Big Bear Lakefront Property of the Week: It’s Bank Owned!

149 Lagunita Lane Big Bear Lake CA 92315

149 Lagunita Lane Big Bear Lake California

Everyone is looking for a good value in today’s real estate market.  There are properties left and right for sale but one of the problems a lot of buyers are finding in today’s market is that most of the really good deals are in not so great neighborhoods.  Well…there’s a new lakefront property for sale by Countrywide Bank and it’s got what so many people are looking for.  Location. 

This two story property was originally built in 1922 but has seen it’s share of additions and remodels over the years.  It sits on a 12,800 square foot lot and has over 100 feet of lake frontage.  Located towards the point of Lagunita, it faces north east, has great lake views and comes with it’s own private dock.  The inside has a lodge-style feel to it with a huge native rock fireplace, large kitchen and dining area, and a giant living room perfect for entertaining or for large families.  In May of 2005, this property sold for $1,375,000 and was bought with the intention of remodeling and turning a profit.  Nothing structural was done but the outside got a face lift (new siding and a new composition roof) and the inside got updated (new granite counter tops, wood/slate flooring and antique furnishings).  I do like the improvements the previous owner did but it would’ve been nice to see new windows and a different kitchen layout.  Don’t get me wrong, for most investors or second home buyers, this will either be a retreat or a rental and they won’t see the need for updating any more….but those were some of the comments I’ve heard from potential buyers when they walked through the property the last time it was on the market (from March of 2007 to June of 2008).  The previous owner had it on the market at $2,295,000; $1,999,000; $1,695,000; and $1,575,000 before letting it go to the bank.  It’s now listed with Carolyn Dalby of Keller Williams Big Bear for $1,250,000. (reduced to $902,900 as of March 23, 2009).  CURRENTLY IN ESCROW.

149 Lagunita Lane in 2005

Several interesting things to note:

• The square footage has been listed at three different numbers the last 3 times it’s been on the market.  When it sold in 2005 the listing agent had 3,800 square feet per owner.  The second time it was listed at 2,800 square feet, and now the listing agent shows the property covering 2,390 square feet.  So make sure you do your due diligence and check with the City of Big Bear Lake to find out what has been permitted and what hasn’t. 
• This property is being sold furnished.  This is not out of the ordinary for most sales in a resort market, but it is odd that no one came back to grab the furnishings/personal belongings before they lost it to the bank?  Some agents that represent banks are even instructed to clean out the entire house before it hits the market.  This is not a huge deal but something that could add some value to the next buyer who doesn’t want to shop for furniture and wait for deliveries.  It’s more of a turn-key type of situation. 

What’s Unique About This Area:

This particular area is well known for it’s central location and proximity to Lagunita Lodge.  You are minutes from Snow Summit Ski Resort, the Village and grocery stores, and you are a couple houses down from Lagunita Lodge which is a popular vacation destination for timeshare owners.  A high percentage of cabins in the area are on vacation rental programs. 

For more information regarding this home click here.  Or if you would like a current list of lakefront homes for sale in the Big Bear Lake area click here. 

Directions to 149 Lagunita Lane:

Head toward Redlands on I-10.  Exit Highway 30/330 to Mountain Resorts.  Continue up the mountain toward Big Bear Lake, cross over the dam and proceed about 3.5 miles to Lakeview Drive.  Turn left onto Lakeview Drive and make a right onto Lagunita Lane.  149 Lagunita will be on your right hand side of the street.