Market Summary: May 15 – May 26
Mammoth Lakes Multiple Listing Service reports 18 sales/closings for the period (only 11 days) ranging from a low of $101,700 to a high of $950,000. At the period’s end there were 211 condominiums listed for sale in Mammoth Lakes, 55 single-family homes, and 48 lots of which 43 are residential lots. This is again a slight increase in inventory but the overall inventory is bouncing around a bit with a combination of new listings and spring sales. So far there is no alarming increase in summer inventory. Memorial Day weekend can bring owners to town who want to list, but it also brings willing buyers (and great skiing). We’ll see what happens.
Noteworthy Sales
The sale of the 2 Pinehurst, a lengthy short sale that many potential buyers were watching, for $950,000. This was a modern (2007) built home, by local contractor Presson Construction, 5 bedroom, 3.5 baths. Why so noteworthy? This property was in escrow once as a short sale for many months and eventually fell out. Then it was placed under another short sale late last fall and finally closed some six months later.
The sale of Snowcreek IV #518 for $800,000. This is one of the spacious townhomes with 2-car garages located along the Mammoth Creek drainage and Snowcreek open space. These units, built in the mid-80’s, were highly coveted for many years because of the lovely natural setting. In recent years, with the properties showing their age and the competition from newer units in upscale locations, they had fallen a bit out of favor. They still have excellent living space and an incomparable settings on the creek. But probably ready for a remodel.
The sale of Westin Monache #545, a 2 bedroom/2 bath for $515,000. Wow! Maybe this was a screaming deal. One of the premier units in the project! And a great price.
The sale of 119 Ridgecrest for $590,000. This is a typical late 80’s built 3 bedroom/2.5 bath, 2-car garage home on a nice corner lot in the Slopes. I showed this nice home numerous times but maybe it was too buried in snow for buyers to get the vision. Maybe I wasn’t a good enough salesman. This was a good buy in the market.
The sale of White Mountain Lodge #2420 at $240,000. This is a 1 bedroom/1 bath unit on the top floor overlooking the main corridor. The buyer stuck out the short sale and made a nice buy.
The sale of Juniper Springs Lodge #435 at $212,000. This nicely located 1 bedroom /1 bath was bank owned and was originally listed for $205,000, so it was obviously bid up. The unit did not have the granite upgrades. A good showing of price support in the condo hotel sector.
The sale of Sierra Valley Condos #8 at $144,900. This 3 bedroom/2 bath town home was bank owned and was marketed locally for quite some time but eventually went to a true auction (and online). The previous owner of this property paid well over $400,000 for this property at the peak of the market. This may represent the most significant decline in value this market has yet to see.
Other Real Estate News
Looks like the Tallus project will be rekindled by a new owner who has also brought the original developer Eric Fishburn along to help out. The deal isn’t finalized but looks like a go. They hope to finish the uncompleted buildings and modify the expenses of the “club” portion to make it more marketable. They also have additional plans to make the project and development viable. Stay tuned.
The Mammoth Community Water District is hustling to complete the last section of the tertiary (waste) water line up to Snowcreek and Sierra Star. We may actually see reclaimed water used on a golf course this summer. Go figure, after a record winter when water is plentiful!
The old Ocean Harvest Restaurant has a big banner out front “Red Lantern Chinese Restaurant… open in fall” If the owner executes here like he has at Rafters, can’t wait.
Time for Vacation… There might be a small delay in the next newsletter, I’m heading to the tropics for a couple of weeks of warm salt air and there is no Internet connection where I will be.
Thanks for reading!