For the time being, the REO/foreclosed property opportunities have dwindled here in Mammoth Lakes. But short sales are still quite active. And yes, there is some uncertainty (and patience required) for the buyers in these short sale transactions, but one of the really positive aspects of acquiring a short sale in Mammoth is the potential to close on a property that is in excellent condition and in “turn-key” or ready-to-use condition. Here is an example. This is a 1 bedroom + loft / 2 bath condominium at The Summit. This property is on the top floor (duh, Paul––loft) and on the corner of the building. The unit has excellent natural light. There is understructure parking and an elevator. It has easy access to a nice pool, spa and BBQ area. There is a wrap around deck that has views out to the south and west. The inside of the property is in excellent condition with numerous remodeled upgrades. It has a modern (and expensive) EPA-certified fireplace. The kitchen and bathrooms have been remodeled. There is an extra vanity in the bedroom. There are extra touches everywhere. So not only does this property have a superb location in the building and project, it is also in superb condition. It is located in the most easterly (or downhill) building of The Summit. Quite frankly, that is a walk to Eagle Express in snowboard boots but most likely a quick jump on the shuttle for skiers. The Summit had a major assessment and exterior remodel just a few years ago, so this is an example of “buying on the back-end of a major assessment.” Currently listed at $299,000, but likely due for a price reduction one of these days. 1-02-2012 update Reduced to $269,000
