Springtime in Mammoth Lakes

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!

Mammoth Mtn Bike trail update

On Sunday, May 18th, I rode up past The Village at Mammoth to explore the "Uptown" and "Downtown" mountain bike trails half expecting a short ride due to snow. However, I made it all the way up past the garage before I had to turn around due to time constraints.

I started up Downtown and quickly came across two felled trees - watch out. The Uptown trail still has snow here because it runs close to Minaret and within the range of snowblowers that threw the snow onto the trail. I switched over to "Uptown" about 1 mile in and then back to the "Downtown" trail up near Sunshine curve.

Conditions are good, considering the crew has not yet raked the trails yet (disclaimer: passes will be needed once the ski area opens up the mtn bike park in a few weeks). You will be riding over just a bunch of small branches and pine needles. I had to hike-a-bike two or three times to get over tall snow piles, but rode around or through about a dozen more smaller snow piles.

Up near Canyon Lodge it opens wide up with no snow at all because the forest is less dense (more sunny).

With the ski slopes closing down this Monday, it's good to know the trails are opening up. When one door closes...another opens! Enjoy! -DC

Mammoth / Yosemite Air Service Update - A few more steps in the right direction for bring commercial air service to Mammoth Lakes, California

At a recent Town of Mammoth Lakes Council meeting, a number of actions were taken that should bring us a few steps closer to really, truly having commercial air service here in Mammoth (Really!!). According to sources, the council approved the $1,500,000 budget for the renovation of the existing terminal and has awarded the contract to Spiess Construction. As well, it was stated that Mammoth Mountain Ski Area and the Town have signed a letter of intent agreeing to loan funds necessary for the completion of the Airport Terminal up to $1,800,000. The airport is scheduled to be closed to all flights starting May 19th so that construction can commence on the resurfacing of the runway, a contract that has been awarded to Qualcom Construction.

It was also reported that there were no negative comments to the Environmental Impact Statement (EIS) relating to the reinstatement of commercial air service and that a Record of Decision is expected on May 17th.

Horizon Air has signed a letter of intent to bring flights to Mammoth and is expected to be in Mammoth today and tomorrow in order to inspect the layout of the Mammoth Yosemite Airport.

The Airport Commission and Town Council seem to be confident that 2008 will be the year for Commercial Air Service here in Mammoth!

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.

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.

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.