of properties to choose from are fewer, buyers will be more likely to pay higher prices to get the lakefront home they desire. This dynamic is the core of almost every market recovery.
So expect to see the market change from a buyer's market to sellers market if these conditions continue. After 7 years of buyers being firmly in control, it will be nice to see a more balanced market emerge.