Address: 1244 Panorama Dr, Big Bear City, CA 92314
Link: https://www.redfin.com/CA/Big-Bear-City/1244-Panorama-Dr-92314/home/3528412
Beds/Baths: 3 beds, 2 bath, 1,576 squares
Purchase Price (5/2024): $465,000
Asking Price (9/2024): $459,000
Difference: -$6,000
Commission (3%): -$13,770
Total Loss: -$19,770
I feel bad for these people. They have clearly run into serious financial issues if they are trying to get out just six months after purchasing. But they are out of their minds if they think they will get $459,000 for this place – just $6,000 less than they paid in May of this year.
They are in complete denial about how bad this is going to get.
But, assuming someone is willing to bail these people out and pay full asking price, what does the new owner’s payment look like?
Purchase price: $459,000
Down Payment (20%): $91,800
Monthly Payment: $3,044/mo (@7%)
I’ll leave it up to the buying public whether that’s a reasonable monthly nut for this property, but it’s worth mentioning there are nearly 100 homes for sale in this area.
That’s a lot of competition, and to stand out you need to be sharp on price and condition. This property doesn’t seem to accomplish either.
Simply put: Anybody who bought in 2023, and especially 2024, that suddenly needs to sell is going to lose significant money. No amount of wishful thinking will change that. The commissions alone will take a big bite out of their down payment, but the ever-worsening market in Big Bear is going to add even more pain for sellers desperately clinging to the hope that they can break even.
Most properties (outside of fully renovated gems) are selling for 2021 prices, meaning this 2024 price is not going to fly.
I feel bad that this seller’s financial situation has left them in such a difficult spot, but just like a new car loses a big chunk of value once you drive it off the lot there is no way out that doesn’t involve a significant financial sacrifice. I wish them the best.
Big Bear Bummers 
What do you think?