Mammoth Real Estate Sales Report May 14, 2011

Market Summary: April 30 – May 14

Mammoth Lakes Multiple Listing Service reports 15 sales/closings for the period ranging from a low of $126,000 to a high of $1,065,000. At the period’s end there were 203 condominiums listed for sale in Mammoth Lakes, 49 single-family homes, and 45 lots of which 41 are residential lots. This is a slight uptick in inventory over the previous period, which is typical for this time of year. Inventory normally rises as we head into summer with a peak around Labor Day. And Mammoth needs new inventory, the winter buyers have picked through best properties. The single-family home market under $750,000 is dismal for buyers.

Noteworthy Sales

The sale of the Fireside restaurant property (next door to RE/MAX of Mammoth) on Old Mammoth Road is completed at $1,065,000, cash. Old time Mammoth visitors will remember this as the Swiss Cafe. The new owners are set to create a new “Grill” concept.

The sale of 231 Valley Vista at $950,000. This was a 20-year old Rick Arlen designed home located on a corner lot in the Mammoth Vista II subdivision. Nice home but very dated in the eyes of most buyers.

The sale of Timbers 1061 at $830,000. The Timbers townhomes selling at these prices represent nice acquisitions. The Timbers is located on the Sierra Star golf course.

The sale of Lodges #1138, a REO listing at $699,000. Interesting to note this is only 37% off of the price the previous, original owners had paid.

The sale of Lincoln House #3320 at $490,000. This is an oversized 2 bedroom/ 2 bath unit with 2 decks. This puts an approximately $100,000 premium on an oversized unit as opposed to a standard sized unit in the Village.

Other Real Estate News

Local contractors are saying that the new mandatory fire sprinklers in single family home will add $25-35K to the cost of construction. This hasn’t been figured in to the value of existing homes. Looks like the old Ocean Harvest Restaurant will be re-opening under a new concept. The property owner has done such a great job with The Rafters, we can’t wait to see what he does next. The Mono Inn at Mono Lake is re-opening for lunch and dinner and is promising a more moderately priced menu.

Are We Having Fun Yet? Skiing on Mammoth Mountain is still great: cool spring storms have deposited fresh dustings of snow. The top of the Mountain has unbelievable coverage. But my knees ache, and most Mammoth locals have or are seeking vacations in warm climates. Lakes and streams are already overflowing with water so it should be great summer, if it ever comes! The bridge on the 9th hole of Snowcreek golf course is underwater!

Thanks for reading!

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