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June 25- This week marks the beginning of summer on the calendar and
> also for tourism in Mammoth. And in this market real estate sales
> activity usually parallels the number of visitors in town. Because of
> that fact, May and June are typically slower real estate months. But
> the past two months have been fairly active. The most significant
> factor at this time is the lack of growing inventory numbers.
> Inventory of available homes, condominiums and lots typically builds
> in spring as sellers decide to put their properties on the market.
> Inventories usually peak mid-summer as the buying season accelerates.
> Right now we are seeing almost no net gain in inventory.
> Fewer properties are being listed and good properties that are listed
> don't last long. So we are heading into the selling season with very
> little inventory. Some examples-the available resale condominium
> inventory has been hovering around 60 units. There are a handful of
> available condos under $225,000 and median and average prices for all
> listed condos in town are right around $500,000. In the home market
> we find only three homes available under $529,000. If we "scrub" out
> the to-be-built and under construction homes there are only approx.
> 35 homes available. The median price is over $800,000 and the average
> is $1,200,000. There are some good buys and nice homes currently
> listed in the $700,000 to $800,000 range. Residential vacant lots are
> beginning to show their scarcity with very few (but a few good ones)
> under $400,000. That benchmark is likely to rise to $500,000 by later
> in the year. We've already seen a few homes bulldozed this spring to
> make way for new ones.
> While inventory remains low, demand seems to be increasing.
> The evolving Village is creating more and more excitement. The new
> restaurants located there are busy. The buildings and landscape are
> shaping up nicely. More and more shops are in the process of getting
> open. Meanwhile, Old Mammoth Road is being completely rebuilt. Weeks
> of underground work are now leading to new curbs, gutters, roads,
> lighting, landscape, etc.. The work, stretching from Main St. to
> Mammoth Creek Park is expected to be completed by late October. New
> and remodel construction work is bustling all over the balance of
> town. Old Mammoth Road will definitely look different with
> construction work going on at Footloose, Charthouse, Igor's (the old
> Rafters), corner of OMR and Meridian, and more scheduled.
> Intrawest is busy starting the Juniper Crest condominium
> project on the bench adjacent to the Chair 15 area on what is one of
> the nicest parcels in all of town. Those units are selling in the
> $900,000 to $1,400,000 range. Dirt work is wrapping up at Snowcreek
> Phase 6 and rumor is there may be a new contractor signed and ready
> to begin construction there next summer. The new college and middle
> school sites are wrapping up their work and a new 101 bed employee
> housing building has started on Main Street.
> Single family construction continues to flourish all around town.
> The airport remains a much talked about issue and things are
> temporarily delayed to sort out and/or redo the environmental
> documents. Meanwhile, there is talk and rumor that regular commuter
> service may actually start this winter-not only because there is
> demand but to also remind everybody that we do have an airport that
> is capable right now of servicing regular commercial air service.
> Potential buyers waiting for that event to occur because they think
> that will drive higher real estate values are going to find strong
> appreciation no matter what the airport's fate. It just doesn't seem
> to matter anymore.
> Many factors continue to drive Mammoth forward-true "resort"
> type development, baby boom demographics, drive-to accessibility,
> "safe haven" status, great summer climate, cheap ski passes, and much
> more. And many believe it has only just begun. We'll see. Stay tuned
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