|
We are avid fans of your real estate columns but we saw another
column in the last Real Estate Times about a potential boom in the
Olancha area. We've heard of people buying properties in all kinds of
outlying areas in the Eastern Sierra. There seems to be some high
prices and some really cheap prices. We've been wondering what kind of
investment potential you see out there?
A: Beef jerky seems to be putting Olancha back on the map and it sells
so well in the Sierra that I'm surprised Intrawest hasn't come out with
it's own brand. I'm sure their marketing department could come up with
some incredibly fashionable names. But jerky aside, Olancha is on the
upswing, and like Mammoth a few years ago, it had no place to go but
upward. The Ranch House has always been a great place to stop and hang
out with truckers and Crystal Geyser bottled water has become a
familiar friend even in foreign countries. And for the local residents
sake, I'm glad to hear the dust storms aren't as bad as they used to be.
Other obscure places are coming under demand. (We used to think June
Lake and Bishop were the obscure places, but lately they've become more
pricey than Mammoth.) There is a current land rush in Benton of all
places and I can't wait to see the marketing brochures for those
developments. Recent sales in Mono City are proving the residential
values are up there. That delightful settlement above the northwest
shores of Mono Lake is a real estate hot spot.
When you look at the Forest Service map of this whole area and realize
how little private land there really is and how some of the large
parcels are tied up by entities that will neither develop nor sell at
any time in the future, it is no wonder people are grabbing anything
they can. There are oddball sales of random pieces here and there, but
most folks desiring the hermit lifestyle are still heading to places
like Montana and Wyoming. Local residents don't seem to mind living
close to their neighbors as long as they know the wide open spaces are
just minutes away.
We don't often talk about the communities in our county that are north
of Conway Summit, but Bridgeport (our county seat) and even further
north, those of Walker and Coleville, are quite affordable. The Walker
Valley area has a wonderful year-round climate and is about a half-hour
from Carson City where you can find COSTCO, Home Depot, and the other
important mall stores as well as a variety of good independent stores
and medical services (after all it is the capital of Nevada–a booming
state.)
With all of that being said, the question really comes down to what you
might be looking for. If you are looking for some peace and quite and a
more rural atmosphere, there are a few opportunities waiting out there
in the Eastern Sierra. But the words of caution are buyer beware. Check
the zoning or even better talk to the local planning department to see
how viable your dream is. Water and power are critical issues. Beware
of seasonal variations that might not be so obvious on a beautiful
summer day, including wind and weather and road conditions and bugs and
wildlife and all kinds of other things.
But your question says "investment" potential. Many people think I'm a
grouch when it comes to that subject, but everyone has been an
investment genius in Mammoth the last few years. But I still remember
the tough times all too well and I distinctly remember what works and
what does not. I don't know if Mammoth will ever see harder times like
the past or even some "flattening", but if we do, the best investments
shine through.
Re-salability and proximity to amenities is key to investment. The beef
jerky stand is hardly a key amenity. And being 50 miles from a good
market or any other real services hardly makes the affordability that
attractive in the long run. Intelligent, affluent folks want to be near
things like ski lifts, golf courses, creeks, lakes, and "fun
zones"–places they can go have a few cocktails and a fine meal and be
sociable. And maybe even some shopping too.
The real beauty of being in the eastern Sierra is my "small town-big
playground" concept. We have dispersed towns with vast open spaces
prime for recreation in between. Public access is almost unlimited.
That's very different from other mountain resort areas. So while there
are a few interesting places to consider out there in the vast
playground, the best investments remain close to where the action is.
And as I have said many times, the best investment in the eastern
Sierra is the one you will use and enjoy with your family and friends,
and use as base camp for all of the enjoyment waiting out there in the
big playground.
|
