Market Summary: May 27 – June 18
Mammoth Lakes Multiple Listing Service reports 17 sales/closings for the period ranging from a low of $160,000 to a high of $1,500,000 (this was a little longer than two weeks and I’ve been on vacation–this is traditionally a slow period in Mammoth). At the period’s end there were 211 condominiums (same as last newsletter) listed for sale in Mammoth Lakes, 65 single-family homes (ten more than last newsletter), and 51 lots of which 48 are residential lots.
So this represents a no-net increase in condo inventory but a significant increase in residential inventory. So far there continues to be no alarming increase in summer inventory, and maybe the opposite. The no-net increase in condo inventory is a bit surprising because this is the time of year we traditionally see the rise. This could be a result of a slowdown in REO listings. Overall tourism and visitations are clearly up this weekend as Mammoth begins it’s summer season. And real estate sales activity in Mammoth is always a by-product of people in town.
The sale of Grand Sierra Lodge #1520 closed on Friday (6-17). Now this 1 bedroom + den/1 bath was my Foreclosure of The Week on May 26. There ended up being seven offers with the ultimate sales price of $325,888, essentially closed in two weeks. The buyer owns several Village units, so obviously owning and renting Village condo hotel units is working for somebody.
The sale of Grand Sierra Lodge #1221 for $449,000. Unlike GSL #1520, there was really nothing special about this 2 bedroom/2 bath unit, no glaring defects, but nothing unique to warrant overpaying. But sales this winter did prove there is now premium for Grand Sierra units over other Village units and the appearance of a slow uptick in Village values. We’ll see if it holds through the summer.
The sale of Helios 12-S, a 2 bedroom/3 bath townhome for $385,000. Now this unit is as close to the Village as a non-Village unit can get. This property was highly upgraded and decorated over the early-80’s construction. But this seems like a good buy (low price) based on location and condition. A contradiction from the Grand Sierra sales?
The sale of Starwood lot #11 at $1,500,000. This is a beautiful 4 bedroom/3.5 bath plus den home is located on the Sierra Star golf course. Another example of upper-end buyers making outstanding buys. Completed in 2001 this home was richly decorated and perfectly maintained. It did lack the true “mountain” feel many buyers are looking for in Mammoth. Maybe considered “dated” by most buyers in this price-point.
The sale of 208 Grindlewald at $520,000. This 3 bedroom/2 bath, 2 car garage home was shown by agents all winter at the list price of $599,000. A funky floorplan with seasonal tenants, this home didn’t show very well but the southern exposure and garage are appealing as well as the “back-to-Forest Service” location. More price support in the low-end of the residential market.
The sale of Sierra Manors #12 at $199,000. This 3 bedroom/2.5 bath townhome was an REO in so-so condition. Located right in the heart of Mammoth, it had one of the best panoramic views in all of Mammoth. “Fixer” condition, dated project, in town location… this will make for a great oversized crashpad.
Other Real Estate News
Construction is not dead!! at least not in The Bluffs. Two new single-family homes started construction in the past three weeks in the historic neighborhood. This is quite interesting considering the good buys in the upper end of the market, but also proves that many high-end buyers “want their own thing” and will wait for it. Meanwhile, the wildest looking home in all of Mammoth is really showing itself in The Bluffs (is it really purple?) With the snowpack melted and the construction proceeding along, this home looks like it belongs on Mars. I can’t really describe it, there is nothing in Mammoth like it, maybe in Malibu. This cannot be cheap construction. I can’t wait until it is completed, and can’t wait for future comments. Go check it out when you’re in town.
Rumor is there will be another auction sale of the dozen or so remaining developer owned units at the Westin Monache. There is no set date that I can find but seems like a good late summer event. I’m sure they will let everybody know! The local papers reported this week that verbal commitments, and maybe even contracts, have been made for regular air service to Orange County and San Diego starting this winter.
Local attorney and ML Councilman Rick Wood was quoted this week in regards to the Hot Creek judgement “We’ll either have a deal or (declare) bankruptcy. It’s not that complicated.” Sounds like we’re getting down to brass tacks. I hope to expound on that in my upcoming Broker’s Report.
Thanks for reading!