Big Bear Bummers

Address: 355 Tannenbaum Dr, Big Bear Lake, CA 92315

Redfin: https://www.redfin.com/CA/Big-Bear-Lake/355-Tannenbaum-Dr-92315/home/4115685

Beds/Baths: 4 bed, 3 bath, 3,296 squares

Purchase Price (1/2021): $825,000

Asking Price: $799,000

Difference: -$26,000

Commission (5%): -$39,950

Total Gain/Loss: -$65,950

This has got to be one of the most deluded sellers I’ve seen in my life.  First of all, this listing description is bonkers:

Epic Entertainer’s Haven in Upscale Fox Farm Area! This remarkable custom mountain home defines luxurious living at its finest, situated in the prestigious Fox Farm neighborhood~Boasting vaulted ceilings that reach for the heavens, this home offers a spacious living experience like no other. Grandeur Unleashed~Upon entry, you’re welcomed by not one, but two expansive great rooms with a brick fireplace and energy-efficient inserts, creating an inviting ambiance~An oversized open loft, complete with a pool table, offers an abundance of space for leisure and entertainment~The generous country kitchen is a haven for culinary enthusiasts, and two separate dining areas ensure every meal is a memorable occasion~With two generously sized master suites, this home is made for hosting guests. Outdoor Paradise~Step into the enchanting backyard, where an oasis of relaxation unfolds~Take a dip in the spa, practice your golf swing on the putting green to sharpen your skills and provide ample space for children and pets to frolic in the yard. Ample Parking and Prime Location~Conveniently located just minutes from the ski slopes, shopping, restaurants, the zoo, and golfing. It’s no wonder that this gem is hailed as the BEST PRICED PROPERTY in Fox Farm. This property epitomizes luxury living and endless entertainment opportunities, making it an extraordinary mountain retreat waiting to be discovered. Don’t miss your chance, just in time for the winter season.

Since when is Fox Farm “upscale” and “prestigious”? That claim is enough to suspect someone is not playing with a full deck.

If they truly believe this is a “remarkable custom mountain home” that “defines luxurious living at its finest” then I have serious concerns about their mental wellbeing.

Are we talking about the same house? Have they seen their own listing photos?

Carpet in the bathrooms, anyone?

And I love that they can’t even be bothered to replace that burned-out bulb!

The language in the listing description also belies the fact that this is one of the longest-running listings in all of Big Bear. Although Redfin says this seller has been on the market for 213 days (which by itself is insane), they have actually been begging, on and off, for 800+ days. 

800 days!

They purchased in January 2021 for a princely sum of $825,000 and just a year later decided to pull the ripcord.  So in March 2022, right about the time the Fed started jacking up interest rates, they plopped their 80s nightmare on the market for a cool million and started counting their profits in their head. 

Easy, right?  Buy house, pay mortgage for a year, list house, make $150,000 for your troubles.  What a country!

Unfortunately, their dreams of buying a fleet of jet skis with their newfound riches were not to be.

Because rather than aggressively slashing the price to get ahead of rate increases and falling demand these morons stuck to their Wishing Price until August 2022, when they finally reduced it by a measly 50 grand.

That obviously didn’t get the job done and they have been chasing the market ever since. 

In that context, let’s take another look at the listing description:

“It’s no wonder that this gem is hailed as the BEST PRICED PROPERTY in Fox Farm.”

Then why hasn’t it sold in 800 days?

“This property epitomizes luxury living and endless entertainment opportunities, making it an extraordinary mountain retreat waiting to be discovered.”

I feel like 800 days is plenty of time for someone to “discover” this pile of shit “extraordinary mountain retreat.”

“Don’t miss your chance, just in time for the winter season.“

Act now!! This property won’t be around much longer!!1!

What a joke.

At the current asking price of $799,000, the seller has finally accepted that instead of cashing in on their fantasy profits they are instead going to take a massive financial hit.  As it stands, after commissions they will book a guaranteed loss of $65,950.

Which, of course, assumes they can find a bumbling idiot willing to pay full ask today.  That is clearly not going to happen.

Don’t believe me?  Just consider that they have been trying to bait buyers with this price since February 2024 with no takers. Do you think buyers’ finances and buying power have improved since February?

They clearly overpaid in 2021 and now they hope you’ll overpay to help minimize their losses. Are you interested in being that greater fool? Here’s what you’re in for:

Purchase price: $799,000

Down Payment (20%): $160,000

Monthly Payment: $5,433/mo (@7.3%)

Remember, you’ll need to spend another $50,000 – $100,000 to address the many cosmetic issues and what I assume will be considerable deferred maintenance. This place is a time capsule in need of a massive overhaul if it ever hopes to live up to the deluded language in the listing description.

And for those of you waiting to see where this market bottoms out, it is worth noting that the current asking price is well below the 2021 price. How long until these Big Bear Bummers dip into 2020 prices? Pre-pandemic prices?

Stay tuned.

The good news is this seller can obviously handle the monthly payments given that they have been able to afford to waste everyone’s time for so long.  So they clearly don’t need to sell. 

But if they ever suddenly needed to get out (death, divorce, job loss, etc.), they would find that the price required to finally attract a buyer to take on this mess would result in most, if not all, of their down payment going up in smoke.  That’s a tough pill to swallow, and thus far they have steadfastly refused to take their medicine.

My recommendation is to just pull the listing and put everyone out of their misery.

But nah, let’s go for three years on the market! I believe in you!