maewestern, Other/Just Looking in Los Angeles, CA

Are there any homes within the lake rights boundary under $100k? How much do lake rights typically add to the value of a home?

Asked by maewestern, Los Angeles, CA Mon Nov 26, 2012

Also, is it possible to get financing in the area for a home with an under-$100k asking price? We like the idea of a second-home cabin with lake rights but don't have the reserves for an all-cash offer. Thanks!

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JoAnn Dickin…, Agent, Lake Arrowhead, CA
Wed Jun 19, 2013
Currently there are no homes listed under $100k. Typically the price of a lake rights home and a home outside of lake rights in Lake Arrowhead can range from $30k-$50k depending on condition of the home and location of the home. If it is a "fixer" or located on an access road(a non-paved and maintained road it may be listed from $130k-$150k.
There are very few homes listed in the low $100k's in Lake Arrowhead and where there is a home listed in that price range is sells quickly.

Currently in our market today, banks will not finance less than $50k.

Please feel free to contact me with any further questions at joanndickinson@hotmail.com or you can call me at 909-260-8228.

Thank you
JoAnn Dickinson, Broker
visit my web site at: http://www.lakearrowheadrealestateca.com
0 votes
Steve Keefe…, Agent, Lake Arrowhead, CA
Mon Nov 26, 2012
Yes locally try Mountain West Financial. 909.336.1793. Either Tom Crate or Marty Sievers. Both are top notch. If you are buying it as a second home it won't be considered Non-Owner occupied. It will be Owner-occupied. Tom or Marty will be able to set you up with a very competitive program.

Steve
0 votes
maewestern, , Los Angeles, CA
Mon Nov 26, 2012
thanks Steve - i hadn't thought of the lot idea. That opens up some options for us. Again - do you know of any local mortgage co's that might take on a smaller - say $75k loan or is it all cash territory?
0 votes
Steve Keefe…, Agent, Lake Arrowhead, CA
Mon Nov 26, 2012
Mae Western, There currently are no homes listed under $100k in the Lake Arrowhead Woods (Lakerights). Searching the local MLS, there are currently 4 that are listed under $150,000. The respective asking prices are $119,900 $129,900 $144,900 and $149,900

The value add isn't exact, but in this range, lakerights adds 30 to 40% to the property. Something that is $200k with lakerights could be bought outside the boundary for $120k to $140k.

One way to get lakerights if you own a property outside the boundary is to purchase a vacant lot in the woods. This would allow you to do everything but actually own a dock. You can use the lake for day use and also you can rent a dock and leave your boat on the lake in that dock. You can find a vacant lot in the woods in the $15k to $18k range.

Please let me know if I can provide any additional information to you.

Steve Keefe
Broker/Owner
Coldwell Banker Sky Ridge
steve@cbskyridge.com
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