Big Bear Bummers

Address: 41952 Mapleleaf Dr, Big Bear Lake, CA 92315

Link: https://www.redfin.com/CA/Big-Bear-Lake/41952-Mapleleaf-Dr-92315/home/4112568

 Beds/Baths: 3 beds, 2 bath, 1,376 squares

Purchase Price (3/2023): $685,000

Asking Price (9/2024): $699,000

Difference: +$14,000

Commission (3%): -$20,970

Total Loss: -$6,970

This is my favorite type of seller: Buys a property in 2023, then, in complete ignorance of the realities of the market staring them in the face, lists in 2024 with the expectation that prices have actually gone up since they purchased.

Uhh, this isn’t 2021, dude. The salad days of ever-appreciating real estate values are over. And now most Big Bear properties are trading at 2021 values. What rock have you been hiding under?

I especially love 2023 buyers like this who list for Washing Prices – amounts that magically allow them to break even. These fools refuse to acknowledge they could actually lose money on real estate, and this seller’s current asking price of $699,000 just so happens to cover most of their agent’s commission. They actually believe a sale will only cost them seven grand. As convenient as that would be, it’s not going to happen.

At least this property looks really nice. It doesn’t appear to need anything.

Plus it’s in a great area walking distance to Snow Summit. Who knows, maybe they’re onto something with this ambitious price. Sure, the monthly payment for a new buyer would be roughly $4,800 a month, but there are plenty of cashed-up fools out there with money to burn.

What do you think – are these sellers out of their minds with this price, or right on target?