We officially have the first lakefront home sale of the year in the books. 450 Edgemoor, a 4 bedroom, 3.5 bathroom, 2613 square foot home built in 1998 on a sizable 18000 square foot lot, listed at $950,000 and sold at $905,000.
This home is located towards the shallow south end of Metcalf Bay where water levels have dropped to the point where a good portion of the bay has dried up. Fortunately, there is a dredged channel to access this and surrounding homes so that they still have boat ingress and egress to the lake, at least at this point in time.
Although the Big Bear MLS shows that the home went into escrow after 8 days on market and closed just 33 days later, the reality is that this home has been on and off the market since 2008 when it first listed for $1,195,000. Again, this seems to be another example where a seller chose to list their home on the high side and consequently had to "chase the market down" over years in order to finally get sold. Further misfortune for these sellers is that receding lake levels due to the record lack of rain fall over the past few years really hampered the value of this property.
I think this year we will find that most shallow water lakefront sellers will find similar challenges when faced with such low lake water levels.