January 25- A long overdue report from this broker, but not for a
lack of things happening in the marketplace. By now anyone watching
the Mammoth real estate market knows that Mammoth successfully
captured the nearly $30 million grant from the FAA for airport
improvements. Those monies will be plowed into the airport in the
next 24 months with regular commercial air service due to begin a
year from now. The North Village approvals are, for all practical
purposes, complete and the project is moving through the final
construction design phases and demolition of the site is expected
sometime in spring.
Meanwhile the local real estate market continues to move
upward at very steady but impressive pace. Available inventory
continues to dwindle, which is normal this time of year, but the
numbers of quality properties are low and the prices continue to
climb, and the good properties with higher prices are selling. As of
today, there are 39 homes on the market, of which 9 are under
construction and all of those are priced over $780,000. The average
price of homes on the market-$791,100, the median price-$669,000. If
we "scrub" the data of the condominium market-take out the fractional
interests, the Intrawest resales and the like, there are just over
100 units on the market. The average price-$324,823, the median
price-$289,450. Residential lots, less than 50 on the
market...average price-$307,384, median price-$299,900.
In the past 45 days an unusual number (for this time of year)
of residential lots have sold, lots ranging from $300,000 to
$700,000. Other market segments that have been hot-1 bedroom plus
loft condos in the $160K to $210,000 range, the "meadow" 2 bedroom
plus loft townhomes in the $280K to $320K range, and homes in the
$400K to $500K range.
The market segment that is flat at this point are the resales
of the Intrawest resort condominium lodge units, namely the units at
Juniper Springs Lodge and Sunstone. Currently there are 44 resale
units available in the two projects. However, as resale condominiums
around town rise in price and Intrawest begins the marketing push for
the Village (expected to begin in the next couple of weeks), it is
likely that buyers attracted to the Village will see the sense in
acquiring a property now rather than waiting for 18 to 24 months or
more and those buyers may also find the ski slope location more
preferable. That brings to mind what many Canadians have stated about
the Chair 15/now Eagle Base area-that it is the Blackcomb of Mammoth.
If that is true, that might just be the best place to invest-even
better than the Village. And once the gondola system is in place,
riding the gondola to the Village and back might be very popular.
The Mammoth market continues to be driven by demographics,
and appearances are now more than ever. More and more I hear "We're
setting up for our future, our retirement", or "We're getting in now
before prices go even higher". Another thing I'm hearing more and
more is "I'm getting back to what I know-real estate", obviously
reflecting recent stock market fluctuations. One more thing that we
are hearing more and more is "This is our first time here and this
place is the greatest, we want to buy something".
What else? Rumors are that the land trade that will allow the
development of the back nine holes at Snowcreek is very close.
Snowcreek will begin phase VI this summer. The Mountain will get very
serious about building employee housing this summer-losing the
Travelodge (slated for demolition in the Village) only makes the
crunch even worse.
It shall be an interesting summer if major work does in fact
begin in the Village and at the airport. Everything points in that
direction. Seeing will be believing.In the meantime another storm
rolls in from the Pacific. It's time to think about skiing.
RE/MAX of Mammoth
Mammoth Real Estate Guide