Local real estate experts in Big Bear Lake in San Bernandino, California are bullish about the city's housing market, following the sale of Big Bear Mountain resorts, a report on Orange County Register said.
Mike Dolan, a seasoned realtor and owner of a small stake in the resort, said the $38 million sale of Big Bear to Mammoth Mountain could draw the attention of more buyers to Big Bear and push home valuations up in the area. He forecasts prices to rise between 10 to 15 percent through next year, the report said.
"I think it's going to be a wonderful little real estate boom for our area," Dolan was quoted as saying in the report.
He also noted that the city "had a nice little boom" in the property market last year as investors snapped up assets.
But Tim Wood Group agent Ali Grant-Shoemaker, who's also optimistic about the sale, said it's too early to tell. She told the Orange County Register that the sale would bring tourist traffic in the area but whether that would translate to closed deals "are yet to be seen," the report said.
Inland Empire economist John Husing also shared the same view. "It depends on whether this group increases the volume of tourism going up there. Then it would have an effect," he said in the report.
Citing data from CoreLogic DataQuick, the report noted that while home values in Big Bear have not gone back to its pre-recession rate, they have been posting modest growth since hitting its lowest levels in 2011.
The median home price in the city currently sits at $186,250. Ten years ago it was $200,000, the report said.
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