Big Bear Bummers

Address: 530 W Sherwood Blvd, Big Bear City, CA 92314

Link: https://www.redfin.com/CA/Big-Bear-City/530-W-Sherwood-Blvd-92314/home/3515622

Beds/Baths: 3 beds, 1 bath, 952 squares

Purchase Price (11/2023): $180,000

Asking Price: $299,000

Difference: +$119,000

Commission (3%): -$8,970

Total Gain: +$110,030

As we explored in Flippin’ Ain’t Easy and Fast Flip Fundamentally Fails, buying a property in 2023 and listing it in 2024 expecting to make a profit requires an incredible amount of self-delusion.

The market is absolutely brutal for recent buyers, and many are taking mind-boggling losses just to be free of their financial blunders. So what about the current market makes this particular seller think they can not only avoid losing any money, but actually walk away with a six-figure windfall for all their “hard work”?

This is insane.

This price might make sense if they had put in a new kitchen, bathroom, flooring and paint, but this place hasn’t been touched since the 1970s. Filthy shag carpet? Formica countertops? Linoleum floors?

What a dump.

Uhhhhh, what dat?

This must be a joke.

And look at all the wood rot on the rafters and water damage on the exterior walls!

So it’s in pretty much original condition – did they at least perform maintenance? They certainly didn’t mention any major work in this low-effort listing description:

Welcome home to this charming cabin with Stunning Tree Top Views perfect for Airbnb or Vacation home. Make this home your own with all the treetop views, this charming cabin offers 3 beds 1 bath. You can showcase this home and make it your own. Enjoy the serenity of the backyard that backs directly to the forest, providing a peaceful retreat and plenty of privacy

They didn’t put a dime into this place and expect you to believe the value magically increased 66 percent since their purchase 10 months ago. These people are higher than giraffe balls if they think they can justify this Wishing Price.

For anyone brain dead enough to pay full asking price for this absolute dump, here are some basic numbers for you:

Purchase price: $299,000

Down payment: $59,800

Monthly payment: $1,983/mo (@7%)

That payment seems a little steep considering the property needs at least $100,000 in repairs and rehabilitation.

I’m getting pretty tired of these delusional weirdos clogging up the MLS with their (crack) pipe dreams. But until they’re forced to face reality, the drug-fueled delusion will continue.