Big Bear Bummers

Address: 371 Santa Clara Blvd, Big Bear Lake, CA 92315

Redfin: https://www.redfin.com/CA/Big-Bear-Lake/371-Santa-Clara-Blvd-92315/home/4113833

Beds/Baths: 3 bed, 2 bath, 1,280 squares

Purchase Price (5/2019): $410,000

Asking Price: $685,000

Difference: +$275,000

Commission (5%): -$34,250

Total Gain/Loss: +$240,750

This property has been on the market for an incredible 190+ days.

Did they, like, forget it was listed for sale?

That DOM stat demonstrates a spectacular level of delusion.

Our seller purchased in May 2019 for $410,000 and watched as the pandemic-induced frenzy for vacation properties caused values to skyrocket. So by December 2023 they were brimming with confidence that $700,000 – representing a massive 70-percent increase in value – was a competitive price.

Narrator: It wasn’t a competitive price.

They made two pathetic price cuts to $685,000 – a 2% reduction LOL – and have been rotting on the market ever since, staunchly refusing to take any less than they “deserve.” In this case, what they think they deserve is $240,000 in cold, hard cash. 

The listing description boasts of numerous upgrades, including the remodeled bathrooms and kitchen, but they didn’t actually do any of that work. In fact, the place looks nearly identical to when they purchased five years ago.

Peep the listing photos (left is from 2024, right is 2019):

So when they proudly mention “newer white vinyl dual pane windows” and “newer carpeting,” the word “newer” is doing a lot of heavy lifting. Notably, the 2016 listing photos show the same carpet and vinyl windows, so “newer” in this context means at least eight years old but probably closer to 10 by the looks of it.

Anyhow what will it cost the new buyer to help this seller win the Big Bear lottery?

Purchase price: $685,000

Down Payment: $137,000

Approx. Payment: $4,674/mo (@7.4%)

That payment is absolutely bonkers for this place. But don’t listen to me, just refer back to the days on market. That is the only metric that matters, and the market has clearly spoken.

The crazy thing is that as 2019 buyers, they are in the rare position of being guaranteed to walk away with a decent profit. It’s right there for the taking! Why the hell aren’t they reducing the price and getting this thing sold?

Ego. 

In their minds they are entitled to a big, fat reward for their investing brilliance and simply refuse to accept anything less than that. I don’t understand that idiotic mentality but then my house hasn’t been rotting on the market for seven fucking months.

It’s not as if they need to sell – they clearly have all the time in the world and can comfortably afford their roughly $2,000 payment. So why are they even bothering?

Look, this is precisely why the Big Bear market has screeched to a halt. New buyers can’t afford shit, those who bought recently aren’t willing to take a loss, and even longtime owners guaranteed to make a profit refuse to take it because it’s not as much of a windfall as they think they deserve.

Something has to give, but obstinate sellers should keep one thing in mind: Nobody needs an overpriced Big Bear cabin.