Focus your search for Big Bear properties that have been on the market for 6 months or more.
Why?
1. More seller motivation.
2. Less buyer attention (your competition).
3. Probability of finding something undervalued is much better.
Here are a few properties as examples.
372 Starlight Circle - Castle Glen
This property was listed on 1/19/2007 for $929,000. It had been in the market 908 days but is now in escrow. At 3300 sqft, it sold for comparable price to those 2200 to 2700 sqft homes in the Castle Glen area.
125 Bayside - Eagle Point Estates
This property was first listed on 6/9/2007 for $899,950. It was on the market 606 days, sold for $565,000 on 3/26/2009. Considering most of the homes on this street are valued closer to $1,000,000, plus it is one of the few areas with dock rights, this was a good buy.
609 Villa Grove - Moonridge
This property was first listed on 11/7/2007 for $609,000. It was on the market for 458 days, sold for $396,000 on 2/12/2009. The seller was listed at $499,900 when the offer was made, so that was a big drop. Considering this was a very desirable, brand new, full log home that used to sell in 10 days or less for prices closer to the $500k mark, the buyer on this home got a great buy.
Like the video above? Check our some of my other real estate video topics here.
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