A lot of people have been asking us lately, “What impact do you think
the Town’s declaration of bankruptcy will have on the real estate
market?”. Good question. In looking at the list of FAQ’s that was put out by
The Town of Mammoth Lakes, (clickhere for FAQ regarding Town bankruptcy), as well as reading about what
bankruptcy has meant for other communities, the answer could really be that
there may be little or no impact on the town as residents and visitors see
it. As with most towns/counties that
declare bankruptcy, many cuts have already been made in an attempt to avoid the
bankruptcy. We are still in bankruptcy
court, so we won’t really know the “bottom line” until we’ve gone through this
process. Again, the frequently asked
questions (link above) answer a lot of questions and are probably the best
source of information for anyone who is wondering.
As far as the general real estate market here in Mammoth goes, we have
continued to have an active market. In
general, the low end of the market has been the most active whether you’re
talking condos/townhomes or single family homes. Buyers are all looking for a “deal” and there
are plenty of deals out there right now.
When something does come on the market and it’s aggressively priced, it
will typically see multiple offers.
An interesting indicator is our
property inventory. In a “typical”
spring / summer, we tend to see the inventory (number of units on the market)
go up considerably towards the end of spring and beginning of summer (summer
really kicks off in Mammoth around the 4th of July). Then, as we get closer to the end of summer
and early fall, we’ll start to see the inventory go down as more places sell
and some sellers pull their properties off the market since they know they’ve
got rental income coming in. So far, both
our condo inventory and our single family home inventories have remained fairly
low and pretty steady as far as the number of properties for sale. Properties are coming on the market, but just
as many seem to be selling.
To give you an idea of what kind of numbers we’re comparing, when we
had a LOT of condos on the market, our inventory was at about 330, give or
take. Houses were around 86-90 houses on
the market. Right now (and fairly
consistently for about the past year), we have at any given time about 160-165
condos on the market and about 60-65 houses on the market.
Call or email us should you have ANY questions. Thanks for visiting!
