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.
Sunday, July 29, 2007
Thursday, July 26, 2007
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...
"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...
Friday, July 20, 2007
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.
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.
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."
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."
Tuesday, July 10, 2007
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.
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.
Saturday, July 7, 2007
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.
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.