Big Bear Real Estate Blog

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Fax 909 866-3531

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Foreclosures / REO Urban Legends

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sat, 14 Nov 2009 18:14:14 -0600

This is a great post and I agree. Israel is an agent that works for The Tim Wood Group,.

Via Israel Barden (Coldwell Banker The Tim Wood Group):

It seems like everybody has a story about a cousin or brother in law or long lost Uncle who offered half of the asking price on a foreclosure and got it. It has almost reached urban legend status in this market. I have bad news for people that believe this story. There are no giant alligators in the sewer. If you say Bloody Mary three times in front of a mirror, she will not appear. Even more terrifying, there are no bank owned properties in Big Bear that you can buy for half of the list price.

As a matter of fact, writing lowball offers is a sure way of losing out on a property you might really like. When an asset manager sees an offer that is over 10-15% low, they automatically put that offer into the crank file. Usually, they don't even bother countering an offer that low. When they do counter, it is usually for $100.00 off of the listing price. The only thing that happens when you write a really low offer is you lose all your credibility. Instead of coming off as a serious, viable buyer who is looking for a good deal, you come off as a shyster trying pick the bones of an unfortunate soul.

When a bank prices an REO property, they don't just pick a random number. They don't price it off of what the remaining loan is. They actually have Realtors give them price opinions on current market value. Then, they price the home at a fair market price. Usually, this a very good deal. Just because there is only $50,000 owed on $200,000 property, does not mean the bank will take $100,000 for it. They will sell you the property for a good, fair price. If you come in at $125,000, they will not even acknowledge you. If you come in at $150,000, they will counter at $199,000. If you come in at $175,000, they will probably give you a real counter to work with.

I am not saying that it is impossible to get a great deal. It is highly possible. You just have to reevaluate what a great deal is. If a home last sold for $350,000, and you buy it for $250,000, you are getting a great deal. You just need to be realistic. Plus, while you are dickering around with lowball offers, the odds are very good that someone who understands what is going on will come in with a respectable offer, and you will lose out. If you think it is a good deal, it is certain that somebody else will too. I feel the best strategy is too give the bank the opportunity to say " Yes."

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

San Bernardino County Average Sales Prices September 2008 vs 2009

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sun, 08 Nov 2009 13:22:16 -0600

County/City/Area

Sept 2009

Sept 2008

Y-T-Y
% Change

San Bernardino County	150,000.00	205,000.00	-26.8%
Adelanto	80,000.00	131,000.00	-38.9%
Apple Valley	105,500.00	162,500.00	-35.1%
Barstow	55,000.00	106,250.00	-48.2%
Big Bear City	150,250.00	207,500.00	-27.6%
Big Bear Lake	305,500.00	272,500.00	12.1%
Bloomington	140,000.00	185,000.00	-24.3%
Chino	300,000.00	341,250.00	-12.1%
Chino Hills	430,000.00	422,500.00	1.8%
Colton	125,000.00	152,000.00	-17.8%
Crestline	140,000.00	147,000.00	-4.8%
Fontana	210,000.00	255,000.00	-17.6%
Hesperia	126,000.00	175,000.00	-28.0%
Highland	175,000.00	230,000.00	-23.9%
Joshua Tree	113,000.00	118,500.00	-4.6%
Lake Arrowhead	292,500.00	370,000.00	-20.9%
Loma Linda	263,000.00	359,000.00	-26.7%
Montclair	216,500.00	278,000.00	-22.1%
Ontario	190,000.00	240,000.00	-20.8%
Rancho Cucamonga	300,000.00	355,250.00	-15.6%
Redlands	220,750.00	310,000.00	-28.8%
Rialto	135,500.00	200,000.00	-32.3%
San Bernardino	75,000.00	125,000.00	-40.0%
Twentynine Palms	83,000.00	122,500.00	-32.2%
Upland	317,000.00	414,000.00	-23.4%
Victorville	120,000.00	160,000.00	-25.0%
Yucaipa	204,750.00	277,500.00	-26.2%
Yucca Valley	110,000.00	172,000.00	-36.0%

Average sales price indicates the price of homes that sold, not the price increase or decrease of individual homes.

It's interesting to note that Big Bear Lake and Chino Hills were the only two locations that had an increase.

Real Estate is local!

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

Big Bear Real Estate Fast Facts 10/25/2009

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sun, 25 Oct 2009 12:18:51 -0500

Current Residential Inventory Available 766
Last years inventory 10/2008 - 1078
Inventory is down 29% from last year

Residential Sales closed in the past 30 days - 78
Homes sold October 2008 - 73
Number of year to date closed residential sales - 681
Number of year to date closed residential sales 561 for the same period in 2008 +21.3%

Current Pending sales 154
39 of these are Bank owned 25%
That means 75% are not bank owned!

Bank Owned Homes 46 make up only 6% of the inventory available in Big Bear
That means 94% of the homes available in Big Bear are not Bank Owned!
261 of the 681 sold this year were bank owned 38%
77 of the 561 sold last year were bank owned 13.7%

What does all of this mean?

There are less homes to choose from currently than there were a year ago.
More homes have sold this year than last year for the same period.
With 154 pending sales and 681 closed sales this year, more homes will be sold in Big Bear this year than last year (669)
Big Bear does not have a high percentage of bank owned properties available, but what is available is selling faster than other homes sold by traditional sellers.

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

943 D Lane, Big Bear City

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Tue, 13 Oct 2009 19:12:09 -0500

Single Family Home for sale in Big Bear City, CA

Overview
Maps
Photos
Description
Market Stats

$499,900

Single Family Home
For Sale

Main Features

6 Bedrooms
4 Bathrooms
Interior: 4886 sqft
Lot: 11,175 sqft

Location

943 D Lane
Big Bear City, CA 92314

Steve Hirschler

Coldwell Banker DRE# 01703081
(909) 866-3481
steve@bigbeargallery.com
http://www.stevesellsbigbear.com

Listed by: ColdwelL Banker / The Tim Wood Group

Our recent listings

Single Family Residential for $499,900 in Big Bear City, CA
Great Moonridge Vacation Home
Mountain Get A Way
Value and Space
Priced like a Bank Owned

Subscribe to our listing feed

See more Big Bear City, CA real estate for sale

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Click here to see the details on these 13 homes.

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

13 Homes Sold this Week in Big Bear, 9/26/2009

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sat, 26 Sep 2009 18:54:13 -0500

9 of these homes were traditional sellers "69%", with a price differential of 77.24% of list price and 107 days on the market

4 of these homes were bank owned "31%", with a price differential of 100% of list price and 18 days on the market

Overpriced homes (over 90% of the listings) will sit with no activity until they lower the price to meet the market.

With 812 active listings on the market currently, the inventory has fallen about 8% in the past 30 days.

I can show you any home for sale in Big Bear.

Search the Big Bear MLS (Multiple Listing Service)

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Search the Big Bear MLS (Multiple Listing Service)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

10 Year Deed Recording Information for the Big Bear Area.

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Mon, 07 Sep 2009 14:39:12 -0500



YEAR	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	Monthly Totals	Monthly Rank	10 Year Average	2009	2009 % of 10 Year Average

JAN	125	125	158	130	194	163	128	139	77	44	1283	12	128	68	53%
FEB	126	158	128	148	169	173	147	112	80	43	1284	11	128	69	54%
MAR	183	174	168	187	197	219	186	118	99	59	1590	10	159	71	45%
APR	159	169	150	213	227	238	170	131	81	65	1603	9	160	82	51%
MAY	151	193	182	269	200	268	171	132	99	83	1748	7	175	80	46%
JUN	161	198	207	224	199	246	188	148	78	85	1734	8	173	98	57%
JUL	195	180	187	247	228	275	171	108	95	104	1790	4	179	96	54%
AUG	191	256	264	292	246	263	198	159	106	90	2065	1	207	0	0%
SEP	231	248	199	274	281	263	228	121	82	109	2036	2	204	0	0%
OCT	188	270	224	302	227	236	199	123	77	101	1947	3	195	0	0%
NOV	227	217	187	241	231	224	192	115	87	70	1791	5	179	0	0%
DEC	237	194	199	276	216	214	186	111	68	62	1763	6	176	0	0%

TOTALS	2174	2382	2253	2803	2615	2782	2164	1517	1029	915	20634	78	2063	564	27%
YEARLY RANK	6	4	5	1	3	2	7	8	9	10

I can show you any home for sale in Big Bear.

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

Follow me on Twitter

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Search the Big Bear MLS (Multiple Listing Service)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

Cabin in the Big Bear Area, 300 Bluebill, Big Bear City

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sun, 23 Aug 2009 15:44:01 -0500

I can show you any home for sale in Big Bear.

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Search the Big Bear MLS (Multiple Listing Service)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

39578 Raccoon, Fawnskin / Awesome Lakeviews!

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Tue, 04 Aug 2009 17:24:58 -0500

I can show you any home for sale in Big Bear.

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Search the Big Bear MLS (Multiple Listing Service)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

5 New bank Owned REO Homes in Big Bear, 7/25/2009

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Tue, 28 Jul 2009 11:32:18 -0500

As of this morning, we have 50 bank owned homes (REO's) on the market, that's only 5.48% of the 912 active listings. Please call or email if you want to purchase a bank owned home in Big Bear,

I will get you the best deal.

I can show you any home for sale in Big Bear.

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

Follow me on Twitter

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Previously Posted on "Ask An Expert, Big Bear Real Estate"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Click here to see the details on these 12 homes.

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

12 Homes Sold in Big Bear, 7/19 – 7/26/2009

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sun, 26 Jul 2009 14:57:56 -0500

6 of these homes were traditional sellers "50%", with a price differential of 98.17% of list price and 190 days on the market

4 of these homes were bank owned "33.3%", with a price differential of 100.67% of list price and 32 days on the market

2 of these homes were short sales "16.6%", with a price differential of 101.47% of list price and 399 days on the market.

*As you can see, homes in the Big Bear area are still selling within 10% of the list price consistently. Buyers that want to purchase here will be disappointed if they expect to find homes selling for 25% or more off of list price. This also means that homes won't sell until the price gets close to market value. Overpriced homes (over 90% of the listings) will sit with no activity until they lower the price to meet the market.

I can show you any home for sale in Big Bear.

Search the Big Bear MLS (Multiple Listing Service)

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

Follow me on Twitter

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Search the Big Bear MLS (Multiple Listing Service)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

619 Villa Grove, Moonrdige Area of Big Bear

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sun, 19 Jul 2009 19:58:54 -0500

I can show you any home for sale in Big Bear.

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Search the Big Bear MLS (Multiple Listing Service)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

Year to Date Price Per Square Foot For Homes Sold in the Big Bear Area

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Sat, 11 Jul 2009 19:19:25 -0500

When you start your search for a second home in Big Bear you should spend some time looking at the different locations. Location drives land value and that is why the same house is worth more or less in different areas.

Lakefront homes for example have higher land values. The current land value combined with the improvements (house) establishes value. That is why a home on the lake that is functionally obsolete will still have a high value of one million dollars if it is located in a deep water location with a view.

This also explains why a beautiful home in a less desirable area may be worth little more than the building costs, and sometimes less. Land has not been selling recently because construction costs are higher per square foot than the existing inventory pricing.

Most homes that were built in the 90's for example had a building cost of less than $100 per square foot. Currently we are seeing building costs between $150 - $225 per square foot using a licenced and insured contractor.

These are the different neighborhoods in the Big Bear area, and the average price per square foot sold year to date.

Lakefront - $516.44
Big Bear Lake West - $227.30*
Big Bear Lake Central - $186.41*
Big Bear Lake East - $199.93*
Fox Farm - $197.14
Moonridge - $201.01
Fawnskin - $220.82
Big Bear City - $147.83
Whispering Forest - $160.11
Sugarloaf - $125.58
Erwin Lake - $124.67
Meadowbrook - $216.36
Baldwin Lake - $147.66
Lake Williams - $117.81

*Does not include lakefront home sales in these areas.

I can show you any home for sale in Big Bear.

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Previously Posted on "Ask An Expert, Big Bear Real Estate"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)

Search the Big Bear MLS (Multiple Listing Service)

www.thetimwoodgroup.com (group website)

http://twitter.com/stevehirschler (follow me)

Location, Location, Location! It's Important in Big Bear Too!

Steve Hirschler, Big Bear Real Estate (Coldwell Banker, The Tim Wood Group) — Mon, 06 Jul 2009 10:38:13 -0500

I think some buyers are going about the home search backwards. They seem to be caught up in the deal. Sure, the deal is important, but the biggest goal should be to purchase the right home in the right location.

In the Big Bear Valley there are many different locations to look at homes. The areas, in no particular order, are:

Big Bear Lake West
Big Bear Lake Central
Big Bear Lake East (Eagle Point, Eagle Point Estates, Summit Estates)
Fox Farm (Castle Glen and Eagle Mountain)
Moonridge (High Timber Ranch)
Fawnskin
Whispering Forest
Big Bear City
Meadowbrook
Erwin Lake
Sugarloaf
Lake Williams

(Just click on any of these to see the google map of the neighborhood)

Price is very important, but if the house is in the wrong location, you'll have a tough time selling it to the next guy. The best way to make your second home a keeper is to pick the location first.

Please give me a call to discuss Real Estate in any of these areas. As a resident since 1990, I can tell you why they all appeal to buyers with different needs.

I can show you any home for sale in Big Bear.

Search the Southern California MLS (Multiple Listing Service)

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

Previously Posted on "Ask An Expert, Big Bear Real Estate"

Steve Hirschler

DRE#01703081

Associate, The Tim Wood Group

Coldwell Banker

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

www.bigbearhomes.wordpress.com (blog)

www.stevesellsbigbear.com (website)