643 Cove Drive, a 3 bed plus gameroom, 2.5 bath, 2746 square foot lakefront home located in Papoose Bay Estates, just became the 12th lakefront home sale so far this year.
It sold for $1,100,000 and was a cash transaction. Selling at $401 per square foot, this home sold for about 6% over the $377 average price per square foot of all lakefront homes sold this year. This home was somewhat dated, hadn't been occupied in some time, and was in need of some repair.
This lakefront property was on the market for 125 days before selling. The average days on market for sold lakefront homes in Big Bear this year has been 199 days.
This property is west facing, deep water, and located in prestigious Papoose Bay Estates. There is a homeowner's association in this area which does not allow vacation renting and has a clubhouse and tennis court for homeowner use. The annual dues are about $700.
This latest sale is just more evidence suggesting that Big Bear lakefront real estate has taken a definitive turn for the better. Not only have lakefront sales doubled so far in 2012 as compared to the same time period from last year, but the average price and price per square foot have both risen while days on market has declined. Furthermore, the number of big bear homes for sale is relatively low at 29 heading into what is usually the busiest months of the year for lakefront home buying interest.
For lakefront buyers, this might be the market bottom you've been waiting for! Whereas if you are considering selling a Big Bear lakefront home, this might be your opportunity to get your home sold without having to languish on the market for an unusually long time.