In a recent Park City Record article, a commercial banker states that Nationally, commercial real estate values are off more than 40% from their highs (probably a couple of years ago) and relating vacancy and reduced commercial rents as potential exposure for Community Banks holding commercial mortgages which will be coming due between right now and the next couple of years.
Big Bear Lake would seem to me to have quite a bit in common with the Resort Community of Park City, Utah including the slow economy and the effects of a recession on its Retail and Real Estate Markets.I just saw a large retail space for rent in the local paper for $.30 / sq. ft. This property could definitely qualify as a chronic vacancy (more than one year) as do many of the current available commercial vacancies in the City of Big Bear Lake.
More from the Park City Record below.