The sales market in Big Bear has been sluggish for a good part of this year; however, I am seeing some changes. I spoke with a real estate friend in Champlain, Ill. and he said his market has changed from this time last year and it is UP! I have actually read some positive articles in the Los Angeles Times as well. They have said that real estate in general is improving. The phone is ringing again and buyers are looking. They have finally come back! They are looking at everything and they are tough to close but they are buying.
Why am I mentioning this? Because, if you have the desire to own a second home in the mountains or just a place to escape to, this is the time! The sales figures have been going up in Big Bear every month since March, the inventory is below last year and the bank owned foreclosures have held steady and not increased significantly. So, the writing is on the wall. The market is making a slow but steady turn for the better.
Now, if you were one of buyers waiting on the sideline for lower prices and more seller concession you might want to take a harder look at what is happening. I think that this next 60 days will probably be your best chance to pick a great deal before the end of the year. This market won't be the same next year. Remember, the banks have helped many home owners to save their home and overt foreclosure. The bank owned properties will not be as plentiful in the future and predictions are that interest rates will rise in 2009. Waiting for a better deal may be a poor decision at this point. We have such great deals and a wonderful selection currently, now is the time to strike!
I am very bullish on Big Bear. I own a great deal of property in this valley and I believe in its future! You can be one of those whoulda, shoulda, coulda people standing on the outside looking in or you could be one of those positive people that take the plunge and eventually reap the profits.
For example: I bought a house in Palm Springs in 2002 in the $400K range. I was scared to death because I always bought cheap house for rental, like $100K to $150K. This payment was going to be astronomical and I was concerned about how I would pay for it. But I really loved the house, it was on a golf course and that was always my dream so I bit the bullet and bought it. I somehow managed to make the payment every month for the past six years and I have entertained there, had parties there, had my family there as well as had such a wonderful retreat from the hassles of business. But wait, there's more to the story! The house is now, after six years of ownership worth just over $1,000,000.00. Hows that for appreciation? No it didn't appreciate last year and most of this year but it will again soon. You know, I could have been one of those people that said I can't afford it and walked away. If I had, someone else would have enjoyed the almost $600,000.00 in appreciation when they sold it! I am so glad I had to guts to step up to the plate and buy my dream home, even though it was scary as heck!
So, don't say I didn't warn you! If you miss this opportunity you will always regret it. Now is the time. Go after your dreams! If I can be of help please call me!
Thursday, August 28, 2008
Sunday, August 24, 2008
Time to think about winter in Big Bear
Before I go on I would like to congratulate Ryan Hall, of Big Bear Lake, for his 10th finish in the marathon at the 2008 Olympics yesterday! He did great in a field of tough competition! Great job, Ryan! Big Bear is very proud of their home town boy!
If you have been thinking about buying a cabin in Big Bear, now is the time! We have a good inventory of cabins and homes, not as large as this time last year but still a great selection to choose from. The other issue is price! We have excellent prices right now as well. How long that will last we don't know but interest rates remain low and the prices are too, so it is a terrific time to buy!
What about bank owned properties. We have them; however, there are under 50 for sale in our valley! That is a very low number compared to most cities. Reason being that not many sub-prime loans were made in Big Bear. Most of those loans were made to first time home buyers not second home buyers. It makes our market much more stable than in the city! If you want a bank foreclosure at a low price we do have a few. Compared to about 1,300 residential listings for sale the handful of bank property really doesn't effect the market much. If you would like information about bank properties just give me a call or e-mail me.
Most people who buy in Big Bear want to be in there cabin before the snow flies. That usually happens in December. I mean real snow not just a dusting. December is usually our coldest month as well. So, if you want to own a cabin by the skiing or snowboarding season now is the time to be looking. There are such great deals right now that you can have your dream cabin at the price you want to pay.
Some buyers say they think prices will fall further and they want to wait to buy at the bottom. I say how long do you plan to keep the cabin you buy? If you own it for 5, 7 or 10 years the appreciation gain on the property would be an average of 5% to 6% a year. That has been the national average for many, many years of record keeping. So, what I am trying to say is that if you wait for 6 to 12 months to purchase your dream cabin thinking you may save a few thousand may not be the best strategy! If you don't get into the game you will never reap any profits! Real estate is down now but it won't last. It historically grows over time. Waiting may bring higher interest rates and higher prices. No one can predict when the market will turn around, and when it does no one will know it for three to six months. Not until there is enough data to either predict a trend or a total change.
The other thought is it worth waiting to see your kids enjoy the snow and the wildlife in Big Bear. Do you want to put off the memories you will build with your family and friends because you think you might save a few thousand dollars when you buy? Those memories won't wait! If you plan to keep the cabin for a few years you will have a profit when you sell and in the mean time you can enjoy it with your family. Kids grow up fast! Now is the time to teach them about nature, how to water ski and snowboard. Don't let this opportunity get away. Prices today as well as selection is the best it has ever been!
We all know those people that say I could have bought that for a song, but I didn't! We only regret the things we don't do not the things we do! We also never know what will happen in the further so we have to seize the moment and have all the fun and enjoyment we can now. I hope to see you become part of our beautiful mountain community. If I can help you towards that end just let me know!
Until next time, Bonnie Blue
If you have been thinking about buying a cabin in Big Bear, now is the time! We have a good inventory of cabins and homes, not as large as this time last year but still a great selection to choose from. The other issue is price! We have excellent prices right now as well. How long that will last we don't know but interest rates remain low and the prices are too, so it is a terrific time to buy!
What about bank owned properties. We have them; however, there are under 50 for sale in our valley! That is a very low number compared to most cities. Reason being that not many sub-prime loans were made in Big Bear. Most of those loans were made to first time home buyers not second home buyers. It makes our market much more stable than in the city! If you want a bank foreclosure at a low price we do have a few. Compared to about 1,300 residential listings for sale the handful of bank property really doesn't effect the market much. If you would like information about bank properties just give me a call or e-mail me.
Most people who buy in Big Bear want to be in there cabin before the snow flies. That usually happens in December. I mean real snow not just a dusting. December is usually our coldest month as well. So, if you want to own a cabin by the skiing or snowboarding season now is the time to be looking. There are such great deals right now that you can have your dream cabin at the price you want to pay.
Some buyers say they think prices will fall further and they want to wait to buy at the bottom. I say how long do you plan to keep the cabin you buy? If you own it for 5, 7 or 10 years the appreciation gain on the property would be an average of 5% to 6% a year. That has been the national average for many, many years of record keeping. So, what I am trying to say is that if you wait for 6 to 12 months to purchase your dream cabin thinking you may save a few thousand may not be the best strategy! If you don't get into the game you will never reap any profits! Real estate is down now but it won't last. It historically grows over time. Waiting may bring higher interest rates and higher prices. No one can predict when the market will turn around, and when it does no one will know it for three to six months. Not until there is enough data to either predict a trend or a total change.
The other thought is it worth waiting to see your kids enjoy the snow and the wildlife in Big Bear. Do you want to put off the memories you will build with your family and friends because you think you might save a few thousand dollars when you buy? Those memories won't wait! If you plan to keep the cabin for a few years you will have a profit when you sell and in the mean time you can enjoy it with your family. Kids grow up fast! Now is the time to teach them about nature, how to water ski and snowboard. Don't let this opportunity get away. Prices today as well as selection is the best it has ever been!
We all know those people that say I could have bought that for a song, but I didn't! We only regret the things we don't do not the things we do! We also never know what will happen in the further so we have to seize the moment and have all the fun and enjoyment we can now. I hope to see you become part of our beautiful mountain community. If I can help you towards that end just let me know!
Until next time, Bonnie Blue
Wednesday, August 20, 2008
Sunday in Big Bear
Last Sunday I went walking by the lake, as I often do on early weekend mornings. I started my walk at Pine Knot Landing next to the post office. I passed so many absolutely beautiful boats in their slips. There must be millions and millions of dollars floating on the water just at this one marina! The boats were bobbing up and down in the sparkling water. There are public and private docks here. You can purchase your own slip that is gated and no one will bother your boat. Or you can rent a slip by the month there too. Such a lovely day with blue skies and a few puffy clouds to remind us we are still in the rainy season. When I reached the end of the narrow pavement I turned right and walked the dirt finger which serves as a breaker for the moored boats. A lone speedboat and a single skier on one ski sped by leaving a wide wake that disturbed the otherwise calm waters. I turned and looked around. The very green mountains were framed by the light blue sky. The trees were thick and looked healthy. The ski slopes were covered in what appeared to be a heavy green carpet. There is beauty everywhere I look and the air smells so heavenly. I wonder why more people don't come to Big Bear and buy property. People from the city certainly would find peace and tranquility here. Big Bear is such a refuge from the hassles of everyday life! If everyone did come to Big Bear to vacation or live we would soon run out of room. Big Bear is a well kept secret! A diamond in the ruff!
I walked down one of the public ramps and made my way to the end of the long dock. I spoke to a man and woman who were filling their boat's gas tank with a gas can. They told me that they had run out of gas last weekend and had to be towed to the marina. They weren't taking any chances this trip! They planned a leisurely sail on the lake today. We chatted for a few minutes and then I walked to the very end of the dock. I stood there for a while and drank in the beauty of the shimmering lake and recalled memories of fun on the water.
As I moved along the road again I stopped to examine the two stack, double decker, paddle wheel tour boat, " Miss Liberty" pull out to begin her next lake tour. She is painted red, white and blue and glistens in the morning sunlight. Walking a little further I see several mallard pairs sunning among the rocks along the shore. There are so many outstanding birds this morning.
As I leave the marina and walk towards my car I think to myself there is so much to see right here in this one place. I also think how beautiful Big Bear really is and how lucky I am to live here on a sunny Sunday morning!
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