Mammoth Mountain Buys Snow Summit and Bear Mountain Ski Resorts – November 2014

 

 By Bob Angilella

 

 The weather outside is frightful….   That’s right; it is downright chilly in Big Bear Lake!    

Big real estate news here in our little valley, it seems that Mammoth Mountain has purchased Snow Summit & Bear Mountain Ski resorts and the sale is going through.  What does this mean for Big Bear Lake?  Well, for many folks, it means growth and change.   We will see what the future holds for the Big Bear valley, as Mammoth Mountain moves in.

Regarding Big Bear real estate, for the past 60 days, and now looking into November, we have seen brisk sales.  It's traditional this time of year, real estate sales somewhat slow.  However, sellers are still anxious to sell, and with that in mind, many buyers are still purchasing properties here in Big Bear Lake.  So, we are busy!

Big Bear Real estate statistically, as of November 2, 2014

Active Listings:  596     (Inventory has fallen from 680 Active Listings in August 2014)

Pending’s:     173

Sold for the past 60 days:    228 

Average Sale:     356,000.00

Highest sale:   $ 2,450,000

Lowest sale:    $ 59,900

If you are considering buying or selling in the Big Bear Lake area, now would be the time.   No one can predict what will happen with Big Bear lake real estate now that mammoth Mountain is moving in.  However, one thing for sure, we are busy!  Contact us now for more information.  Thank you.

 

Bob Angilella

Cities Where the Housing Market Heats Up In the Fall – October 2014

 

 By Bob Angilella

 

The article below is from Money Magazine, October 10th, 2014 and speaks of a slowing market in many of areas of the United States.  However, in certain areas (like Big Bear Lake mentioned below), we are actually extremely busy, because of our location and demographics.

As you read below, you will see that our area is brisk with sales.  As a matter of fact, in the last 30 days, we’ve sold 121 homes, and we have 176 pending, with an inventory of 662 Active listings.   If you would like to search our inventory, click here.

The start of the slow season for home search in most of the country began last month. But autumn is prime time for shopping in certain regions, mostly vacation areas in the mountains and forests.  By Money Magazine, Katie Morel, October 10th, 2014

But depending on where you are house hunting, you may not realize that autumn can be an excellent time to buy and sell. Instead of slowing down in the fall, many regions of the country buck the national trend and experience high levels of activity, according to a new report on the seasonality of house hunting. The research reveals the cities where home buying and selling peaks, as well as significantly slows, during this time of year.

Fall Slow Down

Home shopping majorly slows in many warm climates and beach areas during the fall months. For example, in September and October Hawaii and Florida see a 10% dip below their annual averages. When looking at major metro areas, search activity drops the most in the South and Southwest. In the Cape Coral/Fort Myers, Florida, area, for example, it declines 18% in September and October compared to the annual average. Searches plummet 12% in Austin, Texas, and Phoenix, Arizona. In Charleston, South Carolina, hunting goes down 11%.

Big vacation destinations that see search activity slow include Punta Gorda, Naples/Marco Island and Key West.

The study also found that college towns have some of the lowest rates in the country for home searching during the autumn season – making it all the more important to lock in your housing before classes begin. College Station/Bryan, Texas, Columbia, Mo., and Iowa City, Iowa, are three university towns that see a big reduction in activity during this time of year.

Bucking the Trend

There are several areas of the country where activity actually picks up in the fall, and autumn is the busy season. These regions are typically near ski resorts in mountain and forest areas.

The county of Lincoln, NM, which is close to winter resort Ski Apache, sees a 16% jump in search activity during the fall when compared with the annual average. The area around Ellsworth, ME, known for a fun winter carnival, boasts 13% more searches.

Big Bear/Lake Arrowhead, a ski region located east of Los Angeles, also has a high number of house hunters in the fall, presumably preparing themselves for fun weekend days on the slopes and dinners by bustling fireplaces.

Other parts of the country don’t necessarily see a large increase in the fall, but instead chug along at their same springtime pace. This pattern emerges in some New England metro areas, including Peabody, Mass., and Worcester, Mass. Search activity in San Francisco also doesn’t change much in the fall, possibly because it includes some of the warmest months for the City by the Bay.

 

The Latest Housing Affordability Index Data – September 2014

 

  By Bob Angilella

 

It seems that the affordability index is finally down from all time highs.   Big Bear real estate is one of the area's that is benefiting from this downward trend, as our values are about 35% down from all time highs.   That, with interest rates being low, makes it a great time to invest in a Big Bear vacation  home, Big Bear investment cabin, Big Bear lakefront or 1031 Tax Exchange.    Please read below, as this article is compliments of the California Association of Realtor's.

The Latest Housing Affordability Index Data  by Michael Hyman, Research Assistant on September 16, 2014

At the national level, housing affordability is down for the month of July and from a year ago, due to home prices that continue to rise faster than incomes. Despite those factors, slower-paced price growth and the second lowest mortgage rates of the year are good for a change in affordability.

  • Housing affordability is down for the month of July, as the median price for a single family home in the US may have met its seasonal peak.
  • The median single-family home price is $223,900, up 5.1 % from July 2013 as year-over-year price gains are currently slowing down. Mortgage rates are up 12 basis points (one percentage point equals 100 basis points) from last year. Nationally, affordability is down from 160.7 in July 2013 to 153.8 in July 2014.
  • Affordability is down slightly from one month ago in all regions except the Midwest. The Midwest was the only region to experience a slight gain in affordability due to lower home prices and qualifying incomes. From one year ago, affordability is down in all regions. The West saw the biggest decline in affordability at 4.6 %, with the other regions are not far behind.
  • The rise in mortgage rates was modest this month, so purchases at this time are still favorable when you compare the locked-in monthly payment of a mortgage to the rise in rents. New home construction and an increase in inventory during a time of low rates could lead to more manageable price growth and more sales.
  • The FHA has agreed to eliminate the pre-payment penalties, a positive change for borrowers that pay off their mortgage, starting in 2015.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principle and interest payment to income).  See further details on the methodology and assumptions behind the calculation here.

 

 

 

August 2014 C.A.R. Investor Survey Results for Investment Property

 

 By Bob Angilella

 

 The article below is from the California Association of Realtor's Investor Survey for 2014.   Big Bear Lake real estate has a big portion of the survey, even though it was not mentioned. 75% of our sales are investors, buying and then allowing our company to manage them on a vacation rental program through Destination Big Bear Vacation rentals.   To give you an idea as to what one could generate on a vacation rental, here are a few numbers:   A 3 bedroom, 2 bathroom, log style, good location would rent for $ 250.00 per night, at an average of 80 to 100 nights per year, that equates to $ 25,000 per year, less a 33% management fee, equates to approximately $ 17,000 per year income.  In addition, the home becomes a business write-off. (Please check with your accountant/CPA for further advise)

Big Bear Lakefronts and larger homes cam make up to $50,000 to $ 75,000 per year!   If you are interested in an investment home, contact me today!   

C.A.R. 2014 investor survey results by Ed Shandrew on August 25, 2014 in Market Information For release: August 20, 2014.

Housing recovery pushes investors into more remote areas to find deals, with more looking to flip properties, C.A.R. survey finds LOS ANGELES (Aug. 20) – Given the depletion of distressed homes on the market, investors are changing their strategy and are moving away from purchasing homes in more popular, urban areas in favor of more rural areas of the state where better deals can be found, according to a CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) investor survey.

In 2014, nearly half (45 percent) of investors said they purchased properties in such counties as Sacramento, San Joaquin, Fresno, Kern, Merced, and Tulare, up from 27 percent in 2013, C.A.R.’s “2014 Investor Survey” found. Fifteen percent of investors purchased properties in Northern California in 2014, down from 27 percent in 2013, and 40 percent purchased properties in Southern California in 2014, down from 50 percent last year. Additionally, with home prices on the rise, more investors are flipping properties instead of renting them. In 2014, 28 percent of investors flipped the property, up from 20 percent last year. Fifty-eight percent of investors rented their properties in 2014, down from 73 percent in 2013. More than eight out of 10 investors (83 percent) own other investment properties, with 7 percent owning more than 10 properties, 17 percent owning 6-10 properties, 47 percent owning 2-5 properties, and 12 percent owning one other property.

Among the reasons investors cited for buying now include profit potential (cited by 58 percent), good price (43 percent), location (26 percent), personal (21 percent), and low interest rates (14 percent). The median sales price of an investment property in 2014 was $320,000, up 9.6 percent from $292,000 in 2013, reflecting increasing home prices and fewer available distressed properties over the past year.

Additional findings from C.A.R.’s “2014 Investor Survey” include:

• Reflecting the recovering housing market, the majority of investment properties purchased (70 percent) were equity sales, while 18 percent were short sales, and 12 percent were foreclosures.

• More than two-thirds (67 percent) of investors paid cash • One-third of investors were foreign investors, with China, Mexico, Taiwan, and India being the top countries of origin.

• While most investors made minor or no repairs to the properties, the percentage of those who did major remodeling nearly doubled from 9 percent in 2013 to 17 percent this year.

• Investors spent more on remodeling costs in 2014, putting a median of $15,000 into the investment property, up 50 percent from $10,000 in 2013.

• Investors own an average of 8.3 properties in 2014, up from 6.5 properties last year.

• More than half of investors (55 percent) intend to keep the property less than six years.

Big Bear Real Estate Update for July 2014

 

 By Bob Angilella

 

As summer approaches, we begin to ready ourselves for a very busy real estate market!   The last week in June, has proven to be the key week, telling me that we will have a brisk real estate market.  May & June are normally our indicators as to what may occur for the summer Big Bear real estate selling season.   Comparing last year’s market YTD for the same time, we’ve had an average of  17% increase in overall price appreciation, but please remember, that was from a down market for the past 7 years of at least 50% from the all-time highs.

The 2nd quarter sales were down, about 34% overall from last year (2013-YTD)  With that in mind, inventory has climbed for the first time in 6 years with over 640 Active Listings as of  today, (June 28th)  To put that in perspective, last year at this time, we had approximately 550 Active listings.

So what does this all mean?   As we move into the best real estate sales season of the year, that will be our indicator.  This past week, we have been very, very busy.  Buyers seem to be taking advantage of the abundance of inventory, and lowering interest rates (4.375%)   Is it a buyers’ market or… is it a seller’s market?   Neither, we are in a normal market.  Prices are stable, and inventory is slightly above average for our area.

This summer may prove to be one of the best real estate markets Big Bear has seen in a long time.  A good selection of inventory, low interest rates make for a great market for the buyers, and a stable market for the sellers.   No one can predict what the future may hold, however, one thing for sure, Big Bear is a specialty market, a four season resort get away, a great place to spend your days fishing, hiking, biking and having fun.  Now is a perfect time to list and buy a home in the Big Bear Lake area.  

When you’re ready to that, contact me, we can help.  Thank you and see you soon in Big Bear Lake.

Bob Angilella

Big Bear Real Estate Update for March 2014

This year’s ski season has been good, considering our snow has been minimal at best.   We are still hoping for a “March Miracle” to occur, and some April showers.  Our little valley could use the water indeed! 

Even though precipitation has been little to none, Big Bear real estate sales have been brisk.    For instance, our inventory is just under 400 Active listings, with sales averaging 50 solds for the month of February.  That represents 12% of the active listings market, with 99 pending homes (in escrow) which traditionally close with-in 45 days.    Our prices are holding steady, and we average 5 new listings per day into our MLS system which allows the buyers new inventory if they can’t locate that perfect home with-in the existing inventory. Most savoy agents, like us, will put our clients on a “flash program” to keep them up to date with all new listings.  That way, they will be informed instantly when a new listing that meets their criteria loads on the Big Bear MLS. 

Buyers may want to keep in mind that our Big Bear MLS System is private, and if you have a down the hill Realtor, they will not have access to our Big Bear MLS system.   Therefore, you will not have the entire inventory so I urge you to call us; we are the inventory and area experts!  Your Realtor would agree that they do not know the area as we do, and urge you to contact a Realtor here in Big Bear.

In summary, if you are looking to buy an investment home, big bear cabin, big bear lakefront or log home, now would be the time to do it!   Prices are good, interest rates are still low (averaging 4.75%, 30 years, fixed) and the weather is beautiful.

We hope to see you soon, and please remember, we are here 7 days a week to serve all your Big Bear real Estate needs.   Until next time, hope to see you here in Big Bear lake.

Yours truly,

Bob Angilella

Big Bear’s Top Realtor & team

Big Bear Real Estate Update for February 2014

As we swiftly come upon the month of February, I can tell you that we are extremely busy with big bear real estate sales.  If this is an indicator as to what the summer will be like, we may have to hire another buyer’s agent or two!   Our inventory is below 400 Active units!  In comparison, we normally have 750 to 900 active units this time of year, giving us plenty of inventory to slide into summer.  However, what’s really great is I don’t see any price appreciation or very minimal at best!  This is good, as our prices already rose in 2013 on average about 20%.

We have a new development in Big Bear called Ridgeview Homes.  58 New, custom built homes for sale starting in the low $ 300k. All with granite, stainless steel appliances, 17” floor tile and beautiful elevations to select from.   You can see them here by clicking this link:  Ridgeview Homes    we are building Phase I and II now and we are selling out!   Give us a call regarding this fantastic development!

The interest rates remain low on average 4.75%.  Don’t wait, call us and let’s get stated on finding you that perfect little cabin, mountain home or lakefront property.   We are here 7 days a week to serve all your Big Bear Real Estate needs.

We are Big Bear’s TOP Team in 2013 with over 415 million in sales, contact us today!   Hope to see you soon.

Thank you.

Bob Angilella

Big Bear Real Estate Update for December 2013

It’s beginning to look a lot like Christmas…..    Yes it is!  Big Bear Lake village is festive, all decorated with lights and our village Christmas tree adorned in ornaments.  A wonderful time of year!   As far as Big Bear real estate,  we have stayed consist in sales and values.  No appreciation, and no depreciation…  everything priced just right.  Our values reflect prices that were in 2002, so there is plenty of room for appreciation when the market does decide to adjust upward.    I expect sale to stay brisk throughout the winter season, and continue right through January into February, 2014.  The interest rates remain low, averaging 4.25%.  What more could one ask for?  Great values, good interest rate!  Time to invest in Big Bear and enjoy our mountain community that is located so close to all of southern California.

Statistics to help you decide, for the past 30 days:   ACTIVE  listings as of ( December 6, 2013)  419 Active Listings.  This represents a drop of 10% in inventory for the past 45 days.   The average PENDINGS for November were 131, a drop of 5%.   The average SOLDS for the month of November were 102, a drop of 6%, not bad considering the holiday!

As stated in my previous November blog, we’ve had  some fluctuations however, for the most part, stable!  Real estate in the Big Bear Lake area continues to sell, good values and great homes abide.   Our area is unique and is surrounded by 12 million people, and our town only has 21 thousand homes.  We are the only four season resort in southern California, a two hour getaway form anywhere in southern California, how could you not invest in real estate in Big Bear Lake…  it’s a no brainer!   As mentioned previous, the stock market continues to climb, uncertainty in those areas, and yet, our real estate market continues to stabilize, and values are holding steady along with the interest rates as mentioned prior.

Please browse our website for Big Bear Lake real estate and if you have any questions, just contact me.   We are Big Bear’s TOP team and we are the market leaders in Big Bear Lake.  Until next month, Merry Christmas and happy Holidays to all.

 

Bob Angilella