Market Summary: August 14 – August 28
Mammoth Lakes Multiple Listing Service reports 15 sales/closings in Mammoth for the period (same as the previous two week period) ranging from a low of $91,000 to a high (2) at $1,650,000. Of these closings only three were bank owned/REO properties and two were successful short sales.
At the period’s end there were 227 condominiums listed for sale; the 13 Westin Monache units that were part of the silent-bid auction are gone from the available inventory. There are 75 single-family homes on the market (a slight uptrend) in Mammoth Lakes proper and 4 cabins on Forest Service leases available in the Lakes Basin, and 49 lots of which 46 are residential lots (no change). I often try to explain that the seasonal and cyclical inventory in Mammoth normally peaks around Labor Day. So far, this would appear to be a relatively “normal” year (whatever that means anymore).
Market Updates and News
Members of this office attended a national REO and distressed property sales conference during the period. While the talk was that banks and lenders would resume and accelerate foreclosures that have been delayed for a variety of reasons, no one is quite sure the manpower is there to facilitate the process. Although there may be new will, there may be no new way. A slow stream of foreclosures may just be the new normal for years to come.
The sale of 60 Bridges Lane aka the last unit at Altis for $1,650,000 cash. The Altis project was/is a Starwood endeavor into real estate development here in Mammoth. Located adjacent to the Bridges ski run on the Eagle side of Mammoth Mountain, the project was originally planed to be much larger before the economy and market altered those plans. Today, there are just four of these large town homes completed. They feature panoramic views and true ski-in and ski-out access. These units originally listed for well over $2 million. This sale is at $550/square foot. For this price you could probably buy four 2-bedroom units at Eagle Run.
The sale of 60 Starwood Drive for $1,650,000 cash. This is a Rosaasen built (2000) home on the fairway at Sierra Star, 4 bedroom + loft/4.5 baths and 3600 square feet. A total of 646 days on the market and sold for $458/square foot. Seller bought the larger Rosaasen built home next door a couple of years ago when it was an REO.
The sale of Westin Monache #711 at $570,000. This 2 bedroom/2bath unit is probably the premier unit in the project; top floor, south facing with huge views, spacious floorplan, etc., I believe the first unit chosen at the original sales event. This was a short sale that was more than five months in completing (and marketed for much longer). Originally sold for more than twice this price.
The sale of 1172 Pyramid Drive for $1,005,000 cash. This 3 bedroom + loft/3.5 bath townhome in The Lodges (Snowcreek Phase 6) sits right on the Snowcreek golf course with big views. This was one of the remaining units still owned by the developer. The sale is $366/square foot.
Other Real Estate News
This is an abbreviated report because I’ve been out of the country and without Internet or phone the last week. It will be great to return to Mammoth (as usual) in the next couple of days. I’m looking forward to a busy fall in anticipation of winter. The volume of $1M+ cash buyers in the Mammoth market can only impress those watching.
Don’t miss my Labor Day weekend Real Estate Q&A.
Thanks for reading!