Big Bearish
@BigBearBummers
Documenting the ongoing correction in Big Bear real estate.
Paid $115,000 in 1987 and listed in '24 for a greedtastic $749,900. Typical Boomers. But a year later they suddenly decided to just take the money – went Pending at $539,900 and let it go for $495,000. When old timers start pulling the trigger en masse, look out below...
These Boomers paid $13 and a Foghat box set in '87, and in '24 went Contingent at an insane $705,000. But that buyer walked, narrowly avoiding the biggest mistake of their life. It took 318 days to find another buyer (at a MUCH lower price), but they ghosted just 3 days later.
You can play all the delist/relist games you want, but come on...I know you. You know you. And I know you know that I know you.
Paid $308,000 during the '21 frenzy and simply cannot accept that they made a grave financial error. They tried to unload it in ‘23 for $359,900 and got down to 309,000 - but still no dice. Undeterred, they re-listed for a similar price expecting a different result.
The slow, agonizing road to Price Discovery.
“…this property checks all the boxes for you to own a slice of mountain paradise!” ✅Peak buyer living in denial ✅Chickenshit price cuts ✅Tiny lot ✅Comically small stove ✅Only one bathroom ✅Undesirable area with rapidly declining values Nailed it!
Me seeing yet another listing claiming “WON’T LAST,” but it’s been rotting on the market for a year.
Whenever I see an oddly specific asking price, my first thought is they must be a peak buyer trying to avoid a loss. Sure enough, they paid $355,000 in '22 and a $392,500 asking price just so happens to cover both agents' fees and closing costs. GEE. WHAT A COINCIDENCE.
"Don’t miss the opportunity to make this wonderful property your own!" I think we're good, chief.
Five months later and we get our very first price cut. Because fuck you. And they still haven't fixed the glaring typo in the listing description. Because, again, fuck you. At least half the market is comprised of bullshit like this.
"OPEN FLOORPLAN WITH LARGE ROCK FIREPLACE TO RELAZ AROUND AFTER A DAY OF SKIING OR OUTSIDE PLAY." I love to relaz after hitting the slopes. "THERE IS A 1/4 BATH IN PRIMARY BEDROOM THAT WE DO NOT THINK IS PERMITTED." That sounds fun to deal with!
Paid $460,000 in '21, listed in May '24 for $529,000 (LMAO) and still refuse to believe their "investment" has lost any value despite the devastating real estate correction underway.
BRINGING OUT THE BIG GUNS!!!
In 1980 these Boomers paid just $7,000 (not a typo), and in July '24 listed for $265,000. Despite failing to find anyone dumb enough to pay that ridiculous price back then, they're back with a $20,000 premium. I'll never understand this mindset. Just take the money, you dolts!
