The latest Big Bear lakefront real estate sale is a testament to how distressed properties are hindering property values from making a recovery.
39174 Waterview, a 3 bed, 2 bath, 2146 square foot lakefront lakefront short sale on almost a half acre with a 2 car garage closed for $399,900 cash. Although this property's lot narrows to only 24 feet of lake frontage, this home does have a boat dock and has nice, flat, sandy lake access.
This property does need some significant work. It was in the process of being remodeled at the time of sale and I have heard estimates in the six digits regarding what it will take to finish the work that needs to be done.
Regardless, at an incredible sales price of $186 per square foot, this sets a new low benchmark in terms of values of Big Bear lakefronts. Hopefully buyers, agents, and appraisers alike will all realize the significant amount of repair work needed on this house when using it as a comparable property.
Also, this sale is a milestone in that it is the 16th lakefront sale of the year. This 16th sale matches the 16 total sales that we saw in all of 2012. With the busier half of 2012 still ahead of us and with 4 Big Bear lakefronts currently in escrow, I would expect sales at year's end to end up about double what they were last year.