Below is your weekly update for the Big Bear real estate market as of 3/16/2009.
|Property Type||Listings for Sale||Change from Last Week||Pending Sales||Change from Last Week||Sales Year to Date||Change from Last Week|
|COMMERCIAL & RES INVESTMENT||55||+2||4||+1||1||0|
These are the quick stats for the week –
38 new residential listings for the week – 10 bank owned, 4 short sales, and 24 organic. Expect more bank owned properties & short sales to hit the market over the next 6-8 months. As was pointed out in my last post, in Feb. 2009 we saw more defaults, notices of sale, and properties going back to the bank than we have seen in 18 months we have been tracking it.
13 new residential closed sales for the week – 7 bank owned, 1 short sales, and 5 organic.
18 new residential pending sales for the week – 3 bank owned, 4 short sales, and 11 organic.
The number of homes for sale has slowly been creeping up from the low of 887 a few weeks back. 896 is still very low considering it was over 1000 for the past 2+ years.
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
Below are the 5 properties went back to the bank last week, expect to see them hit the market soon.
A few important notes about this –
First, the banks are significantly discounting their opening bid at the Trustee sale. Of these 5, 4 had an opening bid reduction from 30-50% from the original published bid. What does this mean? It means the banks are starting to understand that the loan amount and/or their opening bids are a lot higher then the current market value. If you are a buyer & have the cash, showing up at one of these Trustee sales might get you the right property for a good price.
Second, it is also important to note that just because a property has a sale date, few are actually going to sale. For example, last week there were close to 30 properties that were set to go to sale and only 5 sold. The rest were postponed or canceled for one reason or another. Typically, the bank is trying to work something out with the property owner. Most of the time, they are just delaying the inevitable.
Below are the Big Bear properties that are set up to be auctioned for sale over the next week. The best way to buy one of these properties at a Trustee’s sale is to know about it months in advance. We can help with that if you are interested.
Be sure to check back here every Monday for your Big Bear Market Update or sign up to get this emailed to you every week.
* Information updated weekly, courtesy of the Big Bear MLS. This update includes MLS data from areas including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, Fawnskin & Baldwin Lake. It does not include data from areas in the Big Bear MLS that are located outside of the Big Bear area or data on properties in Big Bear that are listed in other MLS systems.