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March 25- Overall business in Mammoth has been very strong the past
two months with preliminary reports showing the Ski Area up in skier
days and general revenue over last year-their best year ever in
general revenue. Local food service establishments are reporting
upward trends of 10 to 20 percent.Local retailers are reporting
steady, probably flat, business compared to last year. Monday,
Thursday and Friday business around town appears to have jumped
significantly. The cheap ski passes continue to impact the overall
economy, including real estate. Next year's $399 pass will include
June Mountain.
During the same period, local real estate activity has
accelerated off of the holiday push. A rush of new listings in mid
winter has been absorbed and inventory numbers are very low,
especially in residential, residential lots, and condominiums under
$250,000. There continues to be a large number of "lookers" in the
market with more and more buyers getting a sense of urgency. More and
more potential buyers are getting the sense that they are losing out
on relative affordability. And many more are sensing upcoming
increases in interest rates.
This broker has watched the new mid winter listings get
absorbed in the marketplace and wonders what will happen when the
typical spring and summer listings come on to the market. Sooner or
later the market will hit the point where a majority of property
owners in Mammoth are in "holding" positions. Many of the people who
have purchased in the past seven or eight years are intent upon being
long term owners, even creating "legacy" properties for their
families. Many of those that aren't in that position believe Mammoth
has much more upstroke, especially in some market segments. If this
market heads into late summer and fall with low inventory when the
usual pre-winter buying rush occurs, things could get a little crazy
in Mammoth.
Before we look at the hard numbers, let's look at some
specific trends. Available condo inventory under $200,000 is dismal
and as I write there are offers coming in on what's left. The best
buys in the marketplace at this time are probably at Juniper Springs
Lodge. As the solid winter rentals drop off here in the next couple
of months there are likely to be some motivated sellers and excellent
opportunities. The $280K to $380K condo range remains the most
opportune. The Snowcreek Phase V units, whether new or resale are the
best buys over $400K.
In the residential market, there's not much under $600K but
there are a few good buys that would be good for "use now and remodel
later". Forget residential lots. There isn't a lot in Mammoth under
$329K worth owning. The Sierra Springs subdivision in Crowley (70
lots) sold out last week and there are numerous reservations on the
new subdivision LakeRidge Bluffs.
In the condo market there are 185 units on the market with
almost half being Intrawest new and resales. Average price is almost
$400K with the median right at $350K. There are 43 homes on the
market with an average price of $863K and a median price of $687K.
Mammoth residential lots both average and median are in the mid $400K
range.
Meanwhile construction in town will be very visible this
summer as the pre-built walls of the Village start arriving in the
next couple of weeks and and the structures will rise into the
sky.The Village construction site itself looks pretty impressive
right now as the concrete structures are evolving along Minaret Road
and the site around the gondola termination is being prepped for
construction. With site preparation completed last summer, major
construction will rise out of the College site this summer. More
(many large) new homes breaking ground, finish grading for Snowcreek
Phase VI, Old Mammoth Road revitalization and on and on. Time to take
a break and enjoy some good spring skiing!
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