About Big Bear's Moonridge

It is no wonder why so many banks are failing these days. They just do not seem to comprehend what is going on in the current real estate market. Here is a perfect example.

This property just came on the market for sale in the Moonridge area of Big Bear.

Listing price is $399,900, 3 bed, office, family room, & 2.5 baths. It needs roughly $15,000 to $25,000 in finishing details to complete it. The property is now bank owned.

A little history on this property. I had it for sale from April to August of this year, listed initially at $525,000 but reduced to $475,000 about 30 days after hitting the market. The property was a short sale as the owner owed $605,000 on the property.

We had a legitimate offer in mid July for $450,000, 20% down and a 30 day escrow. The bank did not even counter this offer. Their main objection to the offer was that they had an appraisal from January of this year in the upper $600,000's.

I emailed them recent comps to show they were way off base but it was wasted effort on my part.

Now, just a couple months later, and after having to take the property back at a $605,000 price, plus the cost of foreclosing on the previous owner, they put the property back on the market yesterday for $399,900.

I am not trying to sound like I have sour grapes because I missed out on the sale. I just don't understand how these banks make such financial decisions. Can someone please explain what I am missing?

This is not an isolated incident. I have seen it numerous times in the past year.

You hear all the news today about banks working with buyers & sellers but this is a perfect example of what is actually happening. They just do not get it. They are going to lose at least $50,000 from what they most likely would have received 3 months ago.

If you are looking to buy a home in Big Bear, this bank's incompetence could be your gain.

Syndicated from & originally posted at The Big Bear Skinny.

As a home owner and Big Bear Real Estate agent that has lived in the upper Moonridge area of Big Bear Lake for over 18 years, I have noticed that people can't seem to find their way out of upper Moonridge. Neither could I, the first time I came up to visit my wife parents I got lost. I think I got lost every time we visited. Now it's just second nature for me, but I remember the frustration. My house sits on a corner in upper Moonridge. If I'm out shoveling my driveway in the winter or washing my car in the summer, someone will always stop to ask directions. I'm always happy to help out and direct them to where they want to go. Villa Grove is the longest street in Big Bear, and I live on Villa Grove. Many times people are following someone in their group that doesn't have a clue which direction they are going. Here is a link to Google Maps that might help.

From the Upper Moonridge or High Timber Ranch area at the very top of Moonridge, you will want to stay on Klamath until you reach Flintridge (see map). Make a left on Flintridge and then a right on Wolf. Follow Villa Grove west and turn left on Mira and then a quick right on Butte. Follow Butte to the bottom and you're back to Villa Grove. Turn left and then left on Silvertip. Follow Silvertip to Sunset. Turn right on Sunset, you'll run into Moonridge Road.

Another area in Moonridge that will get visitors lost is in the Yosemite, Canyon Crest, and Sand Canyon areas. Here is a link to the google mapthat shows this area. If you are at the top of Yosemite, you will come down Yosemite, turn left on Teton and follow Teton to Sand Canyon. Make a right turn on Sand Canyon and stay on Sand Canyon until you reach Moonridge Road.

From Ridgecrest, you can head West and Ridgecrest becomes Sand Canyon. Follow Sand Canyon to Moonridge Road. Bow Canyon Road runs North and South between Sand Canyon and Ridgecrest. Deer canyon attaches Sand Canyon to Bow Canyon (see map).

If you happen to be on Colusa, you can follow Colusa downhill until you reach Sheephorn. Turn left on Sheephorn and follow it to Moonridge. Sheephorn runs between Moonridge road and Menlo.

I hope this helps, but if not you can always give me a call.....