The biggest story in Big Bear this year has been the purchase of Big Bear's local resorts, Bear Mountain and Snow Summit, by a group of investors based out of Mammoth Mountain. The biggest question I have been posed as a local real estate agent has been about the impact that the resort's purchase will have on Big Bear home sales.
From the first time I was asked about this, my gut feeling was that we wouldn't see significant price appreciation until the new investors make improvements to the local mountains that would increase the number of visitors to our valley.
In this regard, Bear Mountain Resorts announced this week that they are planning $2M in capital improvements to Bear Mountain and Snow Summit. These upgrades include on-snow improvements such as adding a new Learning Center, purchasing new grooming and snow making equipment, and adding a new Snow Tube Park. Restaurant upgrades will include a new open pit rotisserie barbeque at the top of Snow Summit featuring craft beers as well as the addition of a coffee and smoothie bar at the base areas.
It is encouraging to see the resort's new owners making improvements so soon. The better the visitor's experience on the mountain, the more visits Big Bear will have. The more visitors we have, the greater the demand will be for buying Big Bear homes. With more demand comes increased home values.
Although the announced improvements are a meaningful first step in bettering the local resort experience, the room for future upgrades remains diverse. From adding lodging to retail shops at the base areas, to expanding skiable acreage to potentially connecting the two mountains, the variety of possible developments seems endless.
This is a good thing, as the more room there is to improve, the more we might see Big Bear real estate prices rise!