Tips for Running in a Snow Storm

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

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

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

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

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

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

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

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

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

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

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"

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

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

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

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

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.