Big Bear Bummers

At this point they have chopped 100 grand from their initial, wildly optimistic demand of $549,000.

Assuming they can get this price, they will eat about $63,000. I applaud them for finally getting aggressive, but is it too little too late?

*******PREVIOUS POST BELOW*******

Address: 236 Greenspot Blvd, Big Bear City, CA 92314

Link: https://www.redfin.com/CA/Big-Bear-City/236-Greenspot-Blvd-92314/home/3527614

Beds/Baths: 3 bed, 2 bath, 1,440 squares

Purchase Price (6/2022): $499,000

Asking Price: $479,990

Difference: -$19,010

Commission (3%): -$14,400

Total Loss: -$33,410

In June 2022, this fool threw down $499,000 ($20,000 over ask – oops!) and less than two months later tried to flip it for $549,900. That optimistic demand would have left them with about $30,000 after commissions.

Not too shabby, but that asking price was a fever dream.

After a grueling seven months they issued their first price cut ($535,000) and three months later, in May 2023, they pulled the listing altogether.

Soon after it came back as a rental for $2,500 a month, then $2,300, then they pulled it again.

In June 2023 they put it back on the market for $510,000 (Washing Price) while simultaneously trying to rent it out for $2,100.

They yanked the listing once again and came back on the scene in November 2023 with a highly ambitious $519,000 demand. That obviously failed and in February 2024 they dropped the price to $499,990 (Only Fees).

Confusingly, that summer they tried to rent it out for $2,500 despite the fact they couldn’t get $2,100 a year earlier. After that plan fizzled, they put it back on the market at $479,990, representing a loss of about $33,000.

Look at their journey through the depths of delusion:

Sheesh!

Although I’m happy they’re finally coming to terms with the fact that they won’t get out of this for break even, this price is still too high.

Don’t get me wrong, it’s a cute place. Despite the mismatched kitchen counters and cabinets, it actually looks pretty tidy inside.

You know how I feel about weird close-up photos of random things around the house, but this one is actually really helpful. I mean, without it I might not have been able to figure out the address…from the real estate website where I am currently looking at the property located at 236 Greenspot Blvd.

The problem with this place is that you can’t fix location. This thing is way out in the hinterlands and right on Rim of the World – a busy road traversed by every single vehicle coming in and out of Big Bear from the back way.

That’s important to remember when looking at the monthly payment:

Purchase price: $479,990
Down payment: $95,998
Monthly nut: $2,447/mo (@7%)

Not terrible for 1,440 square feet…if it was in Big Bear Lake. But this payment is a non-starter in Big Bear City.

Add these nutjobs to the ever-growing pile of sellers desperately trying to avoid a loss – reality be damned. They think they’re minimizing their financial pain by sticking with unrealistic asking prices, but they’re only guaranteeing more severe losses down the line.