Lakefront Homes in Big BearThe Big Bear lakefront real estate market continues to remain strong despite lower lake levels. The latest sale marks yet another shallower-water lakefront closing in a year that has seen water levels drop to over 12 feet from full, the lowest we have seen in over a decade, as buyers are showing confidence in historical precipitation patterns that suggest our lake is due for a refill.

41980 Eagles Nest is a 4 bed, 2 bath, 2995 square foot Tudor style home built in 1998 in the gated community of Eagle Knoll. On a spacious 15,000 square foot lot and with a four car garage, this home listed at $1,049,000 and sold for $980,000 after 39 days on market and 53 days in escrow.

Selling at $327 per square foot, this Big Bear lakefront home sold well below the 2014 average of $466 per square foot. This value reduction is likely due to this waterfront's shallower-water location.

Eagle Knoll Lakefront on Big Bear LakeA mentioned in previous posts, back in 2004 when Big Bear Lake's water levels were down further than they are now, some speculative lakefront buyers saw an opportunity in buying shallow-water properties in expectation that the lake would soon recharge. Their hope was that their property would realize a significant gain in value with a near full (or near full) lake. It worked out for these buyers as the spring of 2005 saw the lake go from over 17 feet down to almost topped-off in the course of just a few months.

I guess the phrase "buy low and sell high" may not only apply to prices but to water levels as well!