Big Bear Bummers

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  • The Knight Stuff

    Address: 791 Knight Ave, Big Bear Lake, CA 92315 Link: https://www.redfin.com/CA/Big-Bear-Lake/791-Knight-Ave-92315/home/18262513 Beds/Baths: 3 beds, 2 bath, 1,600 squares Purchase Price (2/2023): $790,000 Asking Price: $724,900 Difference: -$65,000 Commission (3%): -$21,747 Total Loss: -$86,847 In early 2023, today’s seller plunked down $790,000 for this new-construction home, then a year later listed it for an absolutely bonkers…

  • PRICE CUT: Down Payment Destroyed

    With their down payment already vaporized, I cannot for the life of me understand why they haven’t walked away yet. Assuming this latest price cut finally attracts a buyer (doubtful), their total loss will be $102,000. That figure includes their entire $84,000 down payment, plus a personal check for $18,000 on top of that. It…

  • PRICE CUT: Blunder Dome

    This $25,000 reduction makes their asking price just $10,000 below what they paid in 2021. That’s what we call an “Only Fees” price. To avoid the pain of having to sell for less than they paid (“I HAVE IT ON GOOD AUTHORITY THAT REAL ESTATE ONLY GOES UP!”), they stick with a price that allows…

  • Aurora Floorealis

    Address: 491 Imperial Ave, Sugarloaf, CA 92386 Link: https://www.redfin.com/CA/Sugarloaf/491-Imperial-Ave-92386/home/3077202 Beds/Baths: 1 bed, 1 bath, 504 squares Purchase Price (2/2020): $140,000 Asking Price: $224,900 Difference: +$84,900 Commission (3%): -$6,747 Total Gain: +$78,153 These people are out of their freaking minds if they think they’re going to get 60 percent more than their 2020 purchase price. This is pure,…

  • It’s a Moose-take

    Address: 42415 Heavenly Valley Dr, Big Bear Lake, CA 92315 Link: https://www.redfin.com/CA/Big-Bear-Lake/42415-Heavenly-Vly-Dr-92315/home/4114021 Beds/Baths: 3 bed, 3 bath, 2,200 squares Purchase Price (9/2023): $980,000 Asking Price: $999,000 Difference: +$19,000 Commission (3%): -$29,970 Total Loss: -$10,970 In September 2023 our intrepid investor plunked down $980,000 for this place. Then, just 16 months later they listed it for $999,000, a…

  • MORE PRICE CUTS: Fast Flip Fundamentally Fails

    At today’s asking price of $299,900 (come on bro, just call it 300 grand) they will clear around $40,000 for their flipping efforts. Not too shabby. However, if we continue to assume they spent around $20,000 on renovations (this is a pretty half-hearted flip), their profit margin is getting pretty slim. Not to mention the…

  • PRICE CUT: 2-4-1

    I had sort of forgotten about this listing – I wrote the below post way back in October. The good news is they are finally starting to get serious about price. The bad news is they waited too long to do it. That’s because the recent California fires are most certainly going to have a…

  • PRICE CUT: “Seller Wants it Sold”

    Holy crap. A sale at this price will result in a crushing loss of -$208,347. Their $192,000 down payment is gone, baby, gone…is that Jingle Mail I hear? ********PREVIOUS POST BELOW******** Address: 1224 Redwood Dr, Big Bear Lake, CA 92315 Link: https://www.realtor.com/realestateandhomes-detail/1224-Redwood-Dr_Big-Bear-Lake_CA_92315_M27672-28985 Beds/Baths: 4 bed, 3.5 bath, 2,553 squares Purchase Price (2/2022): $960,000 Asking Price: $899,900 Difference: -$60,100…

  • Hell-ysian

    So, if most 2021 buyers are breaking even… And most 2022 buyers are giving up big chunks of their down payment… And most 2023 buyers are losing their ass… What the hell does that mean for people who bought in 2024? We’re about to find out! Link: https://www.zillow.com/homedetails/714-Elysian-Blvd-Big-Bear-City-CA-92314/17391773_zpid/ Beds/Baths: 1 bed, 1 bath, 608 squares…

  • Only Fees

    Address: 421 Oriole Dr, Big Bear Lake, CA 92315 Link: https://www.redfin.com/CA/Big-Bear-Lake/421-Oriole-Dr-92315/home/161221164 Beds/Baths: 3 bed, 2 bath, 1,424 squares Purchase Price (2/2022): $807,000 Asking Price: $799,999 Difference: -$7,001 Commission (3%): -$24,000 Total Loss: -$30,001 Most sellers we feature are in total denial about just how bad the market is right now. In their obliviousness, they employ a variety…