Big Bear Bummers

Blog

bigbearbummers.com/

Profile

bigbearbummers.com/author/bigb

Homepage

bigbearbummers.wordpress.com

  • Sugarloaf Sadness

    Address: 719 Leonard Ln, Sugarloaf, CA 92386 Link: https://www.redfin.com/CA/Sugarloaf/719-Leonard-Ln-92386/home/4124266 Beds/Baths: 3 bed, 1.5 bath, 1,210 squares Purchase Price (7/2022): $460,000 Asking Price: $390,000 Difference: -$70,000 Commission (3%): -$11,700 Total Loss: -$81,700 We have covered Sugarloaf before, and established that in a declining market it’s a really tough sell. That’s because as prices come down in more desirable…

  • SOLD: Take Your Time

    Although the final sales price is a far cry from the seller’s initial $1,389,000 demand, I’m sure they’re stoked they found a greater fool–ERRRRR, a willing buyer to bail them out and provide a tidy little profit. Assuming our seller only had to pay their agent’s commission, they walked away with roughly $120,000. Pretty rare…

  • PRICE CUT: FHA Fail

    Well that was fast. Although it’s difficult to calculate the exact loss to the bank, let’s take a stab at it: $585,337 (total mortgage debt) minus $534,000 (current ask) = $51,337. $51,337 minus $20,000 (owner’s forfeited down payment) = $31,337 (total forgiven amount). $31,337 plus $16,020 for listing agent fees = $47,357 (loss to bank)…

  • PRICE CUT: Thrush Hour

    After initially listing for a Wishing Price of $1,195,000 in October 2024, they knocked 100 grand off in November. That Washing Price of $1,095,000 would have allowed them to break even after commissions. How convenient! Unfortunately, the house continued to rot on the market. So on New Year’s Day they cut the price to $1,075,000,…

  • FHA Fail

    Address: 1144 Sheephorn Rd, Big Bear Lake, CA 92315 Link: https://www.redfin.com/CA/Big-Bear-Lake/1144-Sheephorn-Rd-92315/home/4118113 Beds/Baths: 3 bed, 2 bath, 1,095 squares Purchase Price (6/2022): $566,000 Asking Price: $549,000 Difference: -$17,000 Commission (3%): -$16,470 Total Loss: -$33,470 Short sales are incredibly rare in Big Bear, so this listing immediately stood out. For those of you who don’t know about short sales,…

  • SOLD: Pinching Precious Pennies Prolongs Pain

    Purchase Price (12/2021): $1,169,900 Asking Price: $1,087,500 Difference: -$82,400 Commission (3%): -$32,625 Total Loss: -$115,025 While most Big Bear “investors” who purchased in 2021 are getting out at break even or even with a tiny amount of profit, this seller wasn’t so lucky. They initially tried to get $1,199,999 to cover Redfin’s cut, but it…

  • Mourning on Maple

    Address: 850 Maple Ln, Sugarloaf, CA 92386 Link: https://www.redfin.com/CA/Sugarloaf/850-Maple-Ln-92386/home/4126037 Beds/Baths: 1 bed, .5 bath, 504 squares Purchase Price (5/2022): $285,000 Asking Price: $239,000 Difference: -$46,000 Commission (3%): -$7,170 Total Loss: -$53,170 Today’s seller (over)paid $285,000 in May 2022, just months after the Fed started cranking up interest rates. In April 2024 they listed for $269,000, ruefully acknowledging…

  • Take Your Time

    Address: 749 Cameron Dr, Big Bear Lake, CA 92315 Link: https://www.realtor.com/realestateandhomes-detail/M2916854799 Beds/Baths: 4 bed, 3.5 bath, 3,060 squares Purchase Price (2/2021): $995,000 Pending Price: $1,150,000 Difference: +$155,000 Commission (3%): -$34,500 Total Gain: +$120,500 Today’s seller purchased in early 2021 for just under a million bucks. After hearing tales from friends and neighbors about “intense bidding wars” and…

  • SOLD: Moonridge Misery

    Finally, someone took my advice! On October 28 I wrote: They might be able to ride out the winter with income from short-term rentals, but the listing description doesn’t mention this being used an Airbnb. If that’s the case, they need to get serious about pricing right now. Interest rates are on the rise again…

  • The Break-Even Blues

    Address: 42363 Paramount Rd, Big Bear Lake, CA 92315 Link: https://www.realtor.com/realestateandhomes-detail/42363-Paramont_Big-Bear-Lake_CA_92315_M27074-54414 Beds/Baths: 3 bed, 2 bath, 1944 squares Purchase Price (1/2022): $875,000 Asking Price: $875,000 Difference: -$0 (LOL) Commission (3%): -$26,250 Total Loss: -$26,250 Today’s buyer purchased in January 2022 – two months before the Fed jacked up rates and sent the real estate market into a…