Big Bear Bummers

Address: 221 E Barker Blvd, Big Bear City, CA 92314

Link: https://www.redfin.com/CA/Big-Bear-Lake/376-Fawntrail-Pl-92315/home/63117216

Beds/Baths: 3 bed, 2.5 bath, 2,331 squares

Purchase Price (2/2024): $1,175,000

Asking Price: $1,200,000

Difference: +$25,000

Commission (3%): -$36,000

Total Loss: -$11,000

This dummy bought in February of this year and has fooled himself into thinking he will only lose 11 grand on this transaction.

Uh, buddy? That’s not how this is going to go.

Especially with crappy photos like this:

They must be in deep shit if they’re even considering selling so quickly after purchasing. Not only will they be out hefty sales commissions and closing costs, but the market is absolutely brutal right now. I mean, do they actually believe they amassed $25,000 in equity in their seven months of ownership? Really?

But let’s suspend disbelief and assume the asking price is reasonable. How many buyers out there can swing this monthly payment? Like, five?

Purchase price: $1,200,000

Down payment: $240,000

Monthly nut: $8,151/mo

Most of the bummers I post here are listed by people who bought in 2021 and 2022 and are so desperate to offload their pandemic-era purchases that they sacrifice tens of thousands of dollars from their down payment (sometimes more) to get out. So what on earth made this seller and their feckless realtor think they can buy in 2024 and basically walk away with a wash?

I’m astounded by the delusion.

I don’t know what a fair price for this property is, but it sure as shit ain’t $1,200,000. If they truly need to sell and aren’t just fishing for a “Make Me Move” price, then they are completely screwed.