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August 14- All of the market dynamics that have been discussed in
this forum in the past years continue to play hard in Mammoth and the
whole Eastern Sierra. August marks the beginning of the busiest
selling season for real estate in Mammoth and nothing appears to be
different this year. More and more buyers who have plenty of cash and
and other wherewithal are steadily coming to this market to compete
for the limited supply of available property. More and more existing
owners are moving up, down sizing or multiple investing. New listings
have higher and higher prices. Really quality properties are not
lasting but a few days on the market if they are priced reasonably
(what's reasonable any more.) Inventory is steady with just as many
units going to escrow as are coming on the market.
More and more shops are opening in the Village and it will be
bustling this winter. The powers that be are telling us that there
will probably be regular air service this winter from Los Angeles via
Horizon Air (a division of Alaska Air) and from an air service
perspective that is only the beginning. The remaking of Old Mammoth
Road is certainly a big pain-in-the-ass this summer but people are
coming to realize how nice it is going to be and how it will
compliment the Village and Main St..
Mammoth Mountain recently announced that they experienced
just under 1.4 million skiers this past winter. Indeed an incredible
number. Their goal is higher than that but to spread the big numbers
through the week and into the shoulder season by offering a mid-week
pass (for the first time) this winter and to continue discount
programs during the traditionally slower periods. They also announced
that the Ski Area had a record gross revenue of just under $100
million and truly believes they can increase that by another 5
percent next year.
An interesting discussion at a recent Chamber of Commerce
luncheon addressed what appears to be fewer people in Town this
summer; fewer people in the local campgrounds, lighter loads in
restaurants and at special events, etc.. But while it is too early to
have any tallied numbers, the local bankers say the flow of dollars
during this period is up. This is very interesting. Fewer people but
more revenue. A telling direction for the community if it is true.
As for real estate, the market numbers are similar to the
last report. Selling prices in all segments continue to gradually
move upward. No segment seems "hotter" than any other. To use a
fishing term, it is a "steady pick". As the Village evolves, more and
more buyers become intrigued but classically find something in
another area of Town. The Chair 15 area seems to be getting more and
more attention from buyers spinning off the Village. Or people are
looking for property on the periphery of the Village. The "rumors"
are the new Village owners are complaining about noise. It should
have been obvious. The noise was an annoyance the first night I spent
in Whistler over a decade ago, and I was young then. As I have said
to many people; What experience do you want your kids to have when
they leave your property in Mammoth, to go downstairs to an arcade or
to go sledding, have a snowball fight or discover how impressive a
300 year old pine tree is?
As I drive around the community this summer one thing is
really standing out. So many existing homes are adding-on large
garages including additional rooms and remodeled facades. Many of the
those owners are obviously taking appreciated equity and adding
value. Many are doing what needs to be done to make the property
liveable in a more permanent way (boomers planning on retiring to
Mammoth?). This trend is probably just beginning. Meanwhile local
contractors have started another round of new homes. Vacant lots
become even more scarce. Condominium projects are making massive
upgrades; new windows, new siding, new everything. The condominium
project Chamonix will look very interesting this winter. Half of it
will look like junk, the other half will be beautiful. This project
is going through the most intense renovation of any project to date.
Give it a couple of years and it will look better than new, and
worthy of its excellent location.
So the real estate market here in the Eastern Sierra marches
on with no signs of things hesitating or slowing down. The dynamics
we've observed the past few years keep playing out. The renaissance
of this area continues, and it seems like more and more people want
to be a part of it. As for me, I need a break so I'm taking a week's
vacation!
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