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June 19- The big question around this market from outsiders is how is
the market holding up in light of the national economy? Much like the
nation's economy, there are mixed messages coming out of Mammoth's
real estate market. While the sales of Intrawest's Village properties
were surprisingly short of projection at a sales event some two weeks
ago, the general resale market is in extremely strong position,
especially considering what time of year it is. May and June are
typically the months when the inventory of properties listed for sale
bulges with a peak in the period between July 4th and Labor Day.
Sales during May and June are usually slow, mainly because of a
slowing in visitor traffic (the period between ski season and summer
season). But inventories of properties for sale have remained
relatively steady with some absorption of properties listed and no
real rush of properties placed on the market. Sales the last 45 days
have not been blistering but have been steady, with many quality
properties going to escrow.
Condominiums priced on the low end have already been hit
hard, with the lowest priced condo on the market at $109,500- a one
bedroom unit at Krystal Villa East. The average price for condos in
Mammoth is $374,000 with the median price at $339,000. If we scrub
out the Intrawest units and the Snowcreek Phase Five units, there are
only 109 condos on the market... Some of the best spring-time
listings of homes under $400,000 have already sold with only a few
decent homes listed for sale under that mark and not many more listed
under the $500,000 mark. There are currently 60 homes listed for sale
with the average price at $800,000 and the median price at $625,000.
There are only 40 single family homesites for sale, with only a few
under the $300,000 mark that are not compromised in one way or the
other.
The demolition in the Village continues with the closure of
the bottom of Canyon Blvd. scheduled for June 25 and the demolition
of the structures of the old Alpine Lodge and TravelLodge occurring
soon after. The road closure will allow for the realignment of Canyon
Blvd. to Miller Siding Rd. (the road above the Whiskey Creek parking
lot) which will allow both the construction of Lincoln House (one of
the first new lodges in the Village) as well as the bottom gondola
building. The two lodges that are being torn down in the next couple
of weeks have undergone extensive interior demolition in the past
weeks and are now prepared to be bulldozed. From there they plan to
remove many truckloads of dirt to begin construction of the
underground parking. The dirt will be used to fill "the Pit" which is
a large hole on upper Forest Trail that is owned by MMSA. Once filled
it will become a small residential subdivision matching the
surrounding properties.
Meanwhile the final units in Phase V of Snowcreek are well
into construction. Following the deaths earlier this year of Tom
Dempsey (founder) and Jim Ognisty (vice president) of Snowcreek
developer Dempsey Construction, retired and former long time vice
president Gail Frampton has stepped back in to keep the company
moving forward. No new word on the completion of the court ordered
land trade with the Forest Service for the back nine of the Snowcreek
golf course.
Once again construction of numerous, large single family
homes has begun all around Mammoth while many others are just being
completed. Local contractors are quoting upwards of $200 per square
foot and beyond for construction costs-reflecting the demand for
contractors and sub-contractors as well as a small increase in the
price of materials.
By the looks of the streets in Mammoth today, summer tourism
has kicked into motion already. Between the limited availability of
resale properties, the increasing demand clearly evidenced by
demographics, and the visible demolition and beginning of
construction in the Village, it should be a busy second half of the
year in the Mammoth real estate market
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