Key Insights on Mammoth Lakes Real Estate
My original slogan of “expect the unexpected” in the foreclosure and REO realm has recently moved in more twisted directions. While the slow turn of distressed properties continues with owners continuing to occupy properties for REALLY extended periods without making payments, now some of the banks and lenders are actually making it more difficult for qualified buyers to purchase their REOs. … [Read more...]
The REO circus of the last two weeks has exposed and verified a few growing trends in Mammoth real estate and specifically the foreclosure and REO markets. While the banks and investors who own these properties are unemotional, methodical and have a very structured sales process, the (potential) buyers are quite another story. I’ve talked to dozens in the last couple of weeks and I can assure … [Read more...]
The controlled burn of foreclosures in Mammoth flames on but the buyers looking for the screaming deals continue to be discouraged, but it is all relative. And what would a “controlled burn” be without things getting out of control just a little bit? The media, and especially the real estate related media, is full of stranger-than-fiction foreclosure stories. The stories range from indignant … [Read more...]
Meridian Court F202 -- Okay, it's been a little more than a week but I've been busy. Seems most of Mammoth has tried to escape to the Tropics or someplace warm and I can't blame them. My turn comes at the end of the month. But here is something interesting. My readers know I am fascinated by the "crashpad" concept here in Mammoth. A crashpad is the term I use for something that is in demand: a … [Read more...]
Mammoth weather redeemed itself. The wintry spring gave us lovely summer-like weather the past few weeks. And the trend may stick around after the current cold front moves through. The fall colors are turning slowly-but-surely and it continues to be a fabulous time to be in the east side. And I might add, a perfect time to come look at Mammoth real estate. That is, if your agent isn’t on … [Read more...]
The flow of foreclosed properties has slowed in Mammoth, but it is a temporary lull. There are plenty of properties with repeatedly postponed trustee’s sales, properties in default, property owners not making payments (some for MANY months), and general signs of distress on every street. The banks and lenders are clearly not moving quickly to foreclose, at least right now. The banks and their … [Read more...]
The Mammoth REO rodeo continues to ebb and flow. Sometimes we feel on top of things and other times we feel a little buried. My mantra of “expect the unexpected” is worth repeating for buyers, brokers, and casual observers too. The foremost wild card in the mix remains the asset managers who are handling the bank’s portfolios. Not only are they running the show but they are also mired in … [Read more...]
Sometimes life in the small town of Mammoth becomes a bit bizarre, and the dog days of this summer have found us here again. Too many lovers of life have recently lost their lives. And just when we thought financing properties couldn’t get much more difficult (at least in this decade), our “go-to” mortgage banker over the years has passed away. The vacuum in the local market is substantial … [Read more...]
Real estate short sales are becoming all the rage in the Mammoth MLS inventory. And anybody who consistently reads here knows I’m skeptical about them in the Mammoth market for many reasons. But with an ever changing economic landscape, manipulations from Washington DC, and fluctuating bank policies, I’ve tried to keep an open mind and continue to do my own research on what to expect in the … [Read more...]
This column has been delayed several times by work duties, showing property, great ski conditions, and my ongoing attempt to understand how the Stimulus and Housing Bills and foreclosure intervention by the government will ultimately affect the Mammoth real estate market. My summation at present: the artificial delay of many foreclosures that began early last fall will now only further postpone … [Read more...]
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