Big Bear Bummers

Address: 1037 W Robinhood Blvd, Big Bear City, CA 92314

Link: https://www.redfin.com/CA/Big-Bear-City/1037-Robinhood-Blvd-92314/home/17276765

 Beds/Baths: 3 beds, 2 bath, 1,410 squares

Purchase Price (4/2022): $705,000

Asking Price: $679,000

Difference: -$26,000

Commission (3%): -$20,370

Total Loss: -$46,370

Today’s featured seller bought in 2022 for a hefty $705,000 and completely missed the memo that the party ended for Big Bear real estate once rates went up in 2023. In a stunningly oblivious move, they plopped it on the market this June for a jaw-dropping $799,900, fully expecting to cash in on their winning Lotto ticket.

However, reality hit them in the face like a sledgehammer and in a matter of months they went from dreaming of big profits to having nightmares about big financial losses. Over the ensuing months they have been doing cut after cut, chasing the market down in a futile attempt to get rid of their grievous financial mistake.

As is stands, a sale at the current $679,000 asking price will result in a pretty substantial $46,000 loss. Surely not what they expected when they first listed for sale, but that’s how it is for recent buyers who can no longer afford their vacation homes.

The good news is this place looks relatively tidy, although there isn’t a single photo of the bathrooms. Seems a bit strange considering they’ve had five months to upload them.

Speaking of photos, I’m puzzled by their decision to include grainy screen grabs from their Ring camera.

Weird.

Anyhow, what do the finances look like for a new owner?

Purchase price: $679,000
Down payment: $135,800
Monthly nut: $4,612/mo (@ 7.3%)

Oof. Pretty steep for a second home, especially considering it’s kind of far out there by the airport. This seems way overpriced.

And I’m clearly not the only one who thinks so because the property has been rotting on the MLS for 160+ days. Unless they get lucky, and soon, they are going to need a drastic price cut to drum up interest from the meager number of buyers with this kind of scratch.

Frankly, at this price I think a buyer would get a lot more for their money in Big Bear Lake. As we saw in That’s the Thing About the Old Days, for this kind of loot you can get a place walking distance to Snow Summit.

Or, as we noted in Moonridge Misery, you can spend even less for the same square footage in Moonridge if you don’t care about your place being a little rough around the edges.

Translation: Our featured seller is fucked.