I Love Mammoth Lakes

Mammoth Lakes Real Estate Update

2011-12-29T15:00:00.000-08:00

It’s been another busy year here in Mammoth Lakes. With 2011 coming to an end, we thought it
would be a good time to give you an update.
Real
Estate: Mammoth Lakes
real estate continues to be quite active, primarily since about the spring of
2009 when the foreclosures started coming on the market. The low end of the market (condos under
$200,000 and houses under $500,000) has definitely been the hot spot. Those who didn’t leverage away their life
savings are buying, ready to buy and ready to buy more. It’s definitely a great time to buy; prices
are low, interest rates are low and the stock market is uncertain.
At times it seems as though the market is bottoming out,
but then another foreclosure hits the market to drop prices again…the good news
is that the market is definitely not plummeting anymore and, in certain
segments of the market, we actually have seen bottoming out and even a bit of
upwards correction. For example, the
average price for a 2 bedroom condo in The Village and Juniper Springs Resort
has increased from $365,000 to $410,000.
Here are some quick sales statistics from the past two
years:
Homes in 2010: 69 sales (16% short sales, 25% REOs), 42%
paid with all cash. Average price: $893,200 (7 homes sold over $1.8M).
Homes in 2011: 70 sales (10% short sales, 19% REOs) 34%
paid with all cash. Average price: $681,700.

Condos in 2010: 375 sales (15% short sales, 18% REOs),
54% paid with cash. Average price: $350,700
Condos in 2011: 295 sales (14% short sales, 27% REOs), 53%
paid with cash. average price: $299,100.

The hot buttons are still the foreclosures and now short
sales. A few years ago, less than half
of short sales would actually be approved.
Now we’re seeing most of them go through to a successful sale, given
that the buyer is patient enough. As far
as foreclosures go, it appears as though we still have a while before we’re done
with them. Those who have purchased
foreclosures or have attempted to purchase a foreclosure know that a buyer must
have their ducks in a row if they want to be the one to get the deal, as most
do end up with multiple offers if priced aggressively.
We hear people say often that “there is so much on the
market” when actually, that’s not really the case. Inventory levels are low, as compared with
the last 5 years or so. Inventory levels
typically drop during the winter season and then rise once again in the spring,
however if you compare levels now with levels from 2-3 years ago, they are
definitely lower (there are currently 175 condos on the market vs. 234 last
summer, and over 300 in the spring of 2009).
What we’ve been telling all of our clients is that
although we may not truly be “at the bottom” yet, now is a great time to buy
and ideally find just the property you want.
Even those looking to trade up are in a great position…they may be
selling one property at less than they had hoped, however if they’re purchasing
another property for a great deal they’ve actually made out with a lower tax
basis and a better property.
Although you can browse the MLS on almost any website
these days, you don’t get a totally accurate picture of what’s really
available. Within our MLS, buyers will
still see properties that are listed as “back-up” or “contingent short sales.” Back-up properties are typically in escrow
and waiting for buyers to remove contingencies.
Contingent short sales are short sales where the seller has accepted an
offer and is waiting for bank approval. It’s
important to make sure you’re getting accurate information, so don’t hesitate
to contact us for the latest info on a property.
We like to offer buyers our automated email service which
sends new and changed listings which match their criteria to their inbox so
they are well informed.
For those who definitely have to sell, the key is still
to price the property aggressively and put your best foot forward as far as
presentation goes.
Mammoth Weather:
Where is the snow!!!???? After
shattering the record last year for the most snowfall ever recorded, Mammoth is
starting this season off at the opposite end of the spectrum. That being said, Mammoth Mountain has done an
amazing job with their snowmaking to open as much of the mountain as possible. Just the other day, we skied with our
daughters over at Juniper Springs and had a great time. The weather pattern HAS given us some amazing
lake ice skating, however, which is definitely not a yearly thing. Although we’ve enjoyed the skating, it’s time
for some snow!!!!

Tara Peterson & Dennis Cox
Mammoth Realty Group
800-519-6550, 866-934-5852
visit us at www.MammothRealtySearch.com and www.MammothLakesForeclosures.com

Long time

2011-04-09T09:52:00.000-07:00

Mammoth Lakes real estate update

Loooooooong time since our last blog! Our sincerest apologies! After a few rough years (starting in mid 2006) of dropping prices and uncertainty in the market, the Mammoth real estate market finally picked up in about the spring of 2009 and we’ve been quite busy since then! (Unlike our blog, we have been updating our REO website almost daily.)

Although prices may not be finished with their downward trend in some segments of the market, it does seem as though the “plummeting” is over. We have seen some price stabilization in certain segments of the market. Activity has been fairly consistent for the past couple of years, other than a few lulls here and there.

Supposedly, we have a couple more years of foreclosures coming our way, but the good news for Mammoth is that our foreclosures are selling as quickly as they’re listed in most cases. We’re definitely not seeing a glut of foreclosures. The foreclosures are, however, still the driving force as far as prices go.

If you’re still thinking about buying in Mammoth, it sure does seem like a good time to buy. The inventory selection is decent, interest rates are still low and prices are quite reasonable as compared with those at the peak in late 2005 and early 2006. Across the board, most of the prices that we’re seeing are back down to 2002/2003 levels, in some cases, lower.

Financing has been tough to get on many condo complexes in Mammoth because of how they look like ‘condo-hotels’ to most lenders (i.e. they have a front desk that handles nightly rentals). But our local Wells Fargo team has been approving more and more of these complexes over the last few months. So while cash had been king for the last few years, lending does seem to be getting more available.

As far as being a seller in this market, it’s all about price and presentation…buyers want it all right now. If you can price your property aggressively based on sales comps and can offer the property as turn-key as possible, then you usually have a good chance of selling.

As a very significant side note, Mammoth is in the midst of its biggest snowfall season ever recorded! The way it was dumping this past week, you would have thought it was a January/February storm! Plenty of fresh powder for all those up here already or on their way up.

Feel free to call us or email any questions you might have about the Mammoth real estate market!

Tara Peterson & Dennis Cox

Mammoth Realty Group

sierraTLC@earthlink.net & Dennis@DennisCoxRealEstate.com

Expanded Air Service to Mammoth Lakes

2009-08-06T11:15:00.000-07:00

Fly to Mammoth from Seattle, Portland, San Jose, Reno and Los Angeles!

This news is HUGE! Last winter, Mammoth Lakes successfully resumed commercial air service (since 1998) with one flight a day to and from Los Angeles International Airport. Although Mammoth Mountain was committed to subsidizing flights, because the flights were so full they didn’t have to. With that success, a push has been made for additional flights and Horizon Air has committed to a healthy schedule of flights.

Now it’s official! We will now have daily flights to and from Seattle, Portland, Reno, San Jose, and Los Angeles (now 2 flights a day). You can click here to view the 2009/
2010 Flight schedule: http://mammothrealtysearch.com/files/images/9702/pdf/11249578680.pdf

As far as Mammoth Lakes real estate goes, we’ve definitely seen an increase in activity this spring and summer, although prices still seem to be sliding downwards. Interestingly, we’ve also seen our inventory remain about the same (about 265 condos on the market). That means that although we’ve been seeing new listings come on the market, just as many have been selling. Most recently, The Westin developer has drastically dropped their prices and is making a big push to get their residual inventory sold. If you’re looking for a great deal at The Westin, now could be the time! We also have plenty of foreclosures coming down the pipe that will continue to drive the prices for now. If you’re looking for more information on Mammoth real estate and/or foreclosures, please feel free to visit our website at www.MammothLakesForeclosures.com to see up to date information on all current foreclosure listings.

On another note, we’re seeing some bizarre weather here in Mammoth today. They’re calling for snow above 9,000 feet (haven’t ever seen it snow in August!) and we’ve already seen some hail fall. Summer should return in a couple of days so don’t worry if you’ve got plans to head up this weekend!

Tara Peterson & Dennis Cox
RE/MAX of Mammoth

P.S. Don’t forget to check out our main website at www.MammothRealtySearch.com

4th of July kicks off summer in Mammoth Lakes

2009-07-02T11:49:00.000-07:00

Getting ready for a busy July 4th weekend here in Mammoth Lakes, California.

With the Holiday weekend approaching and the Mammoth Motorcross just finishing up, our little town is starting to buzz with the arriving crowds. The weather couldn’t be better and looks to stay that way for a while. But then again, Mammoth has always been known for its stellar weather, especially when it comes to the summer months. Events over the coming weekend include the Footloose Freedom Mile (1-mile race on the parade route), followed by our small town parade along Main St and Old Mammoth Rd, followed by a pops concert at Mammoth Creek Park and then fireworks at Crowley Lake. Tent vendors will accompany beer gardens and live music along Main Street.

Also seen this time of year are thru-hikers on the Pacific Crest Trail taking a break and stocking up are seen walking through town to stock up on supplies and take a short break before they continue north. Families are donning helmets and pulling kids on bike trailers through town. Golfers and mtn bikers are loving the greens and trails. Campers and fisherpeople are filling campsites and lining the lakes.

As far as Mammoth real estate goes, we have definitely seen an increase in activity over the past month. Typically in the springtime we see a slow down in real estate activity and an increase in inventory. Things have been a bit different this spring. Our inventory is actually down compared with the winter inventory (only 252 condos on the market now when just a few months ago there were over 300). And there were 119 condo sales in the first half of 2009 vs only 74 in the last half of 2008 (a 61% increase!).

Most buyers we are working with feel that the bottom of the market is near and have been writing offers. We are seeing multiple offers on bank-owned listings and on well-priced properties (priced very comparable to foreclosures). And a few segments of the market are showing price support for a 'bottom.' That being said, we still have more foreclosures coming down the pipe in the near future.

Even on some of the newer developer-owned inventory (i.e. The Westin and Woodwinds) the developer is taking significantly less than their asking prices. One 2-bedroom that recently sold for $600,000 was listed for $819,000. I guess you could say prices are going up since the last one sold for $540,000 (ha!). The original prices for these 2-bedrooms were in the high $800’s (starting) and up to almost $1.4 million for the premium units.

If you’re looking for a deal, now sure seems to be the time. Although none of us have a crystal ball, we do think it’s going to be a busy summer. We’ll see if we’re right!

Tara Peterson & Dennis Cox
RE/MAX of Mammoth

Mammoth Lakes Village Woes

2009-05-01T15:00:00.000-07:00

Friday, May 01, 2009

Spring isn’t quite sure if it's ready yet to stay here in Mammoth. After another little dousing of snow last week, we were treated with a beautiful spring day last weekend and now it looks like it’s snowing up on the mountain again. For those who ventured up to Mammoth last weekend to pick up their season passes for this year, they were treated with some fresh powder. Meanwhile just down the road the fishermen are out in swarms!

It truly is a wonderful time of year here in Mammoth Lakes. We’re seeing the golf courses start to come to life after being covered in snow all winter. Mountain bike trails, especially just outside of town, are completely accessible, fishing season has begun and the skiing/boarding is still great. As far as Mammoth Lakes real estate goes, activity has been pretty consistent over the past 5-6 months and although the town is relatively quiet, we’re seeing a fair number of deals go through. Our foreclosure inventory is low right now due to the recent government moratorium on foreclosures, but we are expect to see more come on the market this summer. Be sure to visit http://www.mammothlakesforeclosures.com/ every so often to see all the current bank-owned properties listed for sale.

Unfortunately, the commercial real estate market here is still suffering. Just recently the already ghostly Village lost three more tenants (LuLu’s Restaurant, 5 Burroughs Pizza and Rocky Mountain Chocolate Factory). Galerie Barjour had closed on March 28th. All have left due to the extremely high rents. The majority of the commercial space in the Village at Mammoth is currently owned by a real estate investment trust (REIT) called CNL. It’s rumored that CNL will sell and there is at least one buyer out there, but the price that CNL wants is insane, especially in the current economic climate. The good news is that “eventually” everything will work it self out, the commercial real estate in the Village will sell and the new owner will be able to offer reasonable and sustainable rents, thus giving us a thriving “village”. The question is, how long is that going to take?

Time to get out and enjoy some of that pristine mountain air here in the High Sierra!

Tara Peterson & Dennis Cox
RE/MAX of Mammoth

P.S. Don’t forget to check out our website at http://www.mammothrealtysearch.com/

Springtime in Mammoth Lakes

2009-04-18T16:26:00.000-07:00

Springtime is in the air here in Mammoth! It’s truly a stunning day and the next few promise to deliver temperatures reminiscent of early summer. We’re experiencing that wonderful time of year when you can get your fill of skiing or boarding, hop on your bike for a quick ride around town and even make it down to Bishop for a short round of golf. But don’t fear, rumor has it that Mammoth Mountain will be open through the Memorial Day Weekend. With tons of snow on the Mountain the skiing/boarding has been great and those who’ve recently purchased their Mammoth Mountain season passes will be pleasantly surprised if they head up here for some spring skiing.

In light of the current economic situation, the Mammoth real estate market has been fairly active over the past five months or so. Most of the buyers have come to realize that the bottom is somewhere near and that if they’re looking for great prices and selection, now is a good time to buy. Where we’ve seen the activity is in those properties that have been priced aggressively to sell. Although we haven’t been bombarded with foreclosures here in Mammoth, they’ve definitely been the driving factor in the prices that we’re seeing now.

As far as Mammoth real estate prices go, we have started to see some signs that certain segments of the market MIGHT be bottoming out. In the Village at Mammoth(Grand Sierra Lodge, White Mountain Lodge and Lincoln House) we’ve seen the last six sales for 2-bedrooms come in around the high $300’s and low $400’s, with one of the more recent sales closing at $440K. Also, In Snowcreek V, we’ve seen a number of 2-bedrooms sell in about the same price range (around $430K) so it appears as though those prices are holding for now.

All that being said, the foreclosures have not ended and we expect to see more come on the market in the future. Currently there are just six foreclosure properties listed in the Mammoth Lakes area with one of those being a commercial property (no single family homes). With interest rates still historically low and sales prices back to 2003 (sometimes 2002) numbers, we expect to see a busy spring and summer season here in Mammoth.

On another note, air service for the Mammoth area came to an end for this ski season (sadly) on April 12th. Because it was such a huge success, there is talk of having multiple flights next ski season (more LA, Bay Area??, Las Vegas??) and possibly even service for the summer of 2010. I can personally say (Tara) that I was fortunate enough to take advantage of the service more than a few times this season and it was wonderful! Even on some days when it was dumping and blowing here in Mammoth, the flight out was perfect. Keep an eye on Horizon Air for next ski season.

Don’t forget, Fishing Season opens next week!

Tara Peterson and Dennis Cox
RE/MAX of Mammoth

Don't forget to visit our website for the latest on foreclosure listings and general Mammoth information!

Mammoth Lakes Foreclosure and Short Sale update

2009-02-04T10:56:00.000-08:00

Mammoth Lakes Foreclosures
This blog post is long overdue! We have been very busy with selling foreclosures these past six months but are now in a lull, so it is finally time to write about what our real estate market has been doing in Mammoth Lakes, CA. Let's start off with some statistics for Mammoth condos and homes since 1/1/08:

- Total # of foreclosed properties sold in Mammoth Lakes: 26 condos and 5 homes (with 4 more condos in escrow)
- Total # of foreclosures as a % of total sales: 13.5% for condos and 10% for homes (foreclosures do not account for a high volume of sales as they do in many other areas of the state where they account for over 50%.
- Current # of foreclosure listings in Mammoth: only 2 condos (out of 290 total) and 1 commercial building.
- Average time on market for foreclosures: 95 days for condos and 37 days for homes (this includes time in escrow - so the 5 homes sold as soon as they were listed) vs. 153 days for fair market condos and 184 days for fair market homes.
- Average sale price as a % of original list price: 88% for condos and 97% for homes (vs. 87% for fair market condos and 84% for fair market homes).

The appetite for these REO's has been high and there are still plenty of buyers with good credit and cash who are snapping them up quickly. Though they are not a majority of our sales, REO's definitely have affected list prices. Even if the property you want is not a foreclosure, it can be a tool to negotiate your offer if there has been a foreclosure nearby.

This first rash of foreclosures came to an abrupt halt over the Dec '08 holidays as banks, asset management companies, REO agents and, more importantly, homeowners in default, needed a break. We were surprised when we would start getting emails from asset managers (who initially act as the 'seller' of the property before they get upper mgt approval from the bank) over weekends.

The word on the street is that the foreclosure pipeline will be ramping up again very soon and will probably produce more REO's than 2008. Most foreclosures have been localized to the new condo-hotel-like projects that were launched before the peak of the market in late '05 / early '06. The lucky ones flipped (sold soon after they bought) right at the peak. The unlucky ones bought at the peak with the same intent but got caught without any buyers to complete the flip. 18 of the 58 short sale and foreclosure properties (31%) were/are at Intrawest-built projects (The Village, Solstice, Cabins, Juniper Springs Lodge, Sunstone, Eagle Run). We may even see some at the new Westin Monache in 2009 and even more at the Village.

RE/MAX of Mammoth's involvement
Our broker was prescient enough to pay attention and go after foreclosures way before the first one was listed. He encouraged us to watch the local paper for notices of default, attend auctions at our escrow building, and to read articles and blogs about short sales and foreclosures. Listing foreclosures is the tough part - the main REO listing agent in our office must network with banks, attend their training classes, transfer utilities into her name, convince tenants to move out, hire contractors to fix up damage, change locks, and then when the property gets listed and into escrow...train other agents how to write and submit the offers, work with many different escrow companies, and finally usually give up some commission back to the asset management company. But now, those of us in the office are reaping the rewards from capturing this niche:

- Total # of foreclosed properties sold in Mono/Inyo counties: 40
- Total # of foreclosures that RE/MAX of Mammoth has represented: 29 listings + 14 sales (54% of the 80 total transaction 'sides')
- Total # of foreclosures that Tara & Dennis have represented: 8 (19%)

Selling foreclosures is a whole different ball game than dealing with normal sales and homeowners. Banks are unemotional and are trying to raise cash quickly, so they are pricing these assets very well. We have learned how banks work and how to write the offers that will get accepted and how to handle the new negotiating and escrow procedures. We are happy to share what we have learned - just call or email us.

A few words on short sales
Because of the recent lull in the REO market, the only apparent 'good deals' on the Multiple Listing Service (MLS) are short sale listings. Seller can list their properties at whatever price they want because it will not be up to them whether it sells at this price or not. Everything is completely up to the bank(s) who have the loan(s) on the property. Short sales have typically not been successful up here because either:
(1) the bank finally approves it 4-8 weeks later and the buyer has since moved on to another property or
(2) because the seller does not qualify for a short sale, meaning they do not qualify for 'hardship', however the bank defines it.
I am currently negotiating three short sales - one went very quickly, one took 4 weeks for bank approval and the other is in week 2 of waiting for bank approval.

Out of 290 condos listed on the market today, 17 are listed as short sales (6%) and 6 more have offers accepted by the sellers but are awaiting bank approval. Short sales can be good deals, but only 3 have successfully closed escrow since the downturn. So if you want to make an offer on a short sale listing, be patient but also keep watching for new listings while you are waiting for bank approval.

When you search online for listings or get a listing handout at a real estate office, be sure to read the fine print or ask about the 'listing type' - short sales may show up as "SSL" (vs. the traditional "RLA" - residential listing agreement). Sellers and their agents should sign a 'short sale listing' addendum when the property is listed for less than what is owed on it.

Overall Market
In this economy, most everyone is suffering. It is interesting how often I hear people asking the once-taboo question, 'how is your business doing?' There is a Obama-esque feeling that we're all in this together and we need to keep discussing and processing the pains and sufferings of those homeowners who can no longer afford payments due to a pay cut, loss of a job, high medical bills or a high interest-only loan that sounded good at the time. Up in Mammoth, most properties being foreclosed upon are investor-owned who tried their hand at flipping or who relied on claims of higher rental income. What a lesson we are all learning.

The flip side is that there are good buying opportunities now and even greater buying opportunities soon ahead. If you are interested, register your name with us so that you get our email blast for the latest foreclosure listing. And also be sure to check our www.MammothLakesForeclosures.com website frequently (which we update any time there is a change).

Most of our clients right now are skiing families who have a kid or two on the Mammoth ski team who come up about 3 weekends per month during the ski season. They assign importance to getting in the car and having forced quality time with their kids on the car ridge up and back. And they get to ski, sled, ice skate and hang out in their mountain condo/home together as a family.

-Dennis C. & Tara P.

Olympic Running ties to Mammoth

2008-08-23T15:39:00.001-07:00

Go Ryan Hall!! We are anxiously awaiting the start of the men's Olympic marathon in a few hours and just wanted to voice a cyber cheer for you. Your NY Trials and London marathons were thrilling and we know how hard you work and admire your drive to succeed and how you balance it with your family (Hi Sara) and spiritual life.

We are proud of the other Mammoth Lakes, CA, homeowners who are representing us in Beijing. Congratulations to Deena Kastor (women's marathon), Ian Dobson (men's 5,000m) and Jen Rhines (women's 5000m), for making the Olympic team and representing the US with their hard work. Andrew reports that Deena is in good spirits (after breaking her foot 5km into the race), though I know her competitive nature probably has her just as frustrated as we all imagine ourselves to be if we were in her Asics shoes.

Ian, you da man. Just for being so positive all the time and so supportive of others.

Jen, congratulations for qualifying for the medal round of the 5,000. Hope the heel gets better quickly. Good luck in Europe in the next few weeks.

Congratulations also to coach Terrence Mahon. The commitment and the care shown to your runners is very apparent. They guy never stops working.

Finally, thanks for the live updates from Beijing to Andrew "Duuude" Kastor, who sacrificed defending his title in the Leuven 800 this year to happily support his wife. Sorry for the expensive phone call on your birthday - Salsa's carne asada burrito is on me when you get back.

See you all back here soon. I think the Looney Bean and Salsa's have gone out of business with you gone (unless Mike McKeeman is making up for it on his own). -DC and Fam

Flights to Mammoth on December 18th

2008-07-14T11:45:00.000-07:00

It's Official! You can fly from LAX to Mammoth!

Costs: Horizon Air (part of Alaska Air) is officially selling tickets from LAX to Mammoth / Yosemite Airport! I just went to http://www.horizonair.com/ and plugged in LAX - MMH on December 18th and it quoted me $207.50 round trip including taxes and fees! They will have some reduced fares ($79 each way) for select days in January...probably Mammoth Ski Area's annual "Midweek Madness" which occurs each January.

About the airplane: From http://www.marketwatch.com/ 's announcement today about the Horizon flights to Mammoth, "Horizon's flight to Mammoth will be operated with the airline's Bombardier Q400. This 74/76-seat, high-speed, twin-engine turboprop is one of the most technologically advanced regional aircraft in the world. It's as quiet and comfortable as a jet - thanks to its special technology that suppresses noise and vibration, its generously sized overhead storage bins, its unobstructed under-seat space, and its ample headroom (6' 5"). The Q400 is also among the most environmentally friendly aircraft today, burning 30% less fuel and producing 30% lower emissions than comparable jets. "

Promotion: We're so excited that we're offering to pick you up. Be the first to email us if you are on one of the first flights to Mammoth on December 18th or 19th and we'll pick you and your family / luggage / skis / snowboards for free and deliver you to your place! Just email your itinerary confirmation to info@MammothRealtySearch.com and we'll coordinate the details. We'll also deliver you back to the airport for your departure flight.

Air Service to begin from LAX to Mammoth Yosemit Airport Dec 14th, 2008

2008-07-08T16:05:00.000-07:00

It seems as though dream will finally become reality according to a blog by Michael Carter of Aero Pacific Images / SoCal Aircraft spotting & airline news. According to this recent blog, Horizon Air is scheduled to begin selling tickets for their new route from LAX to Mammoth Yosemite Airport starting July 14th, 2008. Air service is scheduled to begin on December 14th of this year with one flight a day until spring of 2009.

This is a huge step for the Town of Mammoth Lakes and the stunning year round resort community of Mammoth Lakes. Not only will it allow visitors the option of being able to fly (currently only private planes and charters fly here), but it will also give locals the opportunity to leave for their coveted vacations directly from Mammoth as opposed to having to drive to Reno, NV or Los Angeles first.

No word yet on what ticket costs will be, however we'll keep you posted.

Tara & Dennis

For more information on Mammoth and its real estate market, visit us at www.MammothRealtySearch.com .

Mammoth Airport - Conflicting News / 4th of July

2008-07-04T09:34:00.000-07:00

According to http://www.ifyouski.com/, scheduled air service will begin for the 2008-2009 ski season to Mammoth/ Yosemite Airport (MMH) from Los Angeles International (LAX) on December 18, 2008. Daily service provided by Horizon Airlines will continue through April 12, 2009. Airline reservations will launch July 14th, 2008. Flight schedule is as follows:

LAX - MMH 14:20 hrs - 15:25 hrs
MMH - LAX 16:05 hrs - 17:10 hrs

The aircraft used will be the Q400, an 80-seat aircraft which services many of Horizon Airlines shorter domestic routes. Mammoth/Yosemite Airport is located only 15 minutes away from the Mammoth Lakes.

However, http://www.visitmammoth.com/ says, "At this time there is no scheduled air service into the Mammoth/Yosemite Airport. An annoucement regarding commercial air service to MMH Airport from LAX will be made on Monday, July 14, 2008. "

And yet, reliable sources say that Bill Manning, airport manager, confirmed that a contract has been signed with Horizon Air.

If/when an official announcement is released, we will post it here.

***

Happy 4th of July! I'm getting ready for our Footloose Freedom Mile put on by the High Sierra Striders to pass by my window here at RE/MAX, followed by our town parade (the usual horses, hokey floats, and shamelss plugs by local businesses), and then the 1st annual Pops Concert at Mammoth Creek Park at 2pm, where yours truly will be tooting his own horn in the back of the orchestra for rousing renditions of Star Spangled Banner, America, and the like.

-DC

What's up with the Mammoth real estate market?

2008-06-28T20:32:00.000-07:00

What's up with the Mammoth market?

While the number of sales has stopped decelerating and prices are bottoming out, buyer activity is picking up. My partner and I have fielded more Internet and phone inquiries and shown more property in the last 2 weeks than in the last 2 months. And I have more appointments scheduled for July than I did for most of all last summer.

Looking at real estate used to be a national pastime during the recent boom years - and then it became uncool as buyers waited to try and time the bottom of the market. We are all listening to the media and water cooler conversation about predictions for further market worsening. I say we take note of how Warren Buffett invests; look at what everyone is saying/doing and do the exact opposite.

In Mammoth, buyers are still buying quality properties at discounted prices and many prospectors are still testing sellers by writing low ball offers on numerous properties. We still get some insulted sellers, but it has become more of the normal buying strategy and sellers are getting more used to it. However, with the lack of fire sales and foreclosures (Mono County has only 1 foreclosure per 1114 properties where the California average is 1 out of every 183, per RealtyTrac), buyers are realizing that we might indeed be near bottom, at least for Mammoth.

No one can know for sure until we are past the bottom, but buyers should buy according to their own time lines and criteria. Purchasing now as opposed to a year or two from now gives you the opportunity to begin creating those memories that are priceless. If you want your kids to see what 'seasons' are, how wildflowers grow, and how the sun feels different up here, then come up to Mammoth this summer and rent a condo before you decide to buy.

If life is getting shorter, kids are graduating college soon and if mountain air is therapy for you, then it should not matter what the short term market prognosis is. And talk to a local expert about the intricacies of rental programs, homeowners associations and vacation homeowners services. If Mammoth is in your life's plan, then forget the short term and start setting goals to meet with one of us, sign up for our automatic 'Property Tracker' and come up to start getting familiar with our neighborhoods.

A word about our Condo Inventory:

You must wade through our inventory to find the good listings. Of our 292 condos on the Mammoth Lakes market, only 4 are foreclosures, 9 are short sale listings (which you should not touch with any length of pole unless you do not mind waiting 3+ months for a response to your offer), and 62 (or 21%) are condotels at The Village at Mammoth and The Westin Monache, which are out of favor in the eyes of lenders (requiring much higher down payments) and out of favor with buyers, as only 3 sales out of the 62 condos sold since March 1st have been in The Village or Westin (only 4.8% of sales).

Buyers looking for great deals would be wise to talk to a local agent such as Tara or myself to weed out the bulk of the listings that are short sales, fractionals, condo complexes facing large special assessments, or that are just plain over-priced.

Foreclosure Update: There are 7 foreclosures in Mammoth Lakes currently on our market and only 6 additional foreclosed properties that have sold since this mess began. As a percentage of homes, this is lower than most areas of California. We do know of about 4 more foreclosures coming on the market in the next month or so, and several more properties with notices of default.

It is a stunning time of year here in Mammoth. Blue skies, 78 degrees. Just about perfect. Come enjoy the paradise we call home. -Dennis & Tara

Mammoth Yosemite Airport update - Horizon Air on the horizon

2008-05-21T16:13:00.000-07:00

Great news for our Mammoth/Yosemite Airport!

The FAA recently issued a Record of Decision conditionally approving Horizon Air to establish air service to Mammoth Yosemite Airport (MMH) beginning this December 2008. This definitive step towards having commercial air service into Mammoth Lakes, California once again is good news for our community and for those working for so many years on this idea. For more information, please see the following press release dated May 19th from Stuart Brown, Community Relations Manager for the Town of Mammoth Lakes:

"FAA ISSUES RECORD OF DECISION FOR MAMMOTH YOSEMITE AIRPORT"

Mammoth Lakes, CA – Scheduled commercial air service is one step closer with the Federal Aviation Administration (FAA) issuing its Record of Decision (ROD) approving the proposed Horizon Air Operations Specifications Amendment to allow scheduled air service to Mammoth Yosemite Airport (MMH).

The ROD allows Horizon Air to proceed with implementing commercial air service with two daytime flights between MMH and Los Angeles International Airport beginning in the winter ski season of 2008/2009 (approximately December to April) provided the Town of Mammoth Lakes obtains a 14 CFR Part 139 Class 1 Airport Operating Certificate for MMH. Horizon Air’s initial proposed service utilizes a 76 seat Bombardier DHC 8-400 (Q-400) turbopropeller aircraft.

“This Record of Decision represents a significant milestone for Mammoth in reinstituting commercial air service to Mammoth Yosemite Airport. The process has been lengthy, arduous and not without significant challenges, but the end result will greatly contribute to the economic sustainability of our community,” stated Karen Johnston, Assistant Town Manager. The aviation forecast anticipates that the subsidized winter ski season service could increase to eight flights per day by the winter ski season of 2011/2012 as additional regional markets such as Las Vegas, Northern California, San Diego or alternate Southern California markets are added.

Winter service is not expected to exceed eight flights per day due to the airport facility physical constraints (e.g., terminal capacity, available apron area). The forecast estimates that unsubsidized summer (July through August) air service could begin in 2012/2013 with two flights daily from LAX.

The Horizon Air Final Environmental Impact Statement (FEIS) was prepared and issued by the FAA in compliance with the National Environmental Policy Act of 1969 (NEPA) and the implementing regulations of the Council on Environmental Quality (CEQ). Although the Horizon Air FEIS demonstrates that there would be no significant impacts associated with the proposed action, the FAA prepared an EIS because FAA considered it most prudent in light of the previous injunction issued by the U.S. District Court for the Northern District of California for the Town’s proposed expansion of the airport, and the resources potentially affected by establishment of scheduled air carrier service. "

And to everyone who has said, "I'll believe it when I see it," the work has already begun on the runway, as seen in this photo taken on May 19th.

There were at least a dozen bulldozers scraping the runway getting ready to re-surface it. Local pilot Jon Eller explains that they should be getting rid of a small crown in the runway that prevents pilots at one end of the runway see all the way to the other end. For more information on the airport, including its current closure, click HERE.

To contact us regarding real estate opportunities in and around Mammoth Lakes, visit our website.

Mammoth Mtn Bike trail update

2008-05-21T15:04:00.000-07:00

On Sunday, May 18th, I rode up past The Village at Mammoth to explore the "Uptown" and "Downtown" mountain bike trails half expecting a short ride due to snow. However, I made it all the way up past the garage before I had to turn around due to time constraints.

I started up Downtown and quickly came across two felled trees - watch out. The Uptown trail still has snow here because it runs close to Minaret and within the range of snowblowers that threw the snow onto the trail. I switched over to "Uptown" about 1 mile in and then back to the "Downtown" trail up near Sunshine curve.

Conditions are good, considering the crew has not yet raked the trails yet (disclaimer: passes will be needed once the ski area opens up the mtn bike park in a few weeks). You will be riding over just a bunch of small branches and pine needles. I had to hike-a-bike two or three times to get over tall snow piles, but rode around or through about a dozen more smaller snow piles.

Up near Canyon Lodge it opens wide up with no snow at all because the forest is less dense (more sunny).

With the ski slopes closing down this Monday, it's good to know the trails are opening up. When one door closes...another opens! Enjoy! -DC

Mammoth / Yosemite Air Service Update - A few more steps in the right direction for bring commercial air service to Mammoth Lakes, California

2008-05-12T16:04:00.000-07:00

At a recent Town of Mammoth Lakes Council meeting, a number of actions were taken that should bring us a few steps closer to really, truly having commercial air service here in Mammoth (Really!!). According to sources, the council approved the $1,500,000 budget for the renovation of the existing terminal and has awarded the contract to Spiess Construction. As well, it was stated that Mammoth Mountain Ski Area and the Town have signed a letter of intent agreeing to loan funds necessary for the completion of the Airport Terminal up to $1,800,000. The airport is scheduled to be closed to all flights starting May 19th so that construction can commence on the resurfacing of the runway, a contract that has been awarded to Qualcom Construction.

It was also reported that there were no negative comments to the Environmental Impact Statement (EIS) relating to the reinstatement of commercial air service and that a Record of Decision is expected on May 17th.

Horizon Air has signed a letter of intent to bring flights to Mammoth and is expected to be in Mammoth today and tomorrow in order to inspect the layout of the Mammoth Yosemite Airport.

The Airport Commission and Town Council seem to be confident that 2008 will be the year for Commercial Air Service here in Mammoth!

Mammoth Real Estate Deals of the Month

2008-03-23T08:22:00.000-07:00

It's time to update you on the best real estate deals on the market right now up here in Mammoth Lakes, CA (these are not our listings - just ones we think are very well priced):

$270,000 - Hidden Valley studio+loft / 2 bathroom condo located right below the Ritz-Carlton site near The Village. $95,000 below peak pricing* (-26%). Another Hidden Valley is listed for $289,000.
$359,500 - Juniper Springs Lodge 1 bed / 1 bath ski-in/ski-out location. 2nd floor condo listed for $76,400 below peak pricing (17.5%).
$475,000 - Snowcreek V. 2 bedroom / 2 bathroom out in the meadow. $117,500 below peak pricing (-19.9%).
$749,000 - Snowcreek V. 3 bedroom / 3 bathroom / 1-car garage on the perimeter of complex with great view. $153,00 below peak pricing(-17%).
$1,995,000 - Bluffs Home. 5 bedrooms / 4.5 bathrooms / 3-car garage / 0.5 acre in exclusive Bluffs neighborhood at the end of Old Mammoth Rd. Call for info on how low this seller will go and for the possibility of owner financing at below-market terms. On a $/sqft basis, this is listed for 12% below peak levels.

*Peak pricing was established in late 2005 and early 2006 when prices were at their highest.

Honorable Mentions:

$770,000 - The Pointe. 3 bedrooms / 3 bathrooms + 2-car garage at the point created by the curved intersection of Chateau Rd and Minaret. Great views and great floorplan. Listed $40,000 below peak pricing (-5%) but the seller is extremely motivated and will most likely drop a few more tens of thousands.
$530,000 - Sunstone 2 bedrooms / 2 bathrooms ski-in/ski-out. This sold in Jan '08 for $180,000 less than peak pricing (-25.3%) but was a floor lower, so it is more like $150,000 below peak pricing (21.1%).

Foreclosure Update:
There has been a lull in our foreclosure market, probably due to the 30-day freeze the government put on all foreclosures. But in the next few weeks we will have at least 3 condo foreclosures to post on our foreclosure website (http://www.mammothlakesforeclosures.com/). Two of them are 'kinda' listed with out of area brokerages who have not put them in our MLS nor advertsied them. These banks are doing themselves a disservice when they punch in our zip code and see that Fresno is the closest big city (as the crow flies, but not as a BMW drives). Anyway, our RE/MAX of Mammoth REO Department research has found the following:

MountainBack 2 bedroom + loft / 2 bathroom for ~$489,000 (north facing, average condition)
GreyEagle 3 bedroom / 2 bathroom / garage. We don't know the price.
The Village at Mammoth 2 bedroom / 2 bathroom. This one should be listed with RE/MAX in a few weeks and we do not know the price yet.

Call us or email us with any interest or questions.

Response to LA Times article, "Mammoth bets on the jet set"

2008-03-01T12:32:00.000-08:00

The LA Times posted an article last night on their website that may be printed in tomorrow's Business section. It is titled, "Mammoth bets on the jet set" claiming that the newly opened Westin and the newly proposed Ritz-Carlton will have us ready to 'celebrate.' The link to the article is here: http://www.latimes.com/business/la-re-mammoth2mar02,1,6674535,full.story. It is great to see increased awareness about Mammoth, however we would like to share our thoughts and clarify/correct a few things the author writes.

"In 2007, 278 condos sold, 22% fewer than the 358 in 2006, according to the Mammoth Lakes Multiple Listing Service." The author probably does not know that these numbers include new development that was presold two years prior (like the Westin), so scrubbing the data reveals that the decrease in sales was more like 49% from '06 to '07. Buyers have really pulled the reins on buying and are waiting for the 'bottom' of the market, which no one can predict. We think it is better to buy now, slightly before the bottom, when depreciation is slower, than during the rebound when the appreciation rate is typically steeper.
"The mortgage meltdown has exacerbated the vacation-home slowdown. Owners tend to sell second homes before shedding their principal ones when the going gets rough financially, so resorts have more inventory than usual." This may be true with other resorts, but Mammoth property owners tend to be stronger financially (coming in with larger down payments, 1031 Exchange money or all cash) and hold on to their properties for longer rather than selling. That being said, the few owners who are in financial trouble have starkly lowered asking prices, making it easier to see what the good deals are. Our inventory has doubled since the peak of the market in late '05/early '06, but our population of properties has also increased in that time with the Westin, Lodges, Stonegate and other new projects.
"He attributes the [long term rental market] slowdown to the state's economic turbulence." We attribute it to the massive exodus of construction workers who have been in Mammoth building the Intrawest projects for the last handful of years and to the increase in affordable housing projects that our town has built in the last few years. If anything, any local economic turbulence would tend to help the long term rental market as would-be buyers rent instead of buy and troubled sellers who dump their properties now have to rent.
"On the brighter side, nightly rentals are up 40% from last year" Well, yes, because last year we had 231" of snow and this year we already have 331". But are rentals up over the big winters of 04/05 and 05/06? We are snow farmers up here and last year's 'crop' was well below average.
"The airport could draw a big range of folks to Mammoth...beyond the drivers' market from Southern California." This, we agree with. With the Westin coming online a few months ago, we are already getting visitors from the east coast who are using their Starwood points and checking out Mammoth. As long as marketing is done appropriately and intelligently when the flights start to happen (i.e. we don't want to mislead people into thinking Mammoth is anything like Aspen/Vail), I think we can attract visitors who normally might fly to Colorado resorts. It will also make Mammoth that much more accessible for Europeans who have already found Mammoth to be worth the trek overseas (typically arriving via LAX or Reno and then having a 3-6 hour car/bus ride)
Ritz-Carlton: The sales team needs to get 60 units into escrow by mid-May in order to begin building the project - it will be interesting to see if they can pre-sell enough units at the prices that they are asking.
Summer is not "the slowest time of the market" here. We have slightly more visitors in summer than we do in winter and we typically sell more real estate than in winter.

In summary, sales of Mammoth real estate is slow, but opportunities exist. I just helped a couple with 2 young ski-age kids get into their first vacation home on their middle income salaries. They paid 25% less than the neighboring condo that sold at the peak. They are okay with a possible initial slide in value because they are buying for the long term and for the memories they will create with their kids that will last a lifetime. -DC & TP

Conforming Loan limit may increase

2008-01-26T12:43:00.000-08:00

The following is taken from en email sent to me yesterday by Margot Zen at Diversified Mortgage here in Mammoth Lakes. She is one of the few lenders I recommend to my buyers because she and her staff work quickly, are very knowledgable and communicate well with my clients:

"I wanted to update you on some pending federal legislation that could have a HUGE positive impact for us who do business in more expensive areas. The federal government has put together an "Economic Stimulation Package." It has already passed the House and is on its way to the Senate. One of the areas that I am most excited about is they are proposing to raise the CONFORMING loan amount for high cost areas, such as ours, to above the current $417,000 limit.

They are proposing to increase that limit for a 12 month period to as high as $750,000. What does this mean to us?

It means our clients who are on the fence about purchasing property where they need a loan above the $417,000 limit will be able to get a loan at a much more affordable rate. (The difference between the interest rate on a conforming and a jumbo loan today are 5.48% vs 6.71%, which is a pretty big difference). If this passes the senate, we could see it go into affect as soon as mid February."

As an example of the effect this may have, let's hypothetically 'buy' a 2bd/2bath ski-in/ski-out condo at the Bridges for $700,000 (there is one on the market for $749,000). With a 10% down payment and a Jumbo loan at the rates Margot mentions (6.71%), the monthly payments would be $4,069. If the loan were instead considered conforming and rates were only 5.48%, the monthly payments would drop to $3,569, a savings of $500/month (or $6,000 per year).

It will be interesting to see if buyer activity increases if/when the conforming limits are raised. And, of course, refinance activity should increase from current owners with loan amounts between $417,000 and $750,000.

Sellers better not raise their prices artificially to take advantage of this demand-side advantage. I also predict that the spread will not be as much if/when the limits are raised. As my grandfather once said, "Nothing is ever as good or as bad as they first seem."

Margot can be emailed at margotzen@dmortgage.biz.

The Night of Lights makes an explosive return to Mammoth!

2008-01-20T09:50:00.000-08:00

If you weren’t able to attend last week’s Night of Lights here at Mammoth Mountain, California, then you’d better make sure and put it on your calendar for next year! The event was resurrected from its last showing over 10 years ago and relocated to Canyon Lodge in order to provide easier access to any and all that were interested. Adults, children and babies alike were able to access Canyon from all avenues including the Village Gondola, the bus system and just taking a short walk from their home or car. I think it’s safe to say it was a huge success!

It was truly an incredible evening! It began with an amazing Snowmobile demo show featuring X-games athletes pulling off full 360 degree back flips like they were nothing! The crowd exploded with applause, hoots and hollers after each amazing stunt. After the demo was complete, the torch light parade began with Chairs 8, 16 and 22 being lit up in red flares. Then the succession of torch carriers inched down the mountain, finally forming a large “M” for all to see. Mother Nature cooperated by providing a bright crescent moon that just happened to line up perfectly over Lincoln Mountain and Chair 22. Then the fireworks began! It was definitely the most incredibly choreographed fireworks show that I’ve ever seen with music including the songs of U2, Pink Floyd and Aerosmith, just to name a few. Most definitely a night to remember!

Were you there?? Let us know what you think.

-TLP

Mammoth Real Estate Inventory drops overnight

2008-01-16T21:40:00.000-08:00

From December 31st, 2007 to January 1st, 2008 the Mammoth real estate inventory dropped 11% overnight! There were 474 condos, homes, lots and commercial listings in Mammoth Lakes, CA, at the end of 2007 and only 422 the next day.

What happened was that many listings were set to expire on 12-31-07 and they have not been renewed (I was waiting to see if any had been relisted, but as of today we still have only 424 listings). And this decrease was not a result of a buying spree over New Year's. The only other time in the last 5 New Year's Eves that this has happened was '04/'05 when inventory dropped 8% but climbed back up within one month.

What this is doing is weeding out the non-committed sellers; "Oh well, my condo didn't sell, so we'll just let it expire and wait until the market gets better." This will help simplify choices for buyers.

The chart above include what I like to call the pink stale market indicator line. Hot markets usually clear out inventory and slow markets have lots of inventory that sit on the market for a long time. This quick clearing of some of our inventory may help quicken things up. BUT the whole credit crunch phenomenon is a new dynamic that has shrunk the pool of prospective buyers this time around. Sellers need to know that their target market has dwindled because buyers' lenders are requiring more documentation of income and more money down (i.e. 40% down payment for the new Westin Monache!)

The good news for sellers is that there is recent evidence of pent-up demand for Mammoth real estate. I listed a foreclosure (see MammothLakesForeclosures.com) last Friday and had 5 offers by Monday morning with 4 more on the way before the bank accepted one of the offers. An associate of mine also listed a foreclosure last week and put it into escrow on Monday. The interest generated by these two listings was encouraging. The prices were good on these listings, but they were not given away by the banks for pennies. I think these foreclosures and other recent distress sales are slowly showing sellers where their prices need to be in order to sell. Whether they heed this downward price pressure or just let their listings expire without selling is telling of just how motivated they truly are. -DC

The Ritz-Carlton is coming to Mammoth Lakes

2008-01-11T15:39:00.000-08:00

THE RITZ-CARLTON RESIDENCES

MAMMOTH

After much anticipation and speculation as to whether or not it would happen, the Ritz-Carlton is now officially scheduled to take its place in Mammoth. Just yesterday we were presented with the initial roll-out of the extensive marketing campaign that is set to unfold over the next few months. Unlike past campaigns, which have focused primarily on Southern California, this one is supposed to be far reaching, including Dallas, TX, and Vancouver, Canada.

The Ritz-Carlton Residences will be located adjacent to the existing Westin Monache, just across from the Village gondola. All concierge and full-service amenities imaginable will be offered. Plans are in place (pending CalTrans approval) to build a pedestrian bridge over Canyon Blvd that would service both the Ritz and the Westin. With completion scheduled for the end of 2010, timing could be good in relation to anticipated air service.

We were told that floor plans will range from approximately 1,200 to over 5,000 square feet. Pricing is supposed to start at about $1,400,000 and go to over $6,000,000. This will be an entirely new level of development for Mammoth.

The “homes”, as they are to be called, will be sold using a reservation program, similar to what has been used in the past by Intrawest for all of their projects. Reservations are $10,000, fully refundable, and will be accepted starting January 30th. The actual sales date is scheduled for the end of April.

Please feel free to contact us should you like more information on THE RITZ-CARLTON RESIDENCES, MAMMOTH.

Blizzard coming to Mammoth Lakes, CA

2008-01-03T10:19:00.000-08:00

Blizzard Coming to Mammoth Lakes!!

There is much anticipation in town today following yesterday's announcement of a blizzard warning coming for tomorrow, Friday, January 4th. Locals are getting reverse-911 calls from the Mono County Office of Emergency Services warning that travel is not recommended, we should all have provisions to last us 72 hours, there may be power outages, and to stay tuned to the radio for weather updates.

Upon this news spreading, everyone flocked to our only grocery store, Vons. My wife went last night at 7:30pm and saw lines to the back of the store. I just went at 10:15am this morning to take these pictures:

[Bread aisle at Vons]

[Water aisle]

But good news, Vons is being re-stocked as I write this and folks are adjusting travel plans accordingly. We are preparing for cell phones and internet to be down. If you need to reach me regarding real estate, try my or my partner's email and phone (click here for the Contact Us page of our website), but if you don't get through, just wait until the storm passes on Saturday midday. Let's hope no one gets hurt and that our mountains get the 5-10 feet of snow that is predicted! Good luck to SoCal as well, with the flooding predicted and the burn areas getting soaked.

Taken from the NOAA.gov website just now, "Blizzard warning from 4 AM Friday to 10 AM Saturday...A major winter storm developing in the Pacific will reach the Sierra and western Nevada on Friday. Cold air from a low pressure system in the Gulf of Alaska will combine with a plume of subtropical moisture [the famed pineapple connection!] to produce very large snow accumulations between Friday morning and Saturday morning in the Sierra...Winds will increase to 80 to 100 MPH with gusts near 145 mph"

Those of you who own property here but who are out of town, make sure to ask your property managers to pull in any furniture from your deck/balcony. If your roof does not shed snow easily, ask your property manager if it needs to be shoveled after the storm. Be prepared for large snowdrifts to accumulate on the leeward side of buildings (usually the northeast corner, since the winds prevail from the southwest).

Tips for Running in a Snow Storm

2007-12-20T12:55:00.000-08:00

I live in Mammoth Lakes, CA, and there is a winter storm warning in effect. I am still breathing hard from the run I just went on. This is a new one for my running log: 25 minute run around town, conditions = snowing, 25°F, wind 15-30mph. And it was a great run. Here are some tips doing a quick run in a snow storm (which is only advised if you are already comfortable in harsh elements and with dealing with traffic):

(1) Plot out your course beforehand: Avoid streets - cars can skid and snow plows are at work. Know where the sidewalks get plowed and stay on them. Or find a very empty street that has been plowed.

(2) YakTrax: I just bought some and they are great! $20 at Footloose Sports in Mammoth and they easily strap on the bottom of your running shoes. You can turn on a dime on slick ice! But they don't keep you afloat on powder, I found out. They are good on up to 1" of new snow and are perfect on ice and packed powder.

(3) Eye protection: Next time I'll wear some. I had to squint a lot and stop one time when a very large snowflake hit my eye. I guess I thought sunglasses would fog up and get wet from the snow and my snowboarding goggles would look too dorky. Maybe even a hat with a bill would help keep snow from hitting my eyes.

(4) Dry Equipment: I lucked out - my thicker pair of Asics socks kept my feet warm & dry and my cross-country ski pants were dry and very mobile. And any of the running shirts (often donated by Asics) you get when you are a member of the High Sierra Striders wicks away moisture.

(5) Wear Dark clothes: When the wind kicked up and created a temporary white-out, I was glad to be wearing black pants and a dark blue jacket - that way, the two loaders that were in the street could see me (hopefully).

(6) Don't mind the yells: I just got yelled at from a guy in the back seat of an SUV. An out-of-towner, excited to be in Mammoth yelled, "you ain't from around here, are you?" I ignored it, knowing he wasn't from around here.

He might have thought I was crazy to be running in this storm, but it sure beats running in a sweaty gym on a treadmill!

Snowstorm in Mammoth

2007-12-18T09:55:00.000-08:00

Updated photo at 4:47pm n 12/18/07:

IT'S SNOWING! I think we are all sighing a collective sigh of relief as we get pounded by a storm that should bring 2-3 feet by the end of the week. The early ski season brought only a few feet of snow and I was worried that we'd have a sub-par season. Can't wait to get some powder!

Real Estate Update: (1) Two new listings in the Bluffs are priced well at $2.5M: Click Here to View 2 Listings. One of them (3,000 sqft at $833/sqft) is on the edge of the Bluffs with amazing views of the town, the ski area and across to the White Mountains. The other is on the interior of the Bluffs and is 4,100 sqft ($610/sqft). Our office listing at $2.3M (interior of the Bluffs $657/sqft) was just put into escrow.

(2) The "Hillside" property that was purchased by Roger Stauback's Cypress Equities has announed that their plans for ultra-luxury 5-Star condominium project will be managed by The Ritz-Carlton Hotel Company. The project sits on 6.9 acres next to the Westin Monache and should be open for the 2010 ski season. Email me for more information.

Real Estate in Mammoth Lakes - good deals on condos

2007-11-30T15:52:00.000-08:00

Here are some listings of Mammoth Lakes condos that are sticking out from the rest. These sellers are signalling the market that they are ready to deal, possibly even for a loss as compared to what similar condos were selling for at the peak of our recent boom:

Sunshine Village 2/2 for $309,900 (average unit). This is 32.3% lower than an upgraded unit that sold for $458,000 in May 2006.

Sherwin Villas 2+L/3 for $414,000. Short sale that is listed 12.8% lower than what a similar condo went for in April 2006 ($475,000).

Woodlands 2/2 for $447,500. This is listed 23.3% lower than the $540,000 that two of these sold for in 2006.

Crestview 2+L/3ba with underground parking in between Village and Canyon for $514,900. This is a Foreclosure/REO that was just put into escrow yesterday. The owner paid $635,000 for it in Novembver 2004 (Current list price is 18.9% less than what they paid for it - subtract sales commissions and escrow fees and that is approximately a 26% loss without even knowing what the buyer negotiated the list price down to - we won't know until it closes escrow).

Snowcreek V 2/2 (without garage) for $529,000, which is 10.7% less than the highest sale at $592,500. But we've recently seen a sale at $510,000 (13.9% less).

Snowcreek III 3+L/2 listed for $739,000. Compare that to a very incely upgraded unit that sold for $982,500 in May 2005 (24.8% difference) or, more appropriately, to a similar unit that sold for $890,000 in May 2006 (17.0% difference).

Click Here to View Above 6 Listings

Remember the above list prices are just asking prices...most deals are negotiated even lower. For The 70 condos sold in the last 6 months (Jun-Nov and not counting developer sales at the Westin, Lodges, Stonegate or Woodwinds), buyers negotiated an additional 4.9% off of the current list price and 9.2% off of the original list price. So, deals are to be had.

Although I do not want to disclose the condo complex yet, I just negotiated a deal for my buyers that will end up being 24% lower than what the neighboring condo paid 1.5 years ago that wasn't even in as good of condition as this one. Please contact me if you are interested in more information on these or any other Mammoth condos. You can view more condos online at www.MammothRealtySearch.com.

What to do in Mammoth right now

2007-11-30T15:33:00.000-08:00

Snow Sports: With mother nature holding out on us right now, Mammoth Mountain Ski Area is busily blowing snow and plans to have the top of the mountain open today and Stump Alley (Chair 2 open tomorrow). But those of you signed up for their daily emails already know this.

Ice Skating on a lake: I am anxious to go see this site. My partner and her family ice skated on Lake Maime on Wednesday. With cold nights and no snow, it makes our lakes perfect for ice skating. Last year they skated across Convict Lake, which is huge. And they could see fish scattering beneath their feet as they skated. Word is there is hockey being played on Maime. The Ski Surgeon rents skates, but just make sure you can determine if the ice is thick enough. Anyone know a formula for this?

Running: Beautiful weather for a high-altitude run anywhere below the 8500' level. Trails down by Hwy 395 and Hwy 203 are nice and soft and you get great vistas of the Sherwins and of frost-lined creeks. In some years, the pros go down to San Diego or over to the Bay Area to train through winter, but this winter they don't have to leave their home town! So the lack of snow is at least helping their industry!

Mtn Bike: I rode Downtown two days ago and rode across some ice patches between Main Lodge and the bone yard.

Shopping: Sierra Jewelers is going out of business and is offering up to 60% on their inventory. Of course, the Outlet Malls are happy to unload their inventory at half off pricing.

Dining: LuLu was packed the other night - good to see for the village, but I still think it is overpriced (a individual mushroom pizza for $18?!). Alpenrose next door to RE/MAX is a better option with their new chef, Brian. I can't wait to try the White Bark restaurant in our new Westin 'Monache' hotel that just opened up yesterday. The Westin lured a chef from Las Vegas to come out and wow our palettes.

Real Estate: I met several folks over Thanksgiving who were in town just to look at real estate. They did not even ski (not that they were missing much). I helped one family find a good deal on a condo and are excited to start using it in early January. See my next blog for the current deals of the week!

Arts: Free Holiday concert this weekend at St. Joseph's Church on Sunday night at 7pm. Orchestral and Choral works to get you in the moood.

Mammoth represented in NY Marathon

2007-11-01T14:10:00.000-07:00

We're pretty excited here in Mammoth Lakes, CA, about tomorrow's Men's Olympic Marathon Trials in New York. We've got some pretty awesome dudes entered who trained in Mammoth all summer.

Meb Keflezhigi (go Bruins) will be running for the chance to defend his silver medal from the Athens games in 2004.
Ryan Hall (pictured at far left, fastest marathon debut by an American-born man at London this year and a client of mine) is looking to make his first Olympic team.
Dan Browne (pictured below, 2004 Olympic marathoner and 10k)
Josh Cox (pictured in above picture at right, of TV's Bachelor fame, a long lost Cox brother, and getting married in December).
Mike McKeeman (Deena's training partner and cool-guy)
Antonio Arce (fast dude and a client)

It was fun to have these guys in town this summer (some live here and some came to try the high altitude regimen - let's see if it works). They graced us with their presence at our local running races and were seen flying down he green church road or down in Round Valley or doing core workouts at the gym.

They are all extremely focused and motivated on their own goals and yet work together as a team as if they were competing in a true team sport like crew or soccer. They also socialize together in the evenings, like to sample Yordanos' Eritrian cooking, Doug's homemade pasta or pomegranate salads, or compete against the locals at the Paiute palace casino poker tables. They are a great group of guys and I wish they all could qualify.

Cheering them on in NY will be Ian Dobson (pictured in middle, 5k and 10k Olympic hopeful and a client of mine), Andrew 'duuude' Kastor (3-0 this year in races including the Leuven 800 and Wild Iris Half Marathon, 'go to guy' for the Mammoth Track Project), and his wife Deena Kastor (clients of mine), Sara Hall (Ryan's wife), Cristan Browne (Dan's wife), Bob Larsen (Meb's coach, go Bruins), coach Terrence Mahon and wife Jen Rhines (clients of mine), and Doug Napp (wine aficionado and party host extraordinaire).

The Women's Olympic Marathon Trials will be held at the Boston Marathon next spring. The gals who have trained in Mammoth are Deena Kastor (go AHS Chargers), Kate O'Neill, Jen Rhines.

Me? (My marathon debut was 3:48 in Chicago 2005). I'm lucky these days if I can squeeze one run in per week in between real estate and raising two young girls. But I am excited for our cozy little town with a big ski resort to become better known than just for skiing. The formula of putting high quality long distance athletes together at 8,000 feet in a supportive environment has already produced two Olympic medals in '04 - let's see if it can double the results in '08.

So be sure to watch the 2008 Olympic Men's Marathon Trials online (4:35 am PST) at http://www.nbcsports.com/ !

Mammoth Mountain Ski Area improvements

2007-11-01T13:55:00.000-07:00

Get excited! Cloud Nine Chairlift is nearly complete. I took this picture while mountain biking on Oct. 28. The 6-pack chairs (or 'couches' like MMSA's Tom Hodges likes to call them) are just awaiting the seat cushions and a load test. The ride will now take half the time to access some great powder runs.

Opening Day of the Ski Season is 1 week away from today! Althought the skies are clear and daytime temps are in the 50's, they are dipping low enough to blow snow at night, so I suspect just the runs around Main Lodge will be open.

But the mtn biking is still great. With recent weekly snow and rain storms, the dirt is compact and the snow level is just above Paper Route. Many trees are marked for removal down on lower Juniper for the paved bike path planned along Lake Mary Road.

Other upcoming developments include the following:
- High speed quad chair at Chair 5 (summer 2008)
- Eagle Lodge (starting summer 2009 - another year delay from what was expected). The 'temporary' white tent at Little Eagle is going on its 7th year, I think.
- A gondola from Canyon Lodge to the top of Chair 15 Eagle Express (2009). Helps to spread traffic to that side of the hill and towards the new Cloud Nine chair.
- The proposed ski-back trail (along Minaret, or along the uptown/downtown mtn bike trail) is open for public comment right now, which is an important step to getting approval for the trail. The whole point is to help elleviate car traffic from Main Lodge down to town after ski lifts close on busy weekends. Instead, you can right ski down to The Village.
- Real Estate: Altis will break ground again, instead of being a fractional concept, Starwood will be releasing them for 24 whole ownership units. These are located along Bridges Run near Chair 15 and have incredible views. Also planned are 68 condo-hotel units at Eagle Lodge and 19 townhomes at Canyon Lodge (on the lot between 1849 and Snowbird). Rumors swirl about the planned "1" Hotel, but a Starwood developer assured us that they will be releasing the project for sale in Fall 2008.
- Keep an eye out for charter air service (30-seater turbo-props) from Vision Air with a route from Las Vegas to Mammoth to Carlsbad and back again possibly starting this season.

Mammoth - Come As You Are, Do What You Love

2007-09-25T14:45:00.000-07:00

Mammoth ReBrands Itself

I participated in a branding workshop last week in which siegel + gale presented their findings from research done on Mammoth as a brand and requested our ideas on ways to improve certain touchpoints where guests experience Mammoth.

Classic MBA stuff, so I loved it. I have heard many presentations by branders in the past and have felt many of them were filled with fluff, but these guys were good. The research done was thorough and relevant. It was comissioned by the Mammoth Mountain Ski Area and by the Town of Mammoth Lakes as a combined investment in creating a future where we all try to attract visitors together and make their experience one they wish to repeat.

I won't go into all of their findings or our ideas (the main one we tackeld was how to improve aprés ski activities), but will share their idea on the re-branding of Mammoth as a city, as a ski resort, and as a mountain getaway. Why try to compete with the other great ski areas on basis of days of sunshine, number of ski runs or amount of vertical when we all can claim #1 in some area. Don't compete based on the position of superlatives (best pow, most beautiful terrain, highest peaks). Let's differentiate. Duh. We are not an Aspen/Vail.

And why try to be something we are not. We do not have the most amazing service in the world and probably never will. Let's elevate and align expectations to embrace a new brand of hospitality...California hospitality. We're casual in California and we're definitely casual in Mammoth. (Just go to a church service or a wedding and you'll see what I mean). But when is laid back too laid back? Gotta be careful there.

We can enable our guests to create their own kind of vacation on their own terms. Our guests want meaningful experiences, not just ones where they check the "been there done that" box.

We'll welcome you and help you create your own adventurous and athletic or even spa-filled vacation. Loyal Mammoth visitors love to be thought of as locals. They are always quick to tell me how many years they have been coming here or what ski runs they broke their leg on or or what peaks they've climbed or name drop what ski instructor they had. As if they yearn a local's acceptance of them and wish not to be thought of as a tourist. (I'm usually the one that makes them feel good, because I have not yet climbed every peak or even skiied every run.) I think it's great. It is what makes Mammoth more than just a po-dunk map dot. It connects us with the culture and vibrance of SoCal. And if you're a locl who's lucky enough, you have a SoCal friend who will stock you up with Trader Joe's every time they come up.

And while you Mammoth loyalists are hopefully not going to ditch Mammoth any time soon, marketers know we need to cater to you and encourage you to spend more money while you are here. And you will influence people back home. And since 'back home' is one of the most trend-setting cities in the world, many other places will notice Southern Californians going to Mammoth.

So, it's all well and good to release a new brand and tag line, but it is an entirely other thing to implement the change that is wanted. How are the ski area and the town going to motivate the 18-yr old ski rental employee to engage with visitors with California hospitality instead of hiding behind their hat to hide the hangover in their eyes?

It's hard to appeal to any competitive juices when Mammoth does not have any visible competitors within 200 miles. And it's hard to motivate them with money when most businesses are strapped anyway with the seasonality of their businesses. Altruistic approach? Nuh-uh.

It is going to take a long time and money. It is going to take the constant training of supervisors everywhere (at gas stations, retail shops, at resaurants) to instill a higher level of service. Again, not the service expected at a Four Seasons, but a new kind of service that says "Here is your key, help yourself to a drink and make yourself at home."

So, in your opinion, did siegel + gale come up with a good idea? Does this speak to you and help differentiate Mammoth from other mountain resorts?

Are we on track to have a brand like Harley Davidson or like K-Mart? Like Nike or like Enron?

Now is the hard part....delivering consistently on Mammoth's promise to customers at every customer interaction.

Labor Day review, 60 Days 'Till Ski Season

2007-09-06T12:09:00.000-07:00

Mammoth Lakes, Labor Day-style:

Arts & Crafts festval at Sam's Woods site. Fun to walk around, run into locals, chat it up and get a Brat at Red's hot dog cart. Steven White's furniture is always amazing.

Free Mountain Biking: Took my brother (F-15 pilot) and his buddy (test pilot) mountain biking. If you don't want to pay to mountain bike on the ski area, here are two trails that are just as good, if not better than most of the trails on the mountain:

Mountain View Trail: Drive up Minaret Rd all the way past the ski area's Main Lodge and park at the Minaret Summit parking lot. Follow the signs (brown sign with yellow arrow and with little mtn bikes in all four corners of the sign) down and away from the main lodge on nice hard packed dirt. Emerges into a pumice field with criss crossing snowmobile paths. Then along hillside with brief bet great views of the Inyo craters. The trail basically parallels Minaret Rd down to the earthquake fault. 1 hour.

Lakes Basin - Panorama Dome - Mammoth Rock Trail: Fun single track / hiking trail around Horseshoe Lake, on past the west side of Maime, and then taking Lake Mary Rd down to the Panorama Dome trailhead. Talk about short but sweet. Feel like you are an Ewok on one of those antigravity speeders winding through trees, dodging branches. Packed dirt, fun banked curves. Lets you out onto Old Mammoth Rd. Cruise down a 1/4 mile to the Mammoth Rock trailhead. Great views of the Snowcreek meadow and of town. Cruise past old avalanche paths and beneath the monstrous Mammoth Rock. Lets you out on Sherwin Creek Rd. Turn left and head back to town. 1 hour.

Mammoth Rock Race: Speaking of the Mammoth Rock trail, Andrew Kastor (High Sierra Striders) and Ilana Levin (High Sierra Tri Club) put on another fantastic 10k race. Starting at Mammoth Creek Park, head out Sherwin Creek Rd, up Mammoth Rock Trail and down Old Mammoth Rd. I was 29 seconds shy of meeting my goal of breaking 50 minutes. Photos here: http://stimbo.myjalbum.net/Mammoth%20Rock%20Race/

Real Estate over Labor Day: NO condos went into escrow during this past week that included Labor Day. I'm finding it better to go out and meet people at outdoor social events and talk real estate than to sit an open house - my colleagues report dismal attendance at their open houses.

60 Days 'Till Ski Season! If you are a buyer and want to get into a rental condo before Ski Season, September 8th is 60 days (i.e. a good escrow period) away from Opening Day.

Ten condos are reduced 15%+ from their original list price.

I like the Bridges (ski-in/ski-out)2bd/2ba for $731,000 (which you could probably get for $715,000).

I like the Eagle Run (ski-in/ski-out) 2bd/2ba for $799,000. Sierra Megeve 2bd/2ba for $525,900 is walking distance to Canyon Lodge and a good deal.

The Pointe owner is desperate to sell - listed at $839,900 for 3bd/3ba/garage.

Timberridge 2bd/2ba/garage owner is also willing to sell for a loss (he bought for $665k but will probably take under $600k). You can ski-in/ski-out from this property, too.

Western Slopes Villas 1bd/1ba/garage for $375,000 is becoming more of a deal. Great condition, walk to Canyon Lodge.

If you are in to Crowley Lake, for $650,000 you can get 3bd/2.5bath/2-car garage/ 2300 sqft house on 1 acre with stream and view of Crowley Lake.

Cool Health Website: Saw a cool website today, http://www.wellfolio.com/, where you can input key health statistics and see how you match up with celebrity athletes, like our own Deena Kastor.

Fall Colors: While anxious about summer coming to and end soon, the fall colors are always such a beautiful site. Don't worry, they are not here yet, but some of the Aspens have started fading to a yellowish-green. Great areas to visit include the June Lake Loop and Lundy Canyon. Even South Lake above Bishop is great.

See you around town!

Real Estate Price and Foreclosure update

2007-08-23T12:55:00.000-07:00

Quick Mammoth Lakes real estate update:

Condo Sales pace down by 53%
So far this year, 114 condos have sold (annualized rate of 176) vs. 374 in 2006. For homes, the pace is better with 30 selling so far this year (annualized rate of 46) vs. 55 last year.

Prices are basically the same
CONDOS: 2006 Average price = $662,000 (median $560,000)
CONDOS: 2007 Average price = $680,000 (median $546,000)

HOMES: 2006 Average price = $1,092,000 (median $895,000)
HOMES: 2007 Average price = $1,090,000 (median $905,000)

Yesterday someone called me asking for the complete list of foreclosures here. Others have called to ask how much our prices have crashed. They are surprised when I tell them there is only 1 foreclosure and that prices have not crashed.

Mob psychology is a funny thing. Most of our visitors come from Southern California and they hear about the real estate mess in their areas and assume the same thing is going on up here.
But our product is still fundamentally sound (4.5 square miles of private land surrounded by amazing natural beauty) and so are our buyers, who come in with healthy down payments or 1031 exchange money and therefore do not have crazy sub-prime loans.

Most sellers are able and willing to hold on until they get a reasonable offer or until the market improves. There are very few fire sales right now. So if you are a buyer with good credit, use a full time real estate agent (such as myself) to determine which listings are priced reasonably, buy for the long term and don't worry about the short term market fluctuations.

Good news for high-end property owners; a house in Juniper Ridge that was listed at $4.89M just went into escrow. Only two homes over $2M have sold in the last year. And a 3-bedroom at The Village just sold for $1.36M ($933/sqft)! So, nope, our market is not crashing. I think sellers are setting the tone about where they feel their properties should be valued. Unfortunately, buyers are not agreeing with them at this time.

Corporate purchase of approx. 6.5 acres in Mammoth

2007-08-15T20:58:00.000-07:00

We in the Mamoth real estate community learned about this about two weeks ago, but this article just showed up today on Business Wire:

"Cypress Equities Acquires Hillside Property at Mammoth Lakes

DALLAS--(BUSINESS WIRE)--Cypress Equities, an affiliate of The Staubach Company, announced today they have acquired the “Hillside” property at the intersection of Lake Mary Road and Canyon Boulevard in Mammoth Lakes, Calif. Cypress Equities is currently working on a management agreement with a Five-star Hotel Operator for private, ultra-luxury residences featuring the finest in hotel amenities.

Chris Maguire, CEO of Cypress Equities, said, “We know Mammoth Lakes is not a secret - the mountain and the surrounding area makes for a phenomenal year-round resort. We also know that the real estate here in Mammoth is undervalued, so we plan on making this the ultimate destination for those who are seeking a luxurious and serene lifestyle with excellent skiing, biking, fishing and hiking.”

Currently, the “Hillside” property floor plans, sizes, amenities and services are in the design and review phase and the complete project consultant team is being assembled. A marketing campaign is expected to launch later this fall.

More information regarding the new Mammoth development will be released when the Hotel agreement is completed.

About Cypress Equities
Cypress Equities was formed in 1995 as the development affiliate of The Staubach Company. With seven development offices in Dallas, Atlanta, New York, Phoenix, San Francisco, Fort Lauderdale and Nassau, Bahamas, it is an independent company with a dedicated staff that focuses on portfolio acquisitions, build-to-suits, project development, sale-leasebacks and other development services for retail, automotive, hotel and resort property. Cypress Equities is currently developing over $3 billion in projects across the country. "

We like to hear the part about Mammoth real estate being undervalued, but be wary of this as a marketing ploy to try and hype up Mammoth to justify the price they just paid for the land. Hope they researched our town's development impact fees and housing mitigation ordinance.

Here is a Google Earth image of the approx. 6.5 acre parcel that Cypress Equities has purchased for an unconfirmed $53,000,000:

The parcel is adjacent to the Westin "Monache" and across the street from the Village gondola.

And yes, Cypress Equities is an affiliate of The Staubach Company... as in Roger Staubach (http://www.staubach.com/). I'm pretty happy to own a rental condo right across the street at Hidden Valley, hoping that values can only rise with this news. And while the construction right at our condo entrance should put a damper on things for a few years, there is talk of putting in a traffic circle nearby at Lake Mary Rd and Canyon Blvd.

Early August update

2007-08-14T14:17:00.000-07:00

Just waiting for our 2nd daughter to be born. Due date was Aug 13th, which would have been cool to have our 2 daughters exactly 18 months apart, but that came and went and we are left trying to decide to either wait and run the chance of another big baby (our first daughter was 9 lbs 9.5 oz) or induce by any of a number of methods. The one they tried last night didn't work, so we're back home and will try again tonight.

But we get to experience the brand new wing at the Mammoth Hospital. The facilities are very nice and the nurses love their new ward. But what we heard about the hospital running out of money seems true, as TVs are missing from all of the labor & delivery rooms. Regardless, the rooms are nice and big and the care given to us by our small town hospital is outstanding. It's funny when asked so often, 'so are you having the baby down in Bishop?' Many out of towners don't realize that Mammoth even has a hospital! You got to when so many snowboarders are breaking wrists in the winter (like I did back in '99 here) and when so many elderly get altitude sickness in the summer.

I overheard a Vons manager saying that last week was their best week of the summer. That confirmed our feelings what with all the 'traffic' and such. The Bluesapalooza event had cars parked on both sides of the entire length of Minaret Blvd from Meridian to Main Street. The opening night was one of those times when Mammoth gets overbooked. The local Mammoth Lakes Theatre Company was in action doing a small play and the Felici Trio also had their closing concert. I opted for the latter as I had a free ticket and joined the standing room-only crowd in applauding the musicians who again played flawlessly.

And because of my wife's pregnancy, I had to miss the entire week's worth of concerts and events surrounding the 30th Sierra Summer Festival. I felt cheated as I put in month's of work lining up housing for 70 musicians and didn't even get to hear them perform, let alone perform with them as I usually do. Next year...

In addition to the music events, high school running groups have been swarming all over town. It's so great to see them training together in groups, exploring all of our trails. I even got to compete against them in the Footloose/Charthouse 5k/10k last weekend. I ran the 5k in 20:40, just fast enough to take 1st in my age group, showing you the lack of competition in my age group! Pancakes and coffee right afterwards were the true reward.

Real estate wise, things are still very slow. Buyers and sellers are still staring each other down, waiting for one to blink. The most recent offer I wrote up ended up expiring as my buyer decided to wait a while to see if the seller becomes more motivated. Yesterday I told a condo owner who was thinking of selling to wait half a year and reassess; he didn't really need to sell. Just enjoy Mammoth right now and wait for conditions to improve.

Enjoy the last few weeks of summer!

Current Mammoth Real Estate "Deals"

2007-07-29T14:14:00.000-07:00

There are a few good buys out there right now. They're tough to see through the hundreds of listings. It's funny to see many listings being described as "back to 2005 pricing!" or "pre-Starwood pricing" before October 2005 when Starwood Capital announced their purchase of the ski resort which ignited a frenzy and topped of the peak of our real estate boom.

In order to attract a buyer, sellers need to break through the clutter and announce that they are serious about selling. And the only kind of buyer right now seems to be those looking for a great deal. Other buyers are willing to wait a few more months. So here are the Mammoth condos that stand out as being well priced:

The Pointe - 3bd/3ba/garage listed for $839,000 and the seller is in real trouble. He needs to sell in order to avoid bankruptcy, so he may be willing to dip under $800k. This complex is very prestigious with fabulous views to Mammoth Mtn and Mammoth crest. Click Here to View Listing. The last one that sold went for $810,000 back in Nov 2005. This guy bought it for $750,000 in Feb 2005 and he just needs bailing out.

Chamonix by Canyon Lodge -if you can get one for under $300,000: There are three 1-bedroom condos for sale all right around $324,000. With this competition among sellers and with the recent sales of condos at around 95% of list price, you might be able get in the low $300's or just under for one of them. And to be within walking distance of Canyon Lodge skiing, that is a good deal. Click Here to View 3 Listings.

Snowcreek V 3bd/3ba/garage for $795,000. This is priced $50k below the 6 others of these floorplans on the market. And it is priced 15% below the last sale (however, the last sale was in a better location). Click Here to View Snowcreek V Listing.

Val d'Isere 3bd/2ba for $549,000 right across the street from The Village. This has been on the market a while but was just reduced from $599k. Location is key and this complex is right across from the Village and right next to the proposed ski-back trail. While the complex is facing some assessment, I would argue that the buyer could get the seller to pay for them and enjoy the improvements that they will bring. Click Here to View Val d'Isere Listing.

Sunstone 2bd/2ba/underground parking and ski-in/ski-out for $589,900. A Juniper Springs Lodge 2-bedroom condo just dropped their price down to this level and it immediately went into escrow. The same should happen with this one. Both JSL and Sunstone are right on the slopes at Chair 15 and stand to gain from the planned Eagle Lodge to be built starting summer 2008. Click Here to View Sunstone Listing.

Here are some other quick ones:
Juniper Springs Lodge 1-bedroom for low $400's. These rent out very well, like $30,000 gross annually. There are 8 total on the market right now.
Hidden Valley studio+loft listed at $335,000 is 9% below the most recent sale.
La Residence 1+Loft at $379,500 is listed 9% below the most recent sale and the owner is in trouble financially. The homeowners association is about to place a lien on his place for owing homeowner association dues, so I bet he would be willing to go considerably lower.

You may ask, "if these are such good deals, why are they still on the market?" True! I could have written about more listings, but they have gone too fast. These probably will, too. They were either just listed or just reduced in price to break through the listing clutter to be noticed.

You may also ask, "why aren't there more good deals?" Great question. Most sellers don't absolutely NEED to sell (see my blog about different kinds of sellers on ActiveRain). These are typically 2nd/3rd homes or investment properties and many owners are willing to ride this slow market for a while. They may also be getting some good rental income to help them ride it out.

If you have seen a condo on the market and would like my opinion on its price, let me know. There are some awful deals out there, too, and you never want to pay too much for anything.

Concert Review - Mammoth Lakes Chamber Music Festival 7-25-07

2007-07-26T16:34:00.000-07:00

Considering the wild swings in temperature and humidity yesterday, the Mammoth LAkes Chamber Music Festival performance last night was fantastic, although not without some cracked notes.

"Like Night and Day" adeptly describes the middle piece, Bartok's "Contrasts for Piano, Clarinet and Violin" and explained the difference in styles and instrumentation throughout the night. Before starting with Mendelssohn's String Quarter in D Major, opus 44 no. 1, the evening got off to an abnormally abrupt start. Our local audience has been trained to expect longer introductions by Rebecca Hang, the Felici Trio's violinist (the Felici Trio hosts the 3-week festival and collaborates with classmates from Indiana U. for the M,W,F night concerts), who usually gives more in depth background about the composer and his composition. I suspect this was to help shorten the overall program, which went for 2 hours. But what was lacking in her speech was more than made up for in her always thorough program notes.

The lead violinist seemed to be cracking some notes, at least that's what us brass players call it when it takes a split second to hone in on a note after first creating some dischordant sound. Maybe it is my unfamiliarity with string instruments, but it distracted me and made me think of how the temperature was 44° at midday during a freak thunderstorm that made Canyon Blvd look like a muddy portion of the Colorado River, and then 66° right before the concert and how that could have contributed to it.

The third movement, however, intrigued my ears as the minor key would, for an instant, throw a short twinkling of the major key on every few downbeats and then quickly continue in its minor key. What is the name for this composition technique? Anyone know?

The Bartok "Contrasts..." piece was wild, employing two violins for the one violinist, Corey Cerovsek; his second instrument tuned to "the devil's interval" for a country swing sound. Bil Jackson, the clarinetist, while technically amazing, has a breathy approach to his instrument (you can hear the wind leaking out of his instrument). Again, I am overly critical without the expertise to back it up. (I also like $8 bottles of wine because I cannot taste the difference in anything up to $35.) And again, it may be due to the altitude up here. But I have played in many orchestras and ensembles and took music lessons in two instruments for many years, once being selected as 1st chair horn player in the All California State Honor Band. Ooh, impressive. I am only a novice critic and an even more novice blogger.

Finally, Richard Strauss' Piano Quartet in C minor, opus 13 featured non-Felici musicians, which is a nice twist on things, giving Brian, Rebecca and Wen-Ting a much deserved rest in the audience. The Vivace was a well-timed dance that evoked an unfortunately all-to-common standing ovation. My favorite parts of the concert were watching how all of these talented performers communicate with each other and perfectly time their ritardandos and accelerandos. Such pros they are. We are proud to have them here in our town.

The only bummer about the concert was that our babysitter didn't show up, so I went alone, leaving the wife with the kid. Oh, and it was weird to see some of my local friends in their 50's with their dates and seeing them avoid their exes at intermission who were in attendance at the same time. Small town...

Summer Music Festivals in Mammoth

2007-07-20T15:41:00.000-07:00

We are heavy in the midst of music concerts and festivals. The Jazz Festival was a huge success with hoards of jazz fans walking with their programs, colorful garb and festival badges from the Hollar to the Church site to the Whiskey Creek tent or or taking the friendly green and red trolleys down to Grumpy's and Big Top.

My 17 month old daughter was asked to draw the winning raffle tickets from a bucket and was enthralled with the tuba on stage. Now she thinks every instrument is called a tuba and is favorite word of the week.

Currently we have the Felici Trio's Chamber Music Unbound Music Festival workshop and concert series (July 18- August 3). Brian, Rebecca and Wen-Ting bring their Indiana University classmates to Mammoth to help instruct chamber music workshops and then perform concerts at night. They are all professional musicians who double as outstanding teachers as well. Brian, Rebecca & Wen-Ting (pictured) are amazing people and hard workers and they have brought so much to the Mammoth Lakes community that they deserve as much support as we all can give.

So after listening to us amateur chamber musicians all day and instructing us on how to listen to and communicate with each other (the essence of playing chamber music), these talented violinists, cellists and pianists also rehearse and then wow us in the evenings with their diverse concerts. It is fun to see workshop attendees from years past come from all over the state adjust to the altitude and dryness (keeping their wood instruments just the right humidity level, etc.)

The 12th Annual Bluesapalooza is on deck for August 3-4 with bands and brews at the fabled Sam's Wood Site nestled in the trees along Minaret Blvd just below the Whiskey Creek corner. Good times and good food, just be ready for some drunkenness.

Then to wrap up the summer's musical events is the Sierra Summer Festival during August 5-11. We celebrate the 30th anniversary of the festival this year (I have only been part of it as a orchestra member for 4 years and on the Board of Directors for the past year). It is such like a family reunion with conductor Bogidar Avramov as the patriarch of the family and concert mistress Maria Newman as the popular cousin who everyone wants to be like. Bogidar, Maria, and the other section leaders come together year after year and in between rehearsals, old friends reunite on hikes and in shopping malls. The symphony orchestra is a great mix of professionals and us amateurs who get to sit in the presence of such great talent and soak up all of their knowledge (and humor). My buddies in the horn section will no doubt crack up at our section leader, Steve Durnin's, hilarious wisecracks.

I cannot perform this year as my wife is due with our 2nd kid that week. I will dearly miss not being able to play Mozart's Don Giovanni, Schubert's Unfinished Symphony and Strauss' Blue Danube Waltz on the 10th and 11th. But then again, I can't miss the birth of my child, either. At least I got to participate by finding housing for many of the musicians from property owners who so generously donate their condos and homes for a week (thank you!). I hope to see the concert if I'm not in the delivery room. There are, in addition, several other events and mini concerts that week, too.

My hope is that Mammoth continues attracting fine musical talent and that it keeps fulfilling a niche for interesting and profitable festivals/races/retreats/etc. The locals musicians have benefited from these festivals and try to carry on the activity through the year by performing in the Eastern Sierra Chamber Orchestra led by Felici's Brian Schuldt and with one or two musicals per year, and of course by attending the Felici Trio's amazing concerts throughout the year. Maybe Mammoth's current branding efforts should consider the slogan "Mammoth isn't just for skiing anymore."

Just another Sunday in Mammoth + Real Estate stats

2007-07-10T16:46:00.000-07:00

More lifestyle examples for those of you interested in how to live in Mammoth, like if you own a place here and ever thought about moving here full time.

Sunday, July 8
(1) Church Service on the deck at Pokonobe Lodge overlooking Lake Mary at 8:30 am. I have stepped down as the music leader for these services, pastored by the great Fred Weatherly, but still continue to help out on piano. Good to see worshippers who come once a year to Mammoth and join us during their week away from the stress and traffic of L.A., which they are always thankful for. Little smoke in the air from the Inyo Complex fires down in Big Pine and Independence. Got to play "Blessed Be Your Name," one of my current favorites.

(2) Mountain Biked in the afternoon with two buddies whose presence increased the testosterone level above what would have been if mtn biked individually. Went down, or should I say survived, Skid Marks, Velocity, and Shock Absorber. Shock Absorber should be a double black diamond rather than the single it is rated. Very short, steep, winding sections through the trees. The landings were too short to check your speed before the next descent - we saw guys in full gear bailing off their bikes. Makes me want a bike with more than 3 - 3.5" of travel.

(3) BBQ'd at a buddy's house. He's actually a Realtor at a competing firm, but that's what's cool about Mammoth. We are not as cutthroat as we hear about in other cities. I'd say that 90% of our local Realtor community works well together. You've got do - it's a small town. My buddy's and my daughter are about 5 months apart, so they played while he shared a Canadian beer with me and our wives shared their giving birth stories. Yuck.

This week we prepare for the annual Jazz Jubilee. The tents are up, T-shirts printed and trolleys primed to take the jazz-loving generation around to the Woods, Church, Big Top, etc sites.

Real Estate:
On the real estate front, things are very slow in Mammoth right now (evidenced by the fact that I am writing this blog...but I hope to maintain the blog even when it gets busy as a channel to replace my real estate newsletter).

I regularly download all sales and listing data from our Multiple Listing Service and then pour through it, organize it into pivot tables, create formulas from the raw data to make some sense of it, and graph it. I hope to share you snippets of useful data, like the following:

$/SQFT
Condos: Average price per square foot of condos sold so far this year is only down 3% to $529/sqft from 2006, but 2006 was down 4% from 2005.
Homes: We're actually up about 1% to $453/sqft this year over last year, but down from $464/sqft in 2005.

Sales Counts
Condos: In the first half of 2007, only 83 condos have sold vs. 202 during the first half of 2006 and 302 in the first half of 2005.
Homes: For homes, the numbers are 26 this year, 28 last year and 59 in the first half of 2005.

Sale Price / List Price
Another telling statistic is what sales prices are as a percentage of original list price. Condos are down to 94% so far this year after two straight years at 97%. Homes sale prices are down to 88% of their original list price vs. 95% in 2005 then 91% last year.

Do prices have further to drop? I think so. Sellers are getting more and more impatient and the real sellers will drop prices further. See my blog on ActiveRain about our two different types of sellers.

4th of July - Mammoth Lakes, CA

2007-07-07T11:00:00.000-07:00

Introduction to this Blog -I Love Mammoth Lakes:

So I couldn't resist trying my hand at blogging. And for the overlying topic, I think I want to share about the experiences I've had here in Mammoth Lakes...what it is like to live here and the amazing natural surroundings, the events and both the people that live here and the people that come here to visit.

My wife and I moved here 5 years ago right after we got married and started our new life together here. I think we can finally be called locals, especially after having survived the biggest and 2nd biggest winters (of '05/'06 and '04/'05 respectively) on record. But it is summertime now and we don't want to think about winter for a while.

I am a Realtor for RE/MAX of Mammoth, so forgive me if some of my posts have a slant towards real estate, but for this first post, I want to expound on why I Love Mammoth Lakes.

One way to do this is to chronicle how the 4th of July went a few days ago:

(1) Woke up and played with my 16 month old daughter and had the daily ritual of coffee with my 8-month pregnant wife.

(2) Loaded up the car, drove 1/2 mile to my office to drop off folding chairs on the parade route.

(3) Ran to the corner of Old Mammoth Rd. & Minaret to warm up for the 2nd Annual Freedom Mile, which I volunteered for by stuffing race bags last night with my buddies, Deena & Andrew Kastor (who put on the race). I therefore got bib #1, which brought on some unforeseen pressure to race well.

(4) Ran the Footloose Freedom Mile to the finish line near the corner of Old Mammoth Rd. and Main St., hearing Andrew announce over the loudspeaker that I finished in just under 6 minutes, which was my goal (5:57 to be exact). Not even close to the first place kid who ran a 4:37 or something like that! The race route was lined with parade spectators to cheer us on the whole way. Well done, Andrew!

Having placed 1st in the (unofficial) stroller division last year, I loaned our stroller to Meb Keflezhighi (Olympic marathon silver medalist) so he could run with his daughter, Sara. I told him he had a streak to keep alive, so he did me proud by placing 1st in the stroller division this year (like it was even a contest). The race also had an official "Strutt Your Mutt" division, which Deena Kastor (Olympic marathon bronze medalist) participated in with Aspen (her sweet chocolate lab).

(5) Parade: Hung out with my family, coworkers and friends (runners) to watch our small-town, hokey parade. My daughter was SO excited to see the horses walk by, shouting , "Neigh, Neeeeigh!" the whole time. No fighter jet this year. But the Lighthouse church band guys were rockin' out on their float with a statue of Iwo Jima behind them...and then we saw one of the soldiers move! Their makeup was incredible - wonder if they sweat it off by the end of the parade (was about 87° outside).

(6) Went to Mammoth Creek Park at 2:30pm to listen to live bands, watch a drunk 60 year old dance with a 3-wood golf club, collect my prize for getting first in my age group in the race, and people-watch. With a small town, you always know someone performing, working the event or attending, so you're never alone.

(7) Went to our friend Doug's, for eel and veal. Never been to an eel and veal party - but it was good! Doug is a wine fan and paired the veal well. Only bummer was that my wife and daughter had to go home early for my daughter's early bedtime (which also meant no fireworks).

All in all, a great holiday.