When you start your search for a second home in Big Bear you should spend some time looking at the different locations. Location drives land value and that is why the same house is worth more or less in different areas.
Lakefront homes for example have higher land values. The current land value combined with the improvements (house) establishes value. That is why a home on the lake that is functionally obsolete will still have a high value of one million dollars if it is located in a deep water location with a view.
This also explains why a beautiful home in a less desirable area may be worth little more than the building costs, and sometimes less. Land has not been selling recently because construction costs are higher per square foot than the existing inventory pricing.
Most homes that were built in the 90′s for example had a building cost of less than $100 per square foot.Currently we are seeing building costs between $150 – $225 per square foot using a licenced and insured contractor.
These are the different neighborhoods in the Big Bear area, and the average price per square foot sold year to date.
- Lakefront – $390.96
- Big Bear Lake West – $198.75*
- Big Bear Lake Central – $173.24*
- Big Bear Lake East – $198.21*
- Fox Farm (all areas) – $191.76
- Castle Glen – $219.06
- Moonridge – $194.06
- Fawnskin – $178.33
- Big Bear City – $131.35
- Whispering Forest – $139.48
- Sugarloaf – $119.39
- Erwin Lake – $108.13
- Meadowbrook – $242.54
- Baldwin Lake – $114.16
- Lake Williams – $140.10
*Does not include lakefront home sales in these areas.