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Mammoth Lakes Real Estate – Third Quarter 2011 Market Activity: The trend continues through the 3rd quarter of steady market activity that reflects what we term the “new normal”. Through September 30th, there have been 339 closed escrows for residential condominiums and single family homes for a total dollar volume of $121 million. These figures are slightly lower that the same period the previous year.
The most noteworthy local real estate news is that the 80/50 Private Resident Club located at The Village will now be managed by Auberge Resorts www.AubergeResorts.com starting December 1st. Auberge also manages the Hotel Jerome in Aspen, CO and the Calistoga Ranch in Napa, CA. What a compliment to Mammoth to now have a hotel operator of such distinguished caliber. Auberge will operate the 80/50 as both a hotel and a Private Residence Club selling 1/8 fractional shares for their one, two and three bedroom suites.
The Mammoth real estate foreclosure market has actually seen a drop in the number of Notices of Trustee Sale (foreclosure notices) during this period. There were 37 notices posted on the last day of September compared with 80 notices on same day the previous year. With so few bank owned properties on the market and even fewer really attractive bank owned properties; the really “hot” buys tend to be sold within days and often over list price. Recently, a bank owned home that was on a great lot but had extensive deferred maintenance and was stripped of all of its appliances had over 20 offers during the first week. Most of the Mammoth distressed properties that are for sale are short sales. While the asking price is often attractive, short sales are still very difficult to close and require lots of patience.
Please contact us today for a complete update on Mammoth Lakes Homes and Condos for sale.
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Mammoth Real Estate Foreclosures: Surprisingly, Mammoth Lakes has a fairly limited supply of bank owned properties. They mostly tend to be older condominiums with very few really nice Mammoth Homes listed as REO’s. The very best buys are usually bought within days of being listed. We would be happy to notify you by email when the absolute “deal of the century” comes on the market.
Mammoth Lakes Short Sales: A short sale is when the owner owes a lender more than the property is currently worth. In a short sale transaction you basically have two sellers (the owner and the bank). Short sales are often complicated and lengthy with only about 50% closing. However, if you are patient there are some incredible buys.
Mammoth Mountain Ski-in/Ski-out: Since our Mountain is leased from the Forest Service, there is very little true ski-in/ski-out property. Mammoth Mountain has four major portals of which only three have real estate within 500 feet. The three portals are Canyon Lodge, Eagle Lodge and the Village Gondola. Condominiums located in portal locations for Canyon and Eagle are: Altis, Bridges, Eagle Run, Juniper Crest, Juniper Springs, Sunstone, Sierra Megeve and Summit. See below for Village Properties.
Mammoth Lakes Village Properties: The Village is located on the corner of Minaret Road/ Forest Trail and features first class dining and boutique shopping. It is often the center of Town activity as it hosts various events and music festivals. The Village Neighborhood includes White Mountain Lodge, Lincoln House and Grand Sierra Lodge. These properties were built in 2003 and 2004. In total there are 276 condominiums that range in approximate square footage from 580 to 1881. The Mountain Center and Village Gondola provide easy access to Mammoth Mountain.
Fractional Ownership: The 80/50 Private Residence Club was built in 2006 and bookends the eastern side of The Village. There are 28 residences being sold in 1/8 shares. This is property is different from the typical time share because you have both planned and space available usage. The 8 one-bedroom, 11 two-bedrooms and 9 three-bedrooms range in square footage from 1,200 to 3,000. This property has direct access to The Village Gondola.
The Westin Monache: The Westin Monache, a true condo-hotel property, was built in 2007. There are 230 suites on seven floors is located adjacent to The Village. The 108 studios, 80 one-bedroom and 42 two-bedrooms range from approximately 425 square feet to 1083 square feet.
