This Mammoth Real Estate Q&A appears in the 4th of July Weekend 2025 issue of The Sheet.
Q: We’ve been watching the Mammoth real estate market and the values between similarly sized homes and condos, especially on the lower end, seem to be very close. We thought homes would be more valuable, especially because of the high HOA fees. What are the real differences, pluses and minuses, between condos and homes in Mammoth?
A: One thing I’ve learned over the decades is that not every buyer is right for owning a home in Mammoth, and not every buyer is right for owning a condo. And some come to the market not really knowing which is best fro them. One of the more interesting aspects the extreme winter of 2023 is that some existing single-family home owners decided to sell and make the shift to condo ownership. Managing a property in this environment can become a little overwhelming at times. Other owners simply decided that massive snow winters were not for them at all and they sold out entirely. This alone can be a critical decision point for buyers (and owners). And condo ownership can make things far easier.
Many buyers do come to the market already decided on which they want—a home or condo. Sometimes it is simple affordability; the Mammoth market doesn’t have smaller, 400-700 square foot homes in the same affordability range as the condo market. And overall, condos tend to be a bit more affordable than homes. But in 2025 the most expensive (per square foot) properties on the market are the Limelight penthouse condos. And the largest of these units are priced equally to the most expensive (and large) luxury homes in the finest neighborhoods.
To validate this almost parity in values over the years (the MLS only goes back so far), I pulled out of my archives some of the old property brochures I had produced way back when (1989,1993,1998). There was a time when social media didn’t exist (thank God!) and desk top publishing proved to be a nice little skill to have. During lean times it proved to be very cost effective. Real estate was advertised in print back then (it is why the Mammoth Times was founded and flourished—real estate ads paid the bills).
These real estate brochures will make you want to cry. The shoulda, woulda, coulda era in Mammoth. But they show the similarities in values during these eras between homes and condos. And of course, there are variables over the years. In recent months one of the hottest segments of the Mammoth market has been any home listed under $1million. These homes are going to be compromised one way or another—aged and dated conditions, small floor plans, lack of storage or garage, something “funky”, lesser locations, or maybe all of the above. Lately, they all sell.
Take the same price range in the current local condominium market and we will find some/many of the same compromises. But some of the older condo projects have less density and/or have wonderful natural settings, like Snowcreek. Finding a single-family home with these characteristics is challenging, if not impossible. Many of these condos have far better access to specific amenities like the ski lifts, golf courses, bike paths and trails, shuttles, or favorite restaurants and bars.
Buyers moving into the $2million range find single-family homes with far fewer compromises but most new owners will inevitably do some updating and remodeling. The same price range in the condo market can bring a property with some truly special features or amenities. These include spectacular settings or views, or large floor plans including brand new properties with contemporary design. And they can generate short term rental (STR) revenue, many capable of well over $100K plus per year
One not-so-obvious market condition that buyers may not recognize; the odds are that the condo properties will have less deferred maintenance than a single-family home. And again, there are plenty of variables especially depending on where the specific condo HOA is in the capital maintenance cycle, versus the diligence of the individual owner of a single-family home. Most Mammoth condos HOAs are very attentive to their physical plants and the various components are highlighted to their management by regular third-party reserve studies. They also have many scrutinizing constituents (owners) who have a watchful eye. These properties are being repaired after each winter. The painting, re-roofing, etc. are all on regular schedules. Owners of single-family homes can be far less structured in their repairs and maintenance, they only answer to themselves.
The layers of management is also what makes Mammoth condos appealing, especially to second homeowners and investors. Most people who can afford a Mammoth property usually don’t have the time to do excessive management of their property. For years I’ve described the local condos as having the “walk away amenity” for owners. After a great weekend of skiing and expected to be at work the next morning in SoCal, that can be especially valuable. Today, the layers of management can include overseeing managers, onsite managers, daily workers, HOA management including accounting and CPAs, specific snow removal companies, pool and spa specialists, landscapers, etc.. All of this has become far more professional than it was just a couple decades ago. Some of it has been driven by State laws (now part of the Civil Code) and lending guidelines from the likes of FanniMae.
With all of this comes some cost efficiencies too. Some people balk at the perceived high HOA fees in Mammoth, but they haven’t taken a good look at the overall ownership expenses. Snow removal alone is a significant expense, even in a modest winter like we just had. And most people don’t recognize the inherent expense of going from season-to-season—as soon as the landscape is looking great it is time to winterize the irrigation, install the snow stakes, and make sure the snow blowers are serviced. And vice-versa in spring. The majority of these ownership expenses come with condos and single-family homes. Condo ownership drives the cost-per-unit expense down in most cases.
And of course one of the drivers of condo values in Mammoth is the ability to legally rent on a short term basis. What was the commonplace course of doing business in Mammoth for decades has been thrust into the worldwide real estate spotlight. Airbnb and the STR craze of the past few years has “ruined neighborhoods”, and destroyed affordable housing for the working class, and all sorts of other injustices. But the reality is the STR has all been well defined in Mammoth, even pre-dating the incorporation of the Town in 1984. As one long-time Council member likes to say, “it is part of our DNA.” And it is. That is why it proliferated a long time ago. And as long as Mammoth remains a predominately “drive to” resort, it has to be.
Almost all of Mammoth’s condominiums fall into designated zones allowing rentals of less than 30 days. A handful of condominium HOAs have CC&Rs that don’t allow it. The bulk of single-family homes lie in zones that do not allow rental of less than 30 days. Again, this has been the law for a long, long time. There are no surprises, ignorance is not an excuse. But the legal and acceptable ability to do STR adds value to these condo properties. Granted, not if ultimate peace and quiet is your objective, but that is a whole other story. And the single-family neighborhoods don’t guarantee serenity either.
Historically, and right up to today, not all condo buyers in Mammoth are in pursuit of STR activity and revenue. Most are interested in usage. Many like the idea of offsetting some of their expenses. Some are very motivated to generate rental income. Others just want the “prime” rentals with high nightly rates and low wear-and-tear. There are also all kinds of STR specific tax benefits. Many condo owners don’t do STR but like the idea of being able to in the future, perhaps when they plan to use the property less, or as some sort of retirement strategy. Sometimes the STR capability is valuable for estate planning. The local tourism demand for nightly rentals, the variety of established businesses servicing the STR needs and demands, and the IRS and CPAs can all make the enterprise valuable to owners. Single-family homes do not afford these opportunities.
Ultimately, the parity in values is a supply and demand equation. Which is another weird aspect of the Mammoth market. The supply of condos in Mammoth is about 4 to 1 to single-family homes. This alone should make the homes far more valuable. But obviously the demand for condo ownership is much higher. The demand is a by-product of all of the previously mentioned factors. And not that there is anything wrong with owning a single-family home in Mammoth. It is just part of this sometimes quirky real estate market known as Mammoth Lakes.
Happy Fourth of July!