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!
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