|
April 18–Clearly the most significant trend in the Mammoth real estate market is the pressure on the single-family homes and vacant lots. Scarcity is playing its role as sales and values are pushing to all-time highs and the bottom-end of both segments of market continue to escalate upward. As of this writing there are only seven homes listed for sale under $749,000 and only eight residential lots listed under $739,000. Almost all of those have serious compromising features. Available listings between the mid-$700,000 range and the $1,000,000 in both segments are just as scarce. Numerous sales of lots in the $1 million to $1.5 million this past winter have all but cleaned out that segment. And there are a few available choice lots over the $1.5 million, primarily in the Bluffs subdivision. This trend in residential property is consistent throughout all of southern Mono County.
But the inventories of homes and condominiums are beginning to experience their usual spring increases, creating opportunities for buyers looking for quality properties. Those inventories typically peak around Labor Day with the best buying prospects showing between now and then, and especially between now and Fourth of July while visitation to Mammoth is normally low. Heavier sales activity has always been a function of people in town.
The Town of Mammoth Lakes building department reports that this summer will be "by far" the busiest summer of construction ever based on the number of permits already issued and applications in process. When those projects will actually come out of the ground is yet to be seen. The warm weather of March and an early thaw has certainly given the local contractors a good start. Single-family home foundations are now popping up all around town. Major construction work is anticipated at Snowcreek, in the Village at several locations, on Main Street, in Sierra Star, and on Old Mammoth Road.
Speaking of OMR, the renovation work should be completed in the upcoming months. The new arrangement has worked out well for pedestrians but is tight for all of the large vehicles that seem to dominate in Mammoth. Traffic is definitely going to have to slow down through this district. Businesses along the road are expected to make ongoing improvements to their properties and OMR will be serious competition for the Village as a pedestrian friendly, shopping and services oriented corridor, especially for those wanting to get a little extra exercise and some sun along the way. Check out the new Shell Station, the new Footloose facade, the new Roberto's, and the new Starbucks/Quiznos building on the corner of OMR and Meridian that has Mountain employee housing on top.
Speaking of housing, the Town's new housing authority is moving forward on some new housing projects which should be constructed this summer including one on Meridian Blvd. and one in Old Mammoth. The Authority recently acquired a $3.5 million federal grant to construct the project on the corner of Meridian and Mono St. And some of the tennis courts at the Snowcreek Athletic Club have already been ripped up to make way for the project slated on that property. The Town has an ambitious program to build a variety of deed restricted housing units for different income levels to alleviate the ongoing housing crunch. I'm glad I don't have to decide who gets what. But I am going to be watching how each new affordable housing project effects the market rents of residential properties.
The Mountain is in the planning phase for the new base facilities at Chair 15/Eagle Base. A workshop on April 24 is scheduled at Little Eagle and open to the public. MMSA is proposing an approx. 40,000 square foot lodge to include all skier services. Their intent is to design a structure that meets Leadership in Energy and Environmental Design Green Building Rating certification. They plan to begin construction the summer of 2005 with completion November of 2006 and be open for the ski season of '06/'07.
A couple of other things of note: the new Mammoth Ski Museum located at the college is open and WOW! Check it out. Mammoth Monthly magazine has already become a nationally award winning magazine. Deservedly so.
Meanwhile, the fine weather the past 45 days has most of Mammoth thinking about summer activities. The way things look, active will be the operative word. Where's my mountainbike?
|
