The Big Bear Report
August 2009
A Monthly Review of the Big Bear Real Estate Market
Buyer activity in the Big Bear real estate market is showing signs of strengthening. Although typical for this time of year, both pending" and "closed" sales increased last month in nearly all sectors of our market. While land sales and commercial business opportunity demand remain sub-normal, residential sales under $400,000 are the sector of the market that is getting the majority of attention. We are finding more and more sales coming from multiple bidders on bargain priced properties that push lower offers upwards, thus creating a "bidding war". Multiple offers usually signify a market in which prices are rising and buyers outnumber sellers. When the buying public perceives there are people fighting for a property, that's good for increasing demand. Regardless if it's a bank related house or not, if it's in a good area, is maintained properly and is well priced, it will attract more buyers. However, given the rampant foreclosures and low demand on higher priced homes, I feel we are not out of the woods quite yet.
Last week we have seen and heard several reports indicating we may have finally hit bottom in the housing market. Although some skeptics believe the market is "just catching its second wind" before prices decline even further, the National Association of Realtors (NAR) reported sales of new homes nationwide increased last month by the largest percentage in eight years. With the median price range in the housing market appearing to stabilize, even Greenspan feels he's "pretty sure we have already seen the bottom".
I try and maintain an attitude of optimism because I must. I'm in an industry that's performance driven. My compensation is earned when all the time and hard work is already extended.I owe it to my family, my employees and my clients to "stay between the lines" so I don't go "nutty". Like I tell my agents and staff, "keep riding your horse in the direction it's pointed". Rest assured we are going to get through this economic debacle.
Until next month.
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
DRE License # 00752899
"The Locals' Choice"
If you always do what you've always done, you'll always get what you always got.
The Big Bear Report
A Monthly Review of the Big Bear Real Estate Market
July 2009
For the first time in 10 months, the median home price in Southern California did not decline. The result of combining record low interest rates and the sharp decline in overall sales have given some real estate "experts" an indication that we may be close to hitting bottom. As I've mentioned in previous reports, no one can predict the bottom until we are on our way up.There are just too many variables, especially with the current administrations illusion on capitalism.
My personal observation (along with many "down-the-hill" brokers) is that sales activity at prices below $500,000 has really picked up, but that the $500,000 and up range is very soft right now. A significant factor that affects our ability to attract "upper end" prospects to areas like Big Bear and Lake Arrowhead is our regional county loan limits. San Bernardino may be the largest county in the country but we have the lowest of the conforming loan limits available, currently $417,000. Orange and Los Angeles counties are currently $729,750 and San Diego's conforming loan limit is $697,500. Perhaps we will see a "trickle" up effect as sales continue to pick up in the lower ranges.
If you think about it, the "buying public" is in the midst of a perfect storm. With the likely possibility of inflation rearing it's ugly head, it's important to remind any investor that real estate has always proven to be the best hedge against inflation. This makes investing a much more serious strategy than at any time since the depression.
Short sales and bank owned property will likely remain a fixture in the coming months and may continue to be the driving force behind keeping the median home prices soft. However, not all prospective buyers today are attracted to the inherent risk and inconveniences of buying a "bank controlled" property.
Unfortunately, it seems our personal economic survival is no longer based on the work ethic, but rather recognizing that our current administration wants to reward mediocrity at the expense of the ambitious. Until next month...
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
"The Local's Choice"
It's a good thing we don't get all the government we're paying for. Will Rogers
June 2009
The Big Bear Report
A Monthly Review of the Big Bear Real Estate Market
As we "sell off" the future of our children we continue to enable all 545 policy makers (Government Representatives and Bureaucrats) to use our tax dollars (known as public funds) to protect bond-holders for their confidence in some of the most mismanaged companies in our nation's history instead of allowing them to take losses that were clearly their own.
Most "career" Realtors from across the country are finally getting fed up with all the doom and gloom of daily economic reports that confuse the buying and selling public. Industry insiders have had enough of the uninformed and misdirected financial press and "we're not going to take it anymore". Our industry has always recognized that real estate is both a neighborhood and relationship business and it's time to get buyers back in the game. However, it's going to take more effort from the buyers. They must realize if they are trying to time the bottom of the market they may see an increase in mortgage rates which negates their over all investment.
Over the past decade, most lenders were complacent and did not require proof of income or documentation. It was all about FICO scores and whether you could "fog a mirror" in order to get a loan. Nowadays, like in the 1980's and ‘90's, borrowers are required to provide evidence of their ability to repay their loan. They must provide pay stubs, bank statements, verification of deposits and even tax returns. During my first 20 years of selling in Big Bear, this was the normal sequence of events.
For sellers, the order of the day is "price reductions". I routinely convince sellers that reducing their price today could actually net them more money in the long run. Besides saving the "carrying costs" over the next several months, as values continue to slide, converting your real estate equity to cash can provide you the opportunity to make an investment that would surely make up for any loss you think you would lose otherwise. In today's economic climate, survival requires the willingness to accept the change in the way we conduct our business. I will remain relentless in my effort to attract prospects while keeping you informed.
Until next month.
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
License: 00752899
"The Local's Choice"
"My father didn't tell how to live; he lived, and let me watch him do it".
Events at the Discovery Center
Friday, May 22
Fee: $25 adults, $15 children (6-12).
· Canoe Tour; 4pm-6pm.
• Campfire ~ Summer Astronomy Series; 8pm - 9:30pm. Join Dr. Frank Murray, Randy Fear from the Big Bear Solar Observatory, and Tim Baggerly from the High Desert Astronomical Society will start the night with a short presentation around the campfire about the solar system, stars, planets, moons and nebulas. Following the presentation you will get a chance to view sky objects through high powered telescopes. The summer astronomy series is scheduled around the star calendar, so you'll always get a chance to see something new! Sponsored by California Land Management. Fee: $5, children 5 & under Fee!
Saturday, May 23
Join the local fire departments and find out how to kick off summer in a fire safe way. Information on fire preparedness will be available and activities for the whole family. Free!
· Fire Safety Summer Kick-Off; 10am-2pm.
· Kayak Tour; 9am-11am.
Fee: $30 per person, ages 10 & up
· Gold Panning; 11am-12pm.
Come learn how to pan for gold! Children will learn the process of gold panning, using real panning equipment. The "gold" is pyrite, and children can take home their findings along with an informational handout and a certificate! Fee: $3· Map & Compass; 12pm-1pm.
You won't get lost in the woods with these skills! You will have the opportunity to walk a course to test the skills you have learned. FREE ~ Donations appreciated.· High Flying Rockets; 1pm-2pm.
Get a chance to build your own rocket from recycled materials then see how high it flies. Class limited to 12, . FREE ~ Donations appreciated.· Nature Walks; 1pm & 2pm.
Free 30-minute guided walk.· Canoe Tour; 4pm-6pm.
Fee: $25 adults, $15 children (6-12).· Music in the Mountains ~ The Ramblin' Rangers; Bluegrass & Folk, 7pm
As the breakout bluegrass band from last year's "Bluegrass, Bluejeans and Beyond" music festival at the Discovery Center, The Ramblin' Rangers, a group of San Bernardino National Forest rangers who protect our national treasure by day, will perform their brand of mountain music at this season's opener on Memorial Weekend. Kurt Winchester, Fire Chief, is very vocal with his singing and love for The San Bernardinos; written and performed by Mike Cross, on bass and vocals joined by band members Molly Bough, and Richard Thornburgh. Fee: $5 Admission; 12 and under free; .
05/23/09
Snow Summit Scenic Skychair
Open for sightseeing and mountain biking; weekends through June 20, then daily. Snow Summit (909)866-5766
Antique Car Club Show and Pinewood Derby
Citibank
(41969 Big Bear Blvd., Big Bear Lake) 8:00am to 3:30pm Free spectating
(909)584-4333
Sunday, May 24
Fee: $25 adults, $15 children (6-12).
· Canoe Tour; 9am-11am.
· Gold Panning; 11am-12pm.
Come learn how to pan for gold! Children will learn the process of gold panning, using real panning equipment. The "gold" is pyrite, and children can take home their findings along with an informational handout and a certificate! Fee: $3
· Nature Walks; 11am & 12pm.
Free 30-minute guided walk.· Junior Forest Ranger; 1pm-2pm.
Become a Discovery Center Junior Forest Ranger! During this 1-hour interpretive program you will learn orientation and identification skills you need to become a forest ranger. Children completing the course will receive a San Bernardino National Forest Badge along with a take home activity book. Class limited to 12, Ages 7-13. Fee: $5· Pinecone Birdfeeders; 12pm-2pm.
Calling all kids! We will be making peanut butter pinecone birdfeeders. Birds will flock to your yard with this well crafted simple feeder. FREE, Donations appreciated.• Canoe Tour; 4pm-6pm. Reservations suggested, for more information visit our tour page. Fee: $25 adults, $15 children (6-12).
Monday, May 25
• Canoe Tour; 9am-11am. Fee: $25 adults, $15 children (6-12).
05/25/09
Memorial Day Service
With color detail, music, wreath presentation. Veteran's Park, Big Bear Lake 10:00am (909)585-4045
To schedule a showing of any property in Big Bear. Please don't hesitate to contact me.
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
Prudential Properties of Big Bear
"The Locals' Choice"
Get your Lakefront home befor the summer. Here is a list of just some of the fabulous homes available.
Price Is Right Lakefront
Nearly 2,000 sq. ft. in this charming 4 bed, 2 ½ bath 2 story lakefront chalet with 2 rocks fireplaces cozy den or spacious dining room, low maintenance vinyl siding, extensive redwood decking and spectacular lakeview all with boat dock. $649,900
Double Your Pleasure
Main home includes a furnished 3 bed, 2 bath single story w/granite counters, extensive decking, boat slip and incredible lakeviews all with separate, detached 1 bed, 1 full bath guest home w/laundry and 2 car garage all on a level 10,175 sq. ft. lot walking distance to the village (zoned R-3). Subject to short sale approval. $ 990,000
Lakefront Special
Wait till you see the setting, design and view of this centrally located 4 bedroom, 3 ½ bath, lakefront home with family room loft, wet bar, vaulted ceilings, 2 fireplaces, granite counters, oak cabinetry, spacious dining room, 2 jetted tubs, double garage, dock rights, 440 sq ft in decking all on a huge 19,000 level lot with beautiful views. $1,195,000
Eagle Point Lakefront on Sale
Way below market in this 4 bed, 3 bath classic woodsy mountain lakefront with approx 3,529 sq ft double lofts, cozy den, 3 f.p's, formal dining, extensive patio & decking, big beam construction, outdoor spa, double dock slips, spectacular lake & ski slop view, outdoor spa and double detached garage all on over a third of an acre. ($75,000 net vacation rental income) $1,395,000
Deep Water Lakefront
Built in 2001, this incredible 3 bed, 3 bath "Tudor" includes library-office, 3 fireplaces, huge vaulted ceilings, spacious loft, granite counters, state of the art gourmet kitchen, impressive master suite, steam shower, jetted tub, extensive sealed decking, oversized garage and more. $1,350,000
Spectacular Lakefront Location. Charming 4 bedroom, 3 bath double side lakefront complete with spacious formal dining room, game room and attached garage, all on deep water with boat dock and private access. (Owner financing available). Loft over garage not permitted. $1,475,000
New Boulder Bay Lakefront
Built in 2007, this huge 4 bed, 6 bath furnished lakefront includes, game room, media room, office, formal dining, gourmet kitchen, pro series stainless appliances, granite counters, wine cellar, cathedral ceilings, extensive decking, boat dock, attached garage & double lakeviews all in the greatest Boulder Bay setting of all times. $1,490,000
LAKEFRONT MASTERPIECE.
THIS SPECTACULAR GILNER POINT LAKEFRONT EUROPEAN VILLA PERMEATES OLD WORLD ITALIAN CHARM WITH 4 BEDROOMS, 4.5 BATHS, HUGE GREAT RM/THEATER, SPACIOUS GYM, ELEVATOR, 3 FIREPLACES, VOLUME CEILINGS, WINE CELLAR, RARE IRISH MARBLE, CARVED ROSA STONE, MARIBU WOOD FLOORS, 3 CAR GARAGE PLUS BOAT GARAGE AND DOCK. $3,100,000
To schedule a showing of any property in Big Bear. Please don't hesitate to contact me.
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
Prudential Properties of Big Bear
"The Locals' Choice"
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DRE# 00752899 The Prudential name and the rock logo are recognized by 98% of consumers worldwide.
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