The latest Big Bear lakefront home sale, 40178 Lakeview Drive, is a 5 bed, 4 bath, 3878 square foot log style waterfront with 60 feet of frontage on the water. Built in 2004, this home had a newer feel to it and a spacious, open floor plan accented by impressively vaulted ceilings and a wall of windows offering substantial lake views. In addition, this home had a two car detached garage with an improved space above.
With recently increasing concerns about Southern California's ongoing drought and the resulting low water levels of Big Bear lake, one might think that sales of Big Bear lakefront properties would be significantly affected. On the contrary, lakefront sales have remained relatively strong in the midst of Mother Nature's doubters.
Although still six lakefront sales short of last year's 27 closings, there are currently three lakefront properties in escrow which may close before year's end. This would bring the sales total for waterfront properties to just a few shy of last year. This downward trend in number of units sold is similar to that of the overall real estate market in which sales are down 13% year-to-date.
The good news is that although sales have slowed, lakefront home values have continued to rise. Although the average price per square foot of lakefront homes has risen a moderate 1% and the median price per square foot has actually fallen about 4%, the average sale price has risen an incredible 40% while the median has risen a still impressive 14%.
The seemingly contradictory flat price per square foot measures and their contrasting sales price measures can be reasonably explained by the size of lakefront homes sold. This year, we have seen many bigger, higher end homes sell. In fact, the average size of sold Big Bear lakefront homes this year is 40% more than last year while the median lakefront home size increased by 21%. As well, we have seen many more sales over the 2 million dollar mark this year, with only one sale over the 2 million mark last year as compared to 5 so far this year. (With one property listed at 2.4M currently in escrow.)
With the lake levels having receded to their lowest levels in a decade, interest in lakefront homes has remained strong. Although shallower water lakefront sales may have slowed, overall interest in the lake has remained healthy. That being said, I still think that everyone would appreciate higher lake levels in 2015.
The last time the lake's water levels were this low, January brought heavy snow and rains bringing the lake up 13 feet by the following summer. Let's hope that Mother Nature brings a repeat performance to us this upcoming New Year.