The 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.
A 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!