Mammoth Real Estate Deals of the Month

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.

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.