Real News – March 2019

MORTGAGE TRENDS My favorite conventional lender has a couple of very interesting loan programs for buyers who are financing their primary residence:

·        3% down payment loan program for purchase of primary residence, single family home, condo or PUD. Loan amounts up to $484,350. Down payment can be a gift and seller can contribute up to 3% towards closing cost.

·        10.01% down payment and no mortgage insurance on Jumbo loan program for purchase of primary residence loan amounts from $484,350 to $1,250,000.

Real News – January 2019

2019 MARKET Just like the weather, the Mammoth Lakes real estate market is often a “wild card.” The 2019 market is especially unpredictable. Alterra’s commitment to future capital improvements are always a stimulus to the local economy. Assuming that a big snowfall translates to profitability for the Mountain, it is expected that Alterra will move forward with a number of key projects this summer. On the other hand, fourth-quarter results were mixed. The number of sales were down while median sales prices were up. And while the number of active listings are down compared to third quarter 2018, they are up compared to 2017. I can help you “buy right” regardless of the market cycle.

And speaking of the weather, it didn’t disappoint. We were blanketed in 11 feet of snow in 4 day

Real News – December 2018

CANYON LODGE For years, Canyon has been like your favorite pillow, loved but worn out, and it was a never-ending challenge to schlep up all those stairs with your equipment and perhaps a few kids in tow. While I knew the Mountain had started Part I of their renovation this summer, it was beyond my expectations to see what they did. The entrance is now very contemporary and well lit, with an amazing set of escalators. It is worth the trip to see and let me know when you are in Town. Happy Holidays!

Real News – November 2018

With great anticipation we wait to see if the weatherman is accurate about the series of winter storms coming our way starting Tuesday. While the fall weather was picture perfect, we are now ready for the conditions to change and turn Mammoth into a winter wonderland.

If you are thinking about buying, you still have a window of opportunity as the number of listings are up and occupancy numbers still relatively low. These two factors make this the perfect time to look at property. Call the next time you are in town. 760.914.0199

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