Originally Posted at www.bigbearilluminated.com
I just thought some folks would be interested in an update on what is going on with bank owned property in Big Bear Lake. Like every where else, Big Bear definitely has it's share of foreclosure woes and their impact on the market. But, not as bad as you might think. With some areas of San Bernardino County having as much as 50% of the listings being bank owned, we are not doing so bad at all. As a matter of fact, bank owned properties make up less than 10% of the listings in Big Bear. I checked our local MLS and this is what I found:
1) There are currently 956 homes listed for sale on our MLS.
2) Of the 956 homes listed for sale, only 77 of them are bank owned listings. A little over 12%, a far cry from the 50% in other parts of the county.
3) However, there are currently 128 properties in escrow in Big Bear. Of that number, 68 are bank owned. That is a little over 50% of sales that are bank owned properties.
4) Most bank owned properties are selling within 5% of their list price.
So, as you can see, even though REO properties only make up 12% of the listings, they are accounting for over 50% of the sales. This just goes to show you what a great deal bank owned properties can be. It also shows you that if you find a bank owned home you like, you should be prepared to move quickly. These things just are not sitting around. They are selling briskly, close to asking price. Please feel free to contact me if you have any questions, want to look at property, or would like a list of bank owned properties. izzy.barden@gmail.com
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