76% Vacation Owners, the profile is changing.
24% Full Time Residents in Arrowhead Woods.
In 2007 I ran the County data base for Lake Arrowhead, in which the aftermath of the recession was the new home buyers in this one year, 2007 was 82% vacation home purchasers. Full time owners were staying put, unwilling to sell their personal homes while prices were crashing… as was the case across America.
From the past year, 2013, I monitored 843 home sales, refined the number to 414 sales in Arrowhead Woods and 329 in the ten surrounding communities; nearly 50/50 in and out of the Woods.
The local economy has changed from 2007 in which 35% of all sales were bank or short sales and prices were falling like a rock. By 2013 we have almost completely wiped out bank and short sales. Further, the banks are now tougher than nails, getting much higher prices versus discount of 20% to 40%, five years ago.
ARROWHEAD WOODS IS CHANGING
The long term pattern of home ownership in the Woods, going back to the 1990s, 1980s and before was 65% to 68% vacation homes. This past year full time owners have returned to the market, participating in home sales.
In 2013, 76% of all homes sold were purchased by vacation home owners, folks with down the hill primary residences. Full time owners are beginning to sell and buy.
It is interesting to see where our new vacation owners call home, their primary residence, the home they drive from… one or two hours to come to paradise, Lake Arrowhead.
It is subjective on my part, but I have been into demographics for more than 30 years, but the most notable change is the loss of the under 45 generation. From interviews, they were stunned to see their homes lose value and many lost their Lake Arrowhead homes. Sadly, they are not coming back for now.
HOME BASE CITIES WITH 5 OR MORE PURCHASERS IN THE LAST YEAR.
Most notable was Newport, with 22 new owners coming to Arrowhead Woods.
Welcome to the folks from cities with 5 or more new Arrowhead Woods homeowners.
Alta Loma, Anaheim, Beverly Hills, Big Bear Lake, Chino, Claremont, Corona, El Segundo, Encinitas, Glendale, Glendora, Huntington Beach, Irvine, La Canada, Laguna, Las Vegas, Long Beach, Los Angeles, Mission Viejo, Newport Beach, Orange, Palm Desert, Palos Verdes, Pasadena, Rancho Cucamonga, Rancho Mirage, Redlands, Riverside, San Clemente, San Diego, San Dimas, Santa Ana, Simi Valley, Temecula. Upland, Whittier, Woodland Hills, Yorba Linda
From the past, the decline has been in the South Bay and Los Angeles. Growth has been in the south coast communities. Most surprising was the growth in communities close to Lake Arrowhead, not the case a decade or two ago.