What is likely to be the last Big Bear lakefront home sale of the year, 134 Lagunita Lane just closed selling at full price after just 6 days on the market followed by a 35 day escrow. At 1580 square feet, this 4 bed, 2.5 bath vacation rental closed at $506 per square foot. Other features of this home include a two car garage, expansive waterfront decking, private boat dock and a rental history showing over 40K in income for 2013.
Being located on the narrow finger of Mallard Lagoon, this lakefront property didn't have the expansive lake views many are looking for nor the deeper water access that is so desirable in low lake level times such as now. But even with the lake down 11 feet from full, this home had its boat dock in the water and thus access to the entirety of Big Bear Lake.
Even with lower lake levels and threat of continued drought, the Big Bear lakefront real estate market remained resilient this year with the median and average sales prices of waterfront homes rising 6% and 33% respectively while the median and average price per square foot remained relatively unchanged. Buyers still recognize lakefront homes as being the most desirable real estate opportunity in Big Bear and have put faith in Mother Nature's track record of coming through after consecutive dry years. (See 2005 when the lake filled 13 feet over just a few months of winter.)
With other favorable economic factors such as low mortgage rates, low unemployment, a lower supply of homes listed for sale, and the pending purchase of the local ski mountains by Mammoth Mountain investors, the Big Bear real estate market is looking strong heading into 2015.