Market Summary: October 9 – October 23
Mammoth Lakes Multiple Listing Service reports only 11 total sales/closings in Mammoth for the period ranging from a low of $133,090 to a high of $950,000. Only 1 of the closings was a REO property, and only 1 was a successful short sale.
At the period’s end there were 211 condominiums listed for sale (an increase). There are 62 single-family homes on the market (another decline) in Mammoth Lakes proper. And the 4 cabins on Forest Service leases in the Lakes Basin are still sitting. There are 46 lots of which 40 are residential lots.
The total number of properties in “pending” (under contract) in Mammoth Lakes increase to 77. Total number of pendings in the Mammoth MLS is currently 94 (an increase). Last weekend’s 3-day weekend produced some sales that showed up during the later half of this past week.
Market Updates and News
The last ten days have been filled with some REO related madness. Two new listings came to the market and created substantial activity: an extraordinary amount of calls and showings at both properties. The first property, fondly known as 503 Hillside, was priced at $205,000. This listing may have generated more interest than any property I can recall in my 26 years of real estate here in Mammoth.
Last weekend, including Friday, Saturday and Sunday, there were over 50 different parties through the property. By Monday there were 16 offers. Needless to say it is under contract now. But people are still calling. The property is an “interrupted remodel” needing $100K+ in repairs and improvements. What all the activity told me is that there are dozens of buyers for decent low-end homes in Mammoth, if only the prices come down far enough.
The second property that received substantial attention was Eagle Run #105. Priced at $301,150 for a slopeside 2-bedroom, this also created multiple offers and an overbid scenario. These units originally sold for over $400,000 in 2003. The low pricing was apparently driven by the bank’s appraisal that considered the need for an all-cash buyer as significant value impediment. So much for appraisals. Look for more REO information in my upcoming blog post Mammoth Foreclosures 7.7.
The sale of Snowcreek #100 for $410,000. This 3 bedroom+loft/3 bath townhome was bank owned and in pretty good condition but prior to the foreclosure it had been on the market a long time both as a regular listing and a short sale listing. This is a spacious condo with plenty of utility, meadow setting and views. A good buy for the buyer but also good price support for the oldest of the Snowcreek properties.
The largest top floor penthouse 3 bedroom/3 bath in the Village sold for $950,000 or $505 per square foot. This is pretty amazing because that price will buy a very nice home in Mammoth today. Of course Starbucks is right outside the door!!
The sale of Mountain Shadows 1 bedroom/1 bath for $133,090. This un-remodeled unit faced into the forested strip of the Latter Day Saints church property making for a unique natural setting in a low-end condo. Buyers will pay more for the special settings, here’s proof.
The sale of Snowcreek #844 for $399,000. This 2 bedroom plus loft / 3 bath condo in Phase 5 is another example of Snowcreek price support. This unit is hitting 20 years old and really needs paint and carpet and new decor. But this floorplan remains popular and the gas heat is a real plus. There just isn’t much storage, and no garage.
Oh, some others, a couple of Westin Monache units including a successful short sale, and a top floor 1 bedroom at Sunstone at $255,000, once again exhibiting the added value for top floor condo hotel units.
Other Real Estate News
The big rumor buzz in Mammoth real estate is an anticipated announcement out of the Ski Area regarding funding to move the Eagle Base Lodge project forward with construction slated for summer 2103. The rumors are coming following an article in the local news about the Mountain’s attempt to take over the lease of Camp High Sierra, the area to the north of the Eagle Express base. The news report stated that the Ski Area was looking to expand beginner runs and lifts into that area. And with the new Chair 5 nearing completion it might be the right progression to try to move more skiers through the Eagle portal. I have always been a strong supporter of investing in the Eagle/Chair 15 area, and now might be a great time; values are low and there is some availability.
The re-paving of Hwy. 203 from 395 to the Main Lodge (including all of Main St.) has finally been completed. Granite Construction should be commended; it looks like a good job and they were efficient despite delays, and they benefitted from some favorable weather conditions. Now just in time for Caltrans’ chained-up heavy equipment to start grading away the snow and ice.
Many buyers still appear to be “on hold” pending the outcome of the Hot Creek/Airport judgement negotiations, while many others appear more-than-ready to jump on screaming deals. 2012 could be fun!
Mammoth has been rewarded with some great Indian summer weather and fabulous displays of fall colors. For those who have never visited this time of year, it is certainly worth noting and giving it a try. Of course, you want to watch the weather and come when the skies are blue and temperatures warm.
Thanks for reading!