Big Bear Bank Owned Spotlight

By Joe Pecoraro

• 41572 Park
  LIST PRICE $295,580
  LAST MARKET SALE N/A Refinanced on 2/14/06 for $420,000

  
  This is definitely one of the better bank owned properties on the market right now.  The location is great, walking distance to the lake and right down the street from Snow Summit Ski Resort but far enough away that it is not affected by it's visitors.  It is also walking distance to Meadow Park, Swim Beach and a fishing dock. 

  This home has a very large garage and lots of decking, front and back.  The floor-plan is unique, I guess you would call it a split level.  The vaulted ceilings over the living room and kitchen are impressive.  The one downside to this property is it is a little outdated, however with new carpet would be very clean.  The outside has some deferred maintenance that would require some care immediately.  Mostly paint and a little wood replacement.

  Overall I think this is a pretty good deal for the area and should sell close to if not at (or over) it's list price.

• 42706 Juniper
  LIST PRICE $274,900
  LAST MARKET SALE $404,000  8-04-06                                                 

  Like the first property, this cabin is in a great location.  The setting is great with a seasonal creek and boulders in the back yard and vacant land adjoining the property.  This of course can change if someone builds behind this property.  But for now it is a really nice quiet setting with very nice homes around it. 

  The house itself has a reverse floor plan, which means the living space and kitchen are upstairs and the bedrooms are down.  There is a bathroom upstairs and down.  Although the house is clean and the bank has done some work, the place is in some serious need of upgrading.  Especially the kitchen.  The living room is large and has a back deck coming off a slider.  The back deck seemed really relaxing and seemed like it would be a great place to BBQ.

  I believe this house is a little overpriced at the moment.  The neighborhood supports much higher values and I could see someone just wanting to get into this area.  I would say this property has a good chance of coming down in price.

• 43496 Primrose
  LIST PRICE $209,000
  LAST MARKET SALE $315,000  10-06-05                                            

  
  If you have been paying attention to the first two properties there was a common theme, Good locations.  Or location, location, location.  This property continues that trend with a very clean ski cabin.  Located just east of Bear Mountain Ski Resort, although you would never know it (unless they were making snow) because it is such a quiet street. 

  The cabin is a full roof gambrel style (barn shaped) with very nice wood ceilings and walls.  There is one bedroom and a loft with one full bath.  You can enter the house through the kitchen or use the side door off of the deck to enter into the living room.  The back deck has a spot for a jacuzzi (there is one there right now but not sure if it works) and plenty of room to hang out with the gang.

  If you like Moonridge or want to be close to the ski resort, this is a decent price.  I personally think it is a little high and I know that the bank has already received at least one offer and not come to terms with the potential buyers.  This leads me to believe that there is not much room in the current price.  It has been on the market for almost 100 days and only been reduced in price by $6k.  You never know, maybe the bank is getting more motivated.

If you would like to see other bank owned properties currently on the market, click here.  Or email me directly at joe@thetimwoodgroup.com.  I would be happy to give you info on any property on the market.