Today inventory is 231 Mammoth condos and townhomes, 90 Mammoth homes. Price range of Mammoth condos is $133,700 to $2,350,000, Mammoth homes is $299,000 to $9,500,000. Last Mammoth condo sale was on 9/8/09 for $185,000 (Sunshine Village #110, 1Bd+Loft/1.75Ba, full amenities). Last Mammoth home sale was on 9/10/09 for $439,500 (278 Forest Trail built in 1967 with 1440sq of living area on .29 acres in an average location).
The Town Council for Mammoth Lakes CA has approved the Snowcreek 8 project. This project includes almost 800 residential, fractional and hotel units as well as unsurpassed access to the Sherwin Mountain Range and and on-call free transportation to the ski slopes and other areas of town. The developer, Chadmar, says that construction may begin as early as next year although there is an enormous amount of grading work to be done. This will be the first real estate project to start construction since the real estate market downturn and it's because the developer believes we have hit the bottom of the market.
In addition to adding a second daily nonstop from Los Angeles, Horizon will offer new daily nonstop service from San Jose and Reno and direct (same-plane, one-stop) service from Seattle and Portland.
Mammoth is located in California midway up the state where the California Nevada border where the angle changes direction.This area is the Eastern Sierra Nevada mountain range and is accessible year-round for winter as well as summer activities.Winter activities include: skiing and snowboarding on Mammoth Mountain’s 3200 skiable acres and varied terrain, snowmobiling, sledding, ice skating, snow shoeing, cross country skiing.The Eastern Sierras are well-known among fisherman for some of the best trout fishing around.There are numerous lakes accessible by car as well as those in the back country, all fed by snow melt run off.Department of Fish and Game stock many of the lakes in easily accessibly areas and also in the back country by airplane.Summer activities include fishing, fly fishing, camping, hiking, mountain biking on Mammoth Mountain, paved bike trails through the Town of Mammoth, floating down the Owens River, art festivals, jazz festival, ‘green’ festival and many more.
Homeownership in Mammoth Lakes California is dominated by second homeowners and investor ownership.Given the ever changing financial markets, financing for purchases is still available, it’s just that the guidelines are more restrictive.With income documented by pay stub, about a 25 – 35% down payment and a credit score of 720-780, and a property NOT classified as a condo-hotel, you should be golden in getting a loan.And interest rates are in the high 4’s but that could change any time.
If you are wondering why you should buy a home in Mammoth now, let me give you some good reasons:
·Prices are down approximately 42% from late 2005/early 2006 prices
·Selection is great with over 330 condos currently on the market
·Interest rates are low
·If you are a cash buyer, you have great negotiating power on property priced over conventional financing limits.
·If you would like to buy a primary residence in Mammoth, you can take advantage of the $8000 tax credit and if it qualifies by FHA, you could use that tax credit towards your down payment in some circumstances.
WOW! A good deal just got better after this $26,000 reduction! Get a great condo in a fantastic location facing south east. It\'s next to The Westin and The Village Gondola along with a shuttle stop to the lifts right out front.
It\'s clean and bright, lightly rented and PRIME FOR REMODEL.
It\'s located next to the clubhouse, spa/sauna and laundry.
It\'s priced well over $100,000 below the other Mammoth View Villa 2Loft condos on the market right now and $136,000 below the last sale.
Think the price should be lower?
This seller is reasonable and motivated so make an offer.
Last sale was 5/4/05 for $485,000
Current price is 2003/2004 pricing and is 23% off the highest price sold which was not the peak of the market.
See MLS for Showing Instructions. It\'s NOT on a rental program so it\'s just owner usage.
Sierra Mortgage Corporation is now processing loans to close the 1st week in December at the Fannie Mae loan limit in Mono County of $529.000. Also, Sierra Mortgage is closing loans to $900,000 with 10% down and no mortgage insurance required. (760)934-2410 888 626-5260
We are now almost 3 years into this real estate market down turn and there is no sign of rebound just yet. However, several well respected economists are making predictions of when they think our market will bottom out and then recover.
Former U.S. Federal Reserve Chairman Alan Greenspan wrote in an article for Emerging Markets newspaper that the U.S. housing market will recover in the first half of 2009. “The recent slowing in the rate of decline in U.S. home prices is the first positive note in this now year-long trauma. More conclusive signs of pending home price stability are likely to become visible in the first half of 2009.” --
“ Greenspan Sees Housing Recovery in First Half of 2009,” by Jake Lee, Bloomberg, Oct. 10, 2008
Respected economist and Mercer University professor Roger Tutterow predicts the nation's housing market will return to near normal conditions by mid-2009. “I think we will move sideways for a couple of more quarters, and hopefully by the time we get into the middle part of 2009, we will have had inventory levels come back down to levels where it starts to make sense to clear land, drive nails and start new home construction again.” --
“ Mercer Economist: Housing Market Crisis Over by Mid-'09,” by Marcus E. Howard, Marrietta Daily Journal, Oct. 23, 2008.
In addition, most of us know that the problem is not necessarilythat the real estate prices are not yet low enough for the hoards of buyers to jump in, but rather it is a problem with available mortgages. This is especially true in higher end markets such as Mammoth Lakes California because although conforming mortgages can still be tough to get, it's not as bad as the jumbo market. In Mammoth CA, we have a unique problem with conforming limits. We are only about 4 square miles of the entire county so, when computing the limits, the very low end that surrounds the outerlying areas of the county brings down the average for us dramatically.
In Mammoth where a studio just big enough for 1 or 2 people for weekend trips is in the neighborhood of $200,000 (and that is about 20-25% off of peak prices), larger properties easily exceed our conforming limit of $472,000. Our average price is just over the $500,000 range.
Like many others, I'm hoping that the mortgage crisis gets better when the government can figure how to effectively execute the bail out program.
How about a little good news for a change?
Recent Quotes & Excerpts about the Positive Signs in the Real Estate Market:
Statistics Reveal Housing Market Bottom is Close How close are we to a bottom in the housing market? If The PMI Group is right, we're closer than you might think. PMI, a mortgage insurance firm, looks at trends in home prices, local wages and employment, and other factors to calculate the likelihood that home prices in a given city will be lower two years from now than they are today. Based on their calculations, about 65% of the nation's housing markets have less than a 10% chance of falling, and 38 of the top 100 have a less than 1% chance.
In October 2005, near the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income; by this May it had fallen to 5.7, in line with historical norms.
Nationally, the rate of decline in sales is slowing, and in some regions sales numbers have actually perked up. “The indicators are starting to look better,” says Adam York, an economic analyst with Wachovia.
The national sales figures that get so much attention … are brought down by boom-and-bust markets like Las Vegas, Miami and Phoenix. If hard-hit states like California, Arizona, Nevada and Florida are taken out of the statistical mix, the picture is much more promising.
The government’s sweeping bailout of the financial sector could boost the housing market by making borrowing easier for buyers. --
“ Home Prices: Now for the Good News,” by Brad Reagan and Elizabeth O'Brien, Smart Money Magazine, Oct. 17, 2008.
Build a brand new mountain home on this 9750 sqft site with southerly orientation to the Sherwin Mountain range. This lot offers warm sunny exposure through the trees. This lot has a slight downslope from the road frontage to the south end. With the downslope towards the view side of the lot, a home built near the higher elevation also preserves views since the lot bordering the south end of the property is much lower. This lot is priced to sell at about $51/sqft compared to other lots available in the Mammoth Slopes area. Add to this the topographical features of the lot and the ability to preserve southern views and this is a great buy! *Square footage has not been verified and buyer is encouraged to verify if this is important.
Information for Mammoth buyers and Mammoth sellers. Mammoth California property is located in the Eastern Sierra Mountains at about 8000ft elevation. Mammoth is known for its attractiveness to outdoor enthusiasts in all seasons. Sign up for the Mammoth Real Estate Newsletter (found at www.MammothRealEstateNewsletter.com) so that you stay in the loop of what is happening in Mammoth Lakes.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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