Greg's Blog

Lake Arrowhead Real Estate: Bank-Owned (REO) and Short Sale Properties For Sale as of 07/04/08

Greg Steffens (Coldwell Banker Sky Ridge Realty) — Sat, 05 Jul 2008 13:54:15 -0500

This is the first week that I can recall where the number of foreclosures and short sales actually went down (though only slightly). As of today, I show that there are 47 bank-owned listings in our multiple listing service and 38 short sale properties available.

This past week, there were only 2 new bank-owned listings. The big news is that 7 REO properties went into escrow and there were 8 price reductions.

Short sale activity continues to plod along with no really significant movement - 3 new listings and no price reductions at all.

BANK-OWNED (REO)

	PRICE	AREA	STREET ADDRESS	BR	BA	YR BLT
	$134,900	Arrowhead Villas	28475 Larchmont	2	1.5	1976
	$154,900	Arrowhead Villas	698 West Victoria	2	2	1967
New	$184,900	Arrowhead Villas	841 E. Victoria	3	2	1984
	$199,900	Arrowhead Villas	28480 Altamont	3	2	1991

	$214,900	Arrowhead Woods	27044 Tunnel	4	2.5	1967
	$256,900	Arrowhead Woods	580 Karenken Pines	3	2	1980
	$294,500	Arrowhead Woods	171 Grass Vallley	3	2.5	1990
	$299,000	Arrowhead Woods	1247 Innsbruck	3	2.5	1990
	$349,900	Arrowhead Woods	27809 Alpen	4	2	1968
	$380,000	Arrowhead Woods	197 C Lane	3	2	1957
Reduced	$459,900	Arrowhead Woods	472 Riviera	3	2.5	1978
	$536,900	Arrowhead Woods	27421 Elmwood	4	2.5	2005

	$212,500	Cedar Glen	29112 Lyon	2	1.5	1929

Reduced	$161,400	Crest Estates	1041 Burnt Mill	3	2	1957

Reduced	$84,900	Crestline	22175 Pine	1	1	1945
	$102,505	Crestline	25207 Forest Lake	2	1.5	1941
	$109,900	Crestline	528 Acacia	1	1	1935
	$132,900	Crestline	22898 Forest	4	2	1936
	$139,900	Crestline	23058 Oak	3	2	1938
	$144,500	Crestline	24242 Wabern	3	1.5	1981
	$159,000	Crestline	676 Arbula	3	2	1967
	$159,900	Crestline	22063 Cedar Pines	3	2	1930
Reduced	$169,900	Crestline	22371 Briarwood	2	2	1968
	$179,900	Crestline	22664 Waters	4	2.5	1984
	$227,000	Crestline	496 Wylerhorn	3	2.5	1978
	$260,000	Crestline	663 Arth	3	2	1979
	$269,900	Crestline	385 Wylerhorn	4	2.5	1989
	$299,900	Crestline	24578 Horst	5	4	1983
Reduced	$299,900	Crestline	1047 Jungfrau	4	1.75	1984

Reduced	$107,900	Deer Lodge Park	1330 Edgecliff	2	1	1951

	$199,900	Green Valley Lake	33544 Holcomb Creek	3	1	1960

	$113,000	Running Springs	2503 Whispering Pines	2	1	1949
Reduced	$119,900	Running Springs	2430 Hunsaker	3	1.5	1980
	$120,000	Running Springs	31778 Silver Spruce	2	1	1976
	$124,900	Running Springs	32320 Inadale	3	1	1956
	$161,500	Running Springs	30834 Live Oak	3	2	1980
	$164,900	Running Springs	31087 Allview	2	1	1957
New	$194,900	Running Springs	31466 Inspiration	2	1	1969
	$195,000	Running Springs	30966 Allview	3	2	1959
	$245,000	Running Springs	2696 Thule	3	2	1979
	$269,900	Running Springs	31365 Lightfoot Way	3	2.5	1986
	$699,900	Running Springs	30955 Hwy 18	3	3	2005

	$136,000	Rim Forest	26547 Valley View	2	1	1984

	$100,000	Twin Peaks	693 Longview	1	1	1947
Reduced	$150,000	Twin Peaks	674 Rose	3	2	1962
	$174,500	Twin Peaks	26194 Alpine	2	1	1940
	$175,900	Twin Peaks	467 Clubhouse	3	2	1958

SHORT SALE PROPERTIES

	PRICE	AREA	STREET ADDRESS	BR	BA	YR BLT
	$150,000	Arrowbear	2373 Spruce	2	1.75	1981
	$185,000	Arrowbear	2310 Deep Creek	2	1.5	1996

	$125,000	Arrowhead Villas	664 Buckingham	2	1	1968
	$160,000	Arrowhead Villas	680 Buckingham	3	1	1957
	$254,000	Arrowhead Villas	28490 Warner Court	3	2	1967

	$249,000	Arrowhead Woods	934 Grass Valley	3	2	1973
	$250,000	Arrowhead Woods	28175 Zermatt	3	1.75	1973
	$300,000	Arrowhead Woods	243 Fremont	2	3	1955
	$339,000	Arrowhead Woods	1148 Voltaire	4	2.5	1966
	$344,900	Arrowhead Woods	396 Clubhouse	2	2	1986
	$374,500	Arrowhead Woods	28930 Banff	3	3	1970
	$379,000	Arrowhead Woods	26955 Golf Course Ln.	5	3	1978
	$395,000	Arrowhead Woods	27308 Pinewood	3	2	1991
	$399,000	Arrowhead Woods	28588 Saginaw Ct.	3	3	????
New	$399,000	Arrowhead Woods	28642 Shendandoah	4	2	1979
	$399,900	Arrowhead Woods	972 Sandalwood	3	2.5	1990
	$425,000	Arrowhead Woods	266 Oak	4	2	1951
	$465,000	Arrowhead Woods	1385 Montreal	3	2.5	2002
	$467,400	Arrowhead Woods	970 Del Norte	4	3	1970
	$549,000	Arrowhead Woods	27900 North Bay	5	3	1972
	$559,000	Arrowhead Woods	182 Grizzly	3	1.75	1973
New	$599,000	Arrowhead Woods	1008 Brentowod	4	3.5	2000
	$1,099,000	Arrowhead Woods	27386 North Bay	5	5	2007

	$125,000	Crestline	23990 Wildwood	2	1	1945
	$189,000	Crestline	1040 Berne	4	2	1956
New	$195,000	Crestline	23738 Scenic	3	2	1945
	$200,000	Crestline	24762 Bernard	3	2	1977
	$200,000	Crestline	444 Hartman Circle	3	2	1955
	$215,000	Crestline	24244 Altdorf	3	2.5	1979
	$219,900	Crestline	1278 Forest View	3	2	1998
	$249,000	Crestline	24370 N. Albrun	3	2	1980
	$249,000	Crestline	378 Zermatt	3	2	1962
	$279,000	Crestline	241931 Tower Heights	3	2	1928
	$285,000	Crestline	24766 Altdorf	4	2	1987
	$375,000	Crestline	105 Zermatt	3	3	1981

	$180,000	Running Springs	2775 Snowflower	2	2	1978
	$249,000	Running Springs	32411 Fern	3	2	1975

	$159,900	Rim Forest	1241 Bear Springs	2	1.5	1972

Savvy buyers are watching the market closely for good deals. When they spot one, they go quickly. Be sure to keep track of price reductions and additons to the above two lists. For more information about any of the properties listed above, or to schedule a time to look at some of them, please contact us at 909.336.7971 or by email at info@gregsteffens.com.

*Figures taken from the Rim O' the World Multiple Listing Service and are deemed reliable, but not guaranteed.

Lake Arrowhead Real Estate: First Half of 2007 vs. First Half of 2008

Greg Steffens (Coldwell Banker Sky Ridge Realty) — Wed, 02 Jul 2008 17:11:51 -0500

This post deals strictly with ARROWHEAD WOODS statistics for the first half of the year as compared to the prior year's activity. This report is for single-family residences only and does not include lakefront homes, condos or lots. We are tracking information regarding new listings and properties sold. We are also looking at some of the averages - days on market and the list to sale percentages.

Year-to-date	2007	2008
New Listings Median List Price List Price Range	457 $499,000 $259,000 - $2,995,000	400 $499,000 $214,900 - $2,499,000
Listings Sold Median Sale Price Sale Price Range	169 $459,000 $250,000 - $1,780,000	115 $445,000 $183,000 - $1,750,000
Average Days On Market Average List To Sale Percentage	150.3 96.1%	153.8 93.7%

The first half of 2008 has been and gone and I have no idea where it went! Looking at the statistics for this time period as compared to last year, there are a couple numbers that have remained stable - namely the median list price at $499,000 and the average days on market at, roughly, 150 (or five months).

I think both the reduced median sales price that we see so far this year and the reduced list to sale percentage is a reflection of sellers' desire to sell their properties once they get an offer. With an offer in hand, they are trying everything they can to make a sale since another offer could be some time off in the future. Better to take a little less now than to continue paying the mortgage in hopes that a better offer comes in somewhere down the road...who knows when.

Lake Arrowhead Real Estate: Second Quarter 2007 vs. Second Quarter 2008

Greg Steffens (Coldwell Banker Sky Ridge Realty) — Wed, 02 Jul 2008 16:57:08 -0500

This post deals strictly with ARROWHEAD WOODS statistics as compared quarterly to the prior year's activity. This report is for single-family residences only and does not include lakefront homes, condos or lots. We are tracking information regarding new listings and properties sold. We are also looking at some of the averages - days on market and the list to sale percentages.

Q2 '07 vs Q2 '08	2007	2008
New Listings Median List Price List Price Range	262 $529,250 $259,000 - $2,995,000	254 $481,250 $95,000 - $2,499,000
Listings Sold Median Sale Price Sale Price Range	98 $489,000 $250,000 - $1,475,000	68 $415,000 $183,000 - $1,750,000
Average Days On Market Average List To Sale Percentage	155.7 97.3%	130.5 93.7%

Much the same to report as in June's monthly statistics: though numbers of new listings stayed very much the same, the median list price dropped by almost $50K (this, again, reflects what I believe was the sellers' attempts to "trim the fat" off their list prices to get an offer). Listings sold dropped by nearly a third and the median sale price fell almost $75K (showing that buyers are looking for "a deal" in the bottom-end of the inventory. Days on market dropped by over 3 weeks (again, sellers getting their list prices down to "fighting weight" right off the bat) and the list to sale percentage dropped by 3.6% (showing that sellers are fighting hard to put together the deal when an offer presents itself).

Lake Arrowhead Real Estate: Monthly Statistics - June 2007 vs. June 2008

Greg Steffens (Coldwell Banker Sky Ridge Realty) — Wed, 02 Jul 2008 14:28:05 -0500

This posts deals strictly with ARROWHEAD WOODS statistics as compared monthly to the prior year's activity. This report is for single-family residences only and does not include lakefront homes, condos or lots. We are tracking information regarding new listings and properties sold. We are also looking at some of the averages - days on market and the list to sale percentages.

June	2007	2008
New Listings Median List Price List Price Range	81 $575,000 $279,000 - $2,995,000	82 $499,000 $95,000 - $1,795,000
Listings Sold Median Sale Price Sale Price Range	34 $526,700 $287,500 - $1,214,000	30 $365,000 $183,000 - $1,675,000
Average Days On Market Average List To Sale Percentage	115.7 95.5%	99.1 94.3%
Number of Price Reductions	13/34 (38.2%)	14/30 (46.7%)

As you can see, there were some very obvious differences between the 2007 and 2008 numbers for June. Though new listings were almost identical the median list price was down about $75,000. Correspondingly, the median sale price was down a little over $160,000. Days on market, however, were lower by almost 17 days on average and the average list to sale percentage was down only 1.2%.

What do I think this means? I think that buyers are looking for deals in the bottom end (as indicated by the lower median sales price). I think sellers are trimming their list prices as close to the bone as they possibly can to stimulate showings and offers (by looking at the lower median list price). I feel that sellers are working even harder (hence, the reduced list to sale percentage) to put deals together because they don't know when another will come along. Furthermore, I think we'll see this trend continuing through the Summer and early Fall.

Lake Arrowhead Real Estate: Price Reduction - 1119 Evergreen, Lake Arrowhead Reduced To $429,000

Greg Steffens (Coldwell Banker Sky Ridge Realty) — Mon, 30 Jun 2008 22:30:40 -0500

Greg Steffens | Coldwell Banker Sky Ridge Realty, Inc. | 909.336.7971

1119 Evergreen, Lake Arrowhead, CA

Just reduced $30,000! Nice corner lot with rail fence & lots of beautiful grass. Great home at a great price.

4BR/2.5BA Single Family House

offered at $429,000

Year Built	1981
Sq Footage	Unspecified
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$0 per month

DESCRIPTION

Wonderful, flat corner lot with grass and landscaping. Rear yard is completely fenced. Master bedroom and bath with walk-in closet and private deck on main level. Two bedrooms and full bath downstairs. "Office" could easily be converted to fourth bedroom. Attached two-car garage has work area and large storage loft.

see additional photos below

PROPERTY FEATURES

Central heat	Fireplace	Walk-in closet
Living room	Office/Den	Dishwasher
Refrigerator	Stove/Oven	Microwave
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard

ADDITIONAL PHOTOS

Seller contact info:

Greg Steffens

Coldwell Banker Sky Ridge Realty, Inc.

909.336.7971

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 30, 2008, 5:46pm PDT

Lake Arrowhead Real Estate: Weekly Market Update (06/22/08 through 06/30/08)

Greg Steffens (Coldwell Banker Sky Ridge Realty) — Mon, 30 Jun 2008 13:11:32 -0500

Active properties continue to rise (now up to 1069 from peak to peak). Lakefronts are one home away from 40 total listings available. I expect that new listings will keep going up over the next week with the 4th of July holiday on the horizon. We should probably see an increase in the number of price reductions as sellers position themselves for the numbers of people who will be coming to the area to celebrate our nation's birthday.

Arrowhead Woods posted an average days on market of less than 100 days (95.5) with other areas showing around 125-135 - not too bad. Twenty homes closed escrow with an average list to sales percentage of 92.4%.

Mountain-wide there are 1069 single-family homes listed for sale, 85 in escrow and this past week, 47 new properties showed up on the grid.

ARROWHEAD WOODS

New Listings	22
Median Price	$547,950
Price Range	$95,000 - $1,637,000

Active Listings	420
Median Price	$526,500
Price Range	$214,900 - $5,995,000

Pending Listings	26
Median Price	$437,000
Price Range	$252,500 - $1,789,000

Sold Listings	8
Median Price	$306,500
Price Range	$183,000 - $610,000
Average Days on Market	95.5
Average List To Sale Percentage	94.5%

LAKEFRONT HOMES

New Listings	2
Median Price	$1,947,000
Price Range	$899,000 - $2,995,000

Active Listings	39
Median Price	$2,950,000
Price Range	$899,000 - $10,500,000

Pending Listings	4
Median Price	$1,609,061
Price Range	$800,000 - $5,950,000

Sold Listings	0
Median Price	$
Price Range	$ - $
Average Days on Market
Average List To Sale Percentage	%

SURROUNDING COMMUNITIES
(ARROWHEAD VILLAS, CEDAR GLEN, CREST ESTATES, CREST PARK,
DEER LODGE PARK, RIM FOREST, SKYFOREST, TWIN PEAKS)

New Listings	9
Median Price	$249,900
Price Range	$149,000 - $449,000

Active Listings	186
Median Price	$249,000
Price Range	$99,900 - $1,997,000

Pending Listings	15
Median Price	$219,900
Price Range	$118,900 - $595,000

Sold Listings	3
Median Price	$185,000
Price Range	$125,000 - $245,000
Average Days on Market	296.0
Average List To Sale Percentage	92.5%

CRESTLINE

New Listings	5
Median Price	$260,000
Price Range	$71,900 - $747,000

Active Listings	198
Median Price	$259,450
Price Range	$71,900 - $1,800,000

Pending Listings	18
Median Price	$172,500
Price Range	$83,750 - $444,900

Sold Listings	5
Median Price	$160,000
Price Range	$116,000 - $303,500
Average Days on Market	135.8
Average List To Sale Percentage	90.6%

RUNNING SPRINGS AREAS
(RUNNING SPRINGS, ARROWBEAR, GREEN VALLEY LAKE)

New Listings	9
Median Price	$200,000
Price Range	$59,900 - $599,950

Active Listings	226
Median Price	$265,000
Price Range	$59,900 - $4,600,000

Pending Listings	22
Median Price	$163,750
Price Range	$81,370 - $449,900

Sold Listings	4
Median Price	$271,500
Price Range	$125,000 - $390,000
Average Days on Market	127.3
Average List To Sale Percentage	92.0%

* ALL FIGURES TAKEN FROM THE RIM O' THE WORLD MULTIPLE LISTING SERVICE AND ARE DEEMED RELIABLE, BUT NOT GUARANTEED.

Lake Arrowhead Real Estate: 4th of July Celebrations in Lake Arrowhead, Crestline (Lake Gregory) and Green Valley Lake

Greg Steffens (Coldwell Banker Sky Ridge Realty) — Sat, 28 Jun 2008 17:22:42 -0500

You don't want to miss the spectacle that is the 4th of July Fireworks Show over the waters of beautiful Lake Arrowhead. Parking will be limited, guaranteed. Be prepared to park some distance away and walk to your chosen vantage point. The fireworks will begin at approximately 9:00 pm. Be sure to bring along a sweatshirt or light jacket, a chair or towel to sit on and some snacks. A flashlight for the journey back to the car after the show is also highly recommended.

You can go to Lake Arrowhead Village early and spend the day shopping and eating! Be entertained by the Tijuana Dogs (www.tijuanadogs.com) on Center Stage starting at 5:30 and going until 10:30. There will also be the Farmer's Market on Friday, just as there is every Friday until August 29 at Lake Arrowhead Village. The freshest fruits and vegetables on the mountain plus specialty foods, crafts and amusements.

The fun in Lake Arrowhead Village continues on Saturday with the Spazmatics performing at 5:30 p.m. Sunday, the Stewart Big Band perform at 4:00 p.m.

Though there won't be fireworks over Lake Gregory this year, join us for Jamboree Days in Crestline on Saturday July 5th. Crestline festivals will begin with a street faire from 9 am to 6 pm. The parade starts at 10 am. There will be live music, vendors and much more. For additional info, call (909) 338-2706.

Green Valley Lake is planning a parade, music, refreshments and vendor booths for the holiday weekend to include an appreciation BBQ for the local firefighters. For more information, visit their website: www.green-valley-lake.com.

Here are a few shots from last year's fireworks show over Lake Arrowhead. We're all looking foward to this special event again this year.....