By Bob Angilella
On all points the market is looking stronger than at this time last year. Big Bear Inventory is up to 625 residential listings. Interest rates on a 30-year fixed-rate mortgage dropped to 4.04%, down from 4.08% last week and 4.15% from a year ago. The rate on a 15-year fixed-rate mortgage fell to 3.20% from 3.24% last week.
We currently have 179 homes in either pending or back up status and closed sales as of July 10th for 2015 are at 536, up 98 compared to 438 at this time last year. Closed sales are slightly lower than in 2013 when there were 569 sold by July 10th.
For the beginning of 2014 we had a median sales price of $195,750 with listings selling for 97% of asking price and an average days on market of 66. Comparatively for the beginning of 2015 we have a median sales price of $219,000 (up about 10%), listings are selling at 97% of asking price but with an increased days on market of 73.
Thank you,
Bob Angilella
- posted by Bob Angilella
- posted in Big Bear Real Estate
We’ve had a major increase in sales for the first quarter of this year. We are up in sales by 65% and the Ridgeview Project that we handle has been selling like hotcakes. We have 37 homes left to sell out of the 58 and 6 phases left. We are sold out on Phases, 1,2,3,4 & 5! Phase 6 just opened, and we have 5 homes left in that phase. We’re getting ready to open Phase 7, and we already have interest on that phase.
Cabins, log homes, mountain homes from all sizes are selling. As a matter of fact, our inventory is low averaging only 525 active listings. To put that in perspective, last year we had almost 700 active listings at this same time. We have qualified buyers and multiple offers are beginning to happen. The great news, our prices are holding steady, with no significant increase in values. That would get us in trouble again, and we are holding steady with the average of 20% increase for the past 3 years that we’ve already had.
Mammoth Mountain closed on the sale of Snow Summit and Bear Mountain about 60 days ago, and we are happy they purchased the ski resorts. Some small changes happening, however, we can expect good things coming from the owners of Mammoth Mountain.
Interest rates are low, averaging 4% for a 30 year fixed, and no points. We have lenders if you need one! If you’re thinking of buying or selling, this is the year. Who knows what the future my hold, so when it comes to real estate, now is the time to buy or sell.
If you’re ready to do that, please contact us today. We are Big Bear’s Top Team. With us, we don’t “Jump around”, we stay grounded focusing on professionalism, knowledge and you! We are the Big Bear Real Estate experts, contact us today and please enjoy our website.
Bob Angilella
- posted by Bob Angilella
- posted in Uncategorized
Well, Snow Summit and Bear Mountain are in for some changes according to the article below, written by: HUGO MARTIN Los Angeles Times. We are all very excited about this change and the new owners! Real estate has taken off in Big Bear and we are very busy! Inventory is low, and prices are holding steady. In the past 3 years, Big Bear has changed and now more good things are happening. If your thinking of buying or selling, NOW is the time! Do Not Delay! Please read the article below;
by: HUGO MARTIN - Los Angeles Times, Mammoth Resorts, the operator of Mammoth Mountain and June Mountain in the Sierra Nevada, completed an estimated $38-million deal over the weekend for Bear Mountain and Snow Summit, above. (Lee Stockwell / Big Bear Mountain Resort) Mammoth Resorts, new owner of Bear Mountain and Snow Summit, considers upgrades
The new owner of Bear Mountain and Snow Summit has begun considering upgrades to Southern California's top local peaks, including plans to expand mountain biking trails and connect the two neighboring resorts.
Mammoth Resorts, the operator of Mammoth Mountain and June Mountain in the Sierra Nevada, completed the estimated $38-million deal over the weekend to acquire the two resorts in the San Bernardino Mountains, putting Mammoth Resorts in control of more than 4,000 acres of skiable land in California.
Mammoth Resorts Chief Executive Rusty Gregory said his company will hold off on making any major changes to Bear Mountain or Snow Summit until he and his staff have met with resort employees and neighbors. He expects to hold community meetings as soon as April.
"We have a lot to learn," he said in an interview. "There is no way we can, from our distant location, understand the opportunities there."
California's four-year drought has hit ski resorts hard, with ski visits dropping as much as 45% at some mountains last year. Gregory said he hopes to expand summer activities in the Southern California resorts by adding biking and hiking trails and zip line courses to make up for the drop in visitors in the dry years and to draw people in during the summer months.
Snow Summit uses two lifts to carry mountain bikes and riders to the top during warmer months.
Gregory said he would also like to add new ski and snowboard trails that would run between Bear Mountain and Snow Summit, which are separated by about one mile of forestland.
"I think we have a good opportunity to connect the two mountains," Gregory said. The company already is selling an annual pass that gives snow enthusiasts access to all four resorts.
The acquisition is significant for Southern California skiers, who represent 85% of the visitors to Mammoth Mountain, a resort with 3,500 acres of skiable terrain and 28 lifts. Mammoth Resorts also owns the smaller operation at neighboring June Mountain.
Snow Summit and Bear Mountain are two of the most popular day-trip ski destinations in Southern California.
By putting them under the control of Mammoth Resorts, the company is expected to host about 2 million visitors a year, nearly all from Southern California. That would surpass the total annual visitors of Canada's Whistler-Blackcomb, North America's most popular ski resort.
The move reflects a larger consolidation trend in the ski industry and the slow demise of mom-and-pop resorts over the last several years.
Snow Summit bought out its neighbor and biggest competitor, Big Bear Resorts, in 2002. Snow Summit announced in June 2013 that it had hired international banking firm Houlihan Lokey to look for buyers because several shareholders wanted to liquidate their interests.
Mammoth Resorts won the bid to acquire Snow Summit and Bear Mountain.
"Mammoth, by acquiring Bear Mountain and Snow Summit, protects the L.A. market for itself," said Bob Roberts, executive director of the California Ski Industry Assn., a trade group for the industry.
Roberts said neighbors in Big Bear should not worry that Mammoth Resorts will force unwanted changes on the community.
He noted that Gregory has been in previous debates with neighbors over the future of local communities at the base of Mammoth Mountain and June Mountain. "From that experience, he is sensitive to the folks at Big Bear," Roberts said.
As part of the acquisition, Mammoth Resorts has also purchased about 130 acres at the base of the resorts, occupied by parking lots and a golf course.
Gregory said he is not sure what type of development his company will propose for that land.
"We are coming to the community to see how they view their future," he said.
DS NEWS - Author: Brian Honea - December 16, 2014
Freddie Mac predicted that 2015 will see the highest level of home sales in the U.S. since 2007 in its December 2014 U.S. Economic and Housing Market Outlook released on Tuesday.
In the report, Freddie Mac looked back at five key consensus predictions for 2014, how they fared, and how they will affect housing and the economy next year. In addition to home sales, the four other areas examined were mortgage originations, home values, rental market, and mortgage rates.
A 4 percent jump is expected for home sales up to 5.6 million in 2015, which would be the highest annual level home sales have experience since 2007, according to the report. A weaker than expected economy and a harsh winter brought down home sales for the first half of 2014 in spite of the healthy gains that were predicted at the start of the year. But home sales and the economy made a strong comeback for the second half of 2014, and analysts expect that recovery to continue on into 2015.
Home price gains experienced moderate gains in 2014, as were predicted following the double-digit increases in 2013. In 2014, home value gains grew at a rate of 4.5 percent, and in 2015, they are expected to increase by 3.0 percent, according to the report. Rental vacancies fell to their lowest level since 2000 in the last year, and 30-year fixed mortgage rates are expected to average 4.4 percent in 2015 after hovering just below 4 percent in December.
"The recent drop in oil prices has been an unexpected boon for consumers' pocketbooks and most businesses," said Frank Nothaft, Freddie Mac vice president and chief economist. "Economic growth has picked up over the final nine months of 2014 and lower energy costs are expected to support growth of about 3 percent for the U.S. in 2015. Therefore we expect the housing market to continue to strengthen with home sales rising to their best sales pace in eight years, national house price indexes up, and rental markets continuing to display low vacancy rates and the highest level of new apartment completions in 25 years."
- posted by Bob Angilella
- posted in Big Bear Real Estate, Uncategorized
By Bob Angilella
As we begin to wind down the year, the Big Bear Real Estate market is winding up! Real estate sales are brisk, from small cabins listed for $ 100,000 to our largest sale that my team sold, of $ 2.4 Million. This past year has been one of a “surging” real estate market. However, because interest rates have remained low, and the stock market has been uncertain, many buyer are searching for something that is solvent and stable…what would that be…. Real estate!
Please review our statistics below, as compared to the previous month of November 2014.
Big Bear Real Estate statistically, as of December 1, 2014
Active Listings: 521 (Inventory is down from November by 14.5%)
Pending’s: 158
Sold for the past 60 days: 219
Average Sale: 334,000.00
Highest sale: $ 2,400,000
Lowest sale: $ 45,000
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're 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.
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
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.
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.
