Nov 22 2010
November 2010 Market Trends
Two weeks ago, in October, I showed you sales in Lake Arrowhead and the news is good and bad.
Bad is that there were only 12 sales in that time period as opposed to 13 the previous week.
Good was that the middle range prices, $600,000 and up have seen more action.

The one high price home, located in Cedar Ridge & pictured here, took a significant reduction to sell, as we’ve seen repeatedly in Cedar Ridge. Beautiful homes that are not in proximity to the lake are suffering more than any others as far as price point goes. Big view homes of average size in good condition with garages have slipped to low to mid-600,000. Most of the homes you see in the $600,000 were either near the lake or with lake views. Price reductions from asking price in this area were reasonable not like the 10% percent dips we were seeing this summer. Gated communities are still sought after.
But one of the biggest changes which hearkens back to the good old days is that there are a lot of buyers out there right now seriously looking. I call it the “holiday season” buyers. When the air gets crisp and the leaves turn colors and fall, buyers become mesmerized by the prospect of great Thanksgiving, Christmas, Hanukkah and New Years celebrations in climate unlike most of Southern California. I think we will see an active market through the New Year and if you have your home listed with us, do not be shy about adding tasteful holiday touches to the residence, it will only wet people’s appetites.

Also the first two low priced homes were fabulous buys for lake rights in good areas- click here to see all of them. Very few REOs or Short Sales this period which is always good to see as they the primary cause of price drops. Inventory is still high but come the first of the year a great number will drop off as most people want to keep their homes off the market during the messy months.
As you know the prices you see on the e-mail are the asking price not the sale prices. The homes you see, sold for these prices: $193,000, $190,000, $235,000. $360,000, $355,000, $360,000, $437,500, $525,000, $627,000, $640,000, $625,000, and $820,000.
If you have any questions feel free to give us a call – 909.908.8520.
Best wishes,
Jan Skrentny and Rowland Parker