623 Cove Drive, a 6 bedroom, 5.5 bath, 5555 square foot lakefront home with a two car garage on a 7630 square foot lot just sold. Originally listed at $1,999,999 in July of 2010, after more than two years on the market with after the list price was lowered to $1,850,000, this home sold for $1,510,000 after 816 days on market. It was a cash purchase.
This home is located in Papoose Bay Estates on the deeper water west end of Big Bear lake. Papoose Bat Estates has a homeowners association with annual dues of $695. The association maintains tennis courts and common areas including a club house that can be reserved for gatherings.
This home is west facing and deepwater, two of the qualities most desired by Big Bear lakefront home buyers. The home was dated and in need of updating while the floor plan was livable but short of ideal.
Selling at $272 per square foot and at 81% of list price, this home sold at well below the 2012 lakefront average of $368 per square foot and median of $391. Based on this, I think the buyer got a pretty good deal. They found an exhausted seller that was weary after spending too much time on market. After more than two years of selling, it may have been that these sellers just wanted to get sold regardless of the price. The result - a good buy for Big Bear's newest lakefront home owner!