Real News – December 2017

NUMBER OF HOMES FOR SALE continues to decline both locally and nationally. Currently, there are 41 single family homes and 55 condominiums listed for sale in Mammoth Lakes. Below are a few tips on how to successfully buy when inventory is tight:

  • Decide what on your wish list is a “must have” and what you are willing to “settle” for
  • Then practice “patience” but be prepared to act “quickly” when your dream home comes on the market
  • If financing, “research” loan products and receive a “prequalification letter” from your top pick
  • Make your offer as “strong” as possible and be “flexible” on closing dates
  • Most important, let me know what you’re looking for

Be sure to cheer on your Mammoth-trained Winter Olympians bound for PyeongChang: Kelly Clark, Chloe Kim, Maddie Mastro, Greg Bretz, Shaun White, Carly Margulies, Brandon Davis, Brock Crouch, Judd Henkes, Stacey Cook, Tyler Wallash and Katrina Schaber

Real News – October 2017

MARKET HIGHLIGHTS With the days shortening and the first dusting of winter snow on the mountains, there is great anticipation for what winter 2017-2018 will bring-for snow and real estate activity.

The 3rd Quarter 2017 real estate market performance was healthy and constrained by the limited supply. While last year at this time it was still a buyer’s market, it has now switched to a seller’s market.
When comparing 3rd Quarter Sales for this year to the previous year for Mammoth Lakes:

*   Number of Closed Sales Increased 18%
*   Median Price for Condominiums Increased from $310,000 to $339,000
*   Median Price for Single Family Homes Increased from $685,000 to $750,000
*   Number of Active Listings Decreased 48% from 267 to 140

Congratulations to all the N.Y. Marathon runners and especially Shalane Flanagan and Meb Keflezighi. Living in Mammoth, I’ve had the pleasure of meeting both Shalane and Meb. They are amazing runners and true heroes for the values they espouse.

Real News – September 2017

JOY OF FALL As many full-time residents will share, fall is absolutely the premier time of year in Mammoth Lakes. Besides the dramatic color of the changing leaves, it is also a great time to shop for real estate. The summer crowds have left and the winter enthusiast haven’t arrived. With occupancy lower than normal, it makes it easy to see your favorite homes/condos that you have been tracking on the internet. And the weather is still perfect for an endless number of outdoor activities.

Real News – July 2017

LIFE IS GRAND

Summer continues to be grand in Mammoth Lakes! While the shredding season officially ended August 6th, there is still a plethora of activities to enjoy. The fishing is amazing, weather is perfect for high-altitude training and photo ops abound around every corner. The night sky will provide a spectacular attraction with the Perseid Meteor Shower, sandwiched conveniently between a lunar eclipse and the rare, total solar eclipse.

Adding to the excitement, the acquisitions of Intrawest, Mammoth Resorts and Squaw Valley Ski Holdings by a joint venture formed by affiliates of KSL Capital Partners, LLC (“KSL”) and Henry Crown and Company (“HCC”) is now complete. 12 unique mountain resorts under one umbrella!

Real News – June 2017

MAMMOTH LAKES HAS IT ALL: The four-day 4th of July Holiday this year is a double bonanza. Not only are there all the traditional festivities that Mammoth Lakes is known for but it is one of the few places in the world where you can celebrate all 4 seasons in 4 days. While it is not an all-day adventure, the skiing/boarding is still decent with a Mountain base of 20-140”. The golf courses are intensely green with far-reaching water elements. Bike trails are rapidly opening and are practically dust free as the snow melts. Hiking along the rivers is an amazing venture with the run off from the record snow. And the best news, Tioga Pass to Yosemite is now open. Hope to see you in paradise soon.

Real News – May 2017

ROBUST SALES ACTIVITY

Fueled by record snowfall and the announcement that Mammoth Mountain will be acquired by affiliates of Aspen Skiing Company and KSL Capital Partners, real estate sales activity has been robust. This activity continues to reduce the record low inventory levels.

Active Listings as of today:

  • Condominiums: 77 ranging in Ask Price from $229,000 to $1.295 million with a Median Price of $500,000.
  • Single Family Homes: 37 ranging in Ask Price from $477,000 to $4.5 million with a Median Price of $1.049 million

Search the MLS by clicking on Home Search at the top of this page. Especially in a dynamic market, don’t rely on information from Zillow or Trulia to be accurate. As I mentioned before, the Mammoth Lakes Board of Realtors elected to restrict information sent to these portals, as their information has been historically inaccurate and misleading.

Bonus Real News – April 2017

Mammoth Resorts to be Acquired – Mammoth Resorts, the owner of Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain, announced that it has entered into a definitive agreement be acquired by a newly formed entity controlled by affiliates of the Aspen Skiing Company, LILAC. and KSL Capital Partners, LLC.

Some key facts:

  • Transaction is expected to close by the end of third quarter
  • For 2017/18 winter season, Mammoth will continue to honor the resort’s existing pass products that are currently on sale
  • Aspen Skiing Company owns and operates the four mountains of Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk
  • Early in the week KSL announced they were partnering on a $1.5 billion deal for Intrawest Resort Holdings’ six ski areas: Winter Park, Steamboat, Quebec’s Mont Tremblant, Vermont’s Stratton, Ontario’s Blue Mountain and Wet Virginia Snowshoe ski area.
  • Also held, California Squaw Valley Alpine Meadows
  • Expected that the multi resort pass program will rival the Epic Pass

Real News – April 2017

RECORD YEAR

Currently at #2 but striving to be #1. Per Mammoth Mountain stats, Main Lodge has recorded 586 inches of snowfall, a mere 82 inches from the all-time high of 668 inches in 2010/11. We have until June 30 to break the record, and this year anything is possible. For a while, too much of a good thing caused road and resort closures and cancelled flights. Now, we are reaping the rewards with an epic spring for all snow sports. We are just now seeing the impact of this record-breaking season on the real estate market—the biggest effect being a significant drop in the number of active listings.

When comparing 1st Quarter 2017 activity with the previous year:

  • Median Closed Price for Condominiums has increased 7% to $320,000
  • Number of Active Listings has decreased 35%
  • Median Sold Days on Market has decreased 15%
  • Number of Pending Sales has decreased by 10%

 

Don’t hesitate to Ask Me your questions or request my Quarterly Indicator Report: 760.914.0199.

Real News – February 2017

Tell everyone you know that this is the winter that the Eastern Sierra is a must see! The drive will be unforgettable as the snow-covered peaks are breathtaking, and if you pick a day with abundant sunshine it will be even be more stunning. Even if you have never shredded a day in your life, a ride up the Gondola will reveal the Sierra in their blanket of more than 40 feet of snow. This epic year snow year will go into the record book, and winter isn’t even over. And there still are plenty of well-priced opportunities for you to own a piece of this wonderland.

Real News – January 2017

While sales numbers for Q4 2016 are flat, there is a high degree of optimism that Q1 2017 activity will be strong. The over-abundance of snow has stimulated the local economy; and once again, peaked interest in Mammoth real estate. January 2017 will go down in the record books as the snowiest month in Mammoth Mountains history – 246”!

  • Median Price for Condominiums has been flat for the last year – $303,000
  • Median Price for Single Family Homes has increased 4% – $710,000
  • Both the number of Pending Sales and the number of Active Listings have decreased
  • Ski-in / Ski-out Properties sell at a premium

Time to invest in your resort property while still a buyer’s market.