Real News – October 2018

TODAY’S TRENDS If you have been discouraged by the lack of inventory and have stopped looking, it may be time to take another peek. During the past several months, the number of Active Listings has increased by 34% and the volume of sold transactions down slightly.

And on the horizon, Yotel has announced that Mammoth will be the home of their second YotelPad. 177 units, including 21 townhomes, will be built on the Nevado’s “corner” across from the Village. Rumor has it that the new development will also include a home for everyone’s favorite restaurant.

Real News – September 2018

Mammoth Lakes Commercial Real Estate recently posted two significant closings. Replay Destinations closed on the “Nevados Restaurant” corner (Main Street/Minaret Road). Replay is a Canadian firm founded by former senior executives of mega-resort developer Intrawest Corporation. And they will be partnering with Yotel, an innovation hotel company, which offers their state-of-the art hotel design in cities such as New York, Singapore and Park City.

Also, The Village 57,925 square foot, ground-floor retail sold for a record $28.5 million to a private investor.

Real News – August 2018

Real Estate Trends
What’s fascinating about real estate trends-if you ultimately wait long enough everything changes. After years of having very few single-family homes listed for sale under $800,000, now there are 21 listings-that’s 37% of the current residential market. And a third of these listings are below $600,000. If you have been thinking about purchasing a home and are willing to put in a little “elbow grease,” this may be the time to take a look. Call me for a complete list.

Real News – July 2018

Historically, summer is construction season and this year Mammoth Mountain has been hard at work. If you are in town, drive by Canyon Lodge. While the Lodge is fenced you can still see how the interior has been gutted. The first phase of this project includes the installation of escalators, new restrooms, updates to the parking and bus-drop areas. And a Gondola ride to the top of the Mountain reveals the infrastructure for the Mammoth Mega Zipline scheduled to open in September. Zippers will descend 2100 feet to Main Lodge. Additionally, there is a Via Ferrata (a protected climbing route), a Kids Ropes Course, and Adventure Center Upgrades. The summer just keeps getting better.

Real News – May 2018

WORKFORCE HOUSING While local government elections can be contentious, candidates for this election have had one resounding “thread” – Workforce Housing. It is apparent that there is the public will and the expectation of action. The new Town Council and County Board of Supervisors will start their terms with two foundational milestones completed. A comprehensive and detailed Housing Action Plan has been written and adopted. Also, the Town has purchased a 26-acre parcel known as Shady Rest. The zoning for this land already has a workforce housing overlay and is ideally located in the center of town. The stars may be aligning to make a positive difference in addressing our housing needs.

Real News – April 2018

KEEP LOOKING While all the current indicators point to its being a “seller market,” if you are currently considering buying don’t hesitate to start looking. The key is to understand the market well enough so when that exceptional buy is listed you can respond quickly. Come to Mammoth, enjoy the beautiful spring weather and let’s take a look at some properties!

*   Median Sales Price for Condominiums increased 16% year over year.
*   Median Sales Price for Single Family Homes increased 24% year over year.
*   Number of Active Listings decreased 24% Q1 2018 compared to Q1 2017

Real News – March 2018

We are so grateful for the weather confusion that has brought us a blustery winter storm—so far that means 3 feet of snow in 3 days, with more in the forecast for next week.

And while we are enjoying spring skiing/boarding at its best, Alterra Mountain Company is talking about future capital improvements. These include some nice improvements for Mammoth Mountain. According to a recent press release, Canyon Lodge will receive an innovative redesign over the next two years, positioning it to become the day lodge of the future…and summer adventure will include the longest top to bottom zipline tour in North America.

Real News – February 2018

Shall we believe the Ground Hog and hope for 6 more weeks of winter? While predicting the weather this winter has been futile, I can say currently we have perfect spring conditions. Lots of fast, hard pack snow for your enjoyment!

In case you missed the news, two big announcements from Mammoth Mountain’s parent company last month. The 12 iconic North America mountain destinations that include our “home mountain” are now called Alterra Mountain Company. “Our vision…is to protect and enhance what makes each destination special, inviting guests back to their favorite mountain, and enticing them to visit new destinations on their bucket list” per Alterra. And to encourage the new destination experience they have announced their Ikon Pass which includes 23 resorts!

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.