370 Gibraltar, an older 2 bedroom, 1.5 bath, 1142 square foot lakefront cabin built in 1940 just closed at its full list price of $595,000. This vintage property has retained its classic charm with features such as open beamed ceilings and its native rock fireplace. The flat 6200 square foot lot provided ample yard space yet leaves this home somewhat close to its neighbors.
At this price point and with the authentic Big Bear features that so many lakefront buyers are looking for, it was no surprise that it spent only 22 days on market before finally closing escrow after 50 days being purchased with a conventional loan.
At $521 per square foot, this home becomes an impressive new comparable home for other smaller lakefront property sales.
The number of Big Bear lakefront homes for sale has remained amazingly low with only 16 current listings. (One of these listings is in construction.) Although this is only the second lakefront sale of 2013, with buyer activity remaining strong and interest rates hovering from 3.5% to 4%, I would expect Big Bear lakefront real estate to show the price appreciation we've been waiting for over the past 7 years.