Buyer activity is beginning to rebound although prices continue to decline as sellers become more motivted.  There are some really great opportunities to pick up Mammoth property at a reasonable price usually well below appraised value.  The thing to keep in mind is that when the tide turns in the market, the switch will come back on and all buyers will be jumping back in the market at the same time.
 

Last month, on a month to month comparison from March, sold inventory was down 38.46% in Mammoth (42.86% decrease including other surrounding areas). In relation to dollar volume, Mammoth is down 72.11% (73.56% including other surrounding areas) and ratio of list to sales price is averaging in the low 90% range. In looking at April of 2006 sales, compared to sales activity this April, Mammoth's sales by units are down 45.83% (50% over all) and down in dollar volume by 156.68% (156.78% over all).

As a seller, it's not the greatest time to sell.  Sorry, but the news is not good for sellers who still hope to add 10% or more to where prices were last year.  The price decline has moved that amount but in the opposite direction.  That may be changing soon with upcoming accouncements expected from Mammoth Mountain Ski Area and Starwood.

In April, I put a Snowcreek V property into escrow at over $1 million.  Although there is not alot of activity, there are bargains to be had if you are looking for them and ready to act.

Time on the market has increase from less than 30 days in our peak market to 90 - 120 days or more in the current market. Of course, this is all dependent on competitive pricing, without which, the property could be on the market a year or longer.

This is really a great time to buy with negotiating power and interest rates in the buyer's favor.  I've negotiatiated really great deals, in some cases more than 10% off of list price.  If you're in the market to buy, let's talk and see what I can do for you.

* The latest breaking news on the future plans of Mammoth Mountain Ski Area and Starwood Development was shared by Vice President of Development for Starwood, Craig Knight, in Mammoth on May 17, 2007 at the Coldwell Banker offices.  Craig reports directly to Barry Sternlict, CEO of Starwood, and Gary Raymond, CEO of Intrawest and heading up Starwood Development.

* In the long term, over the next 5 to 10 years, the focus will be on bulking up the Sunday through Wednesday visitors for both Summer and Winter.

*  The three top issues that Starwood believes it needs to address in Mammoth is:  Access, Hospitality and Off-mountain Amenities.

*  Access:  Chair 9 is being redone this season; Mammoth Lakes Trails * Public Access (MLPTA) is an organization working for trail systems with better identification for connecting forest trails with trails throughout town.  Starwood/MMSA has donated $100,000, matched with Town funds of $100,000, to MLPTA as seed money to further their initiatives.

*  Hospitality:  The high end market has been lacking in Mammoth which is why Starwood is focusing more on it now with plans for upscale projects.  However, this is not to be interpreted as leaving out the 1 - 3 star market which has been the foundation of Mammoth's visitors for many years.  They are also developing key partnerships to run the food and beverage outlets for MMSA/Starwood.

*  Amenitities:  Because the average 7 day ski trip only entails about 2 days of actual skiing, there is a dire need for off-mountain activities.  They want to focus on the entire experience by putting more into off-mountain improvements at this point.  Starwood/MMSA has recently brokered a deal with WTS International Spa Co. for a free standing commercial space across from The Village.  They are also working to get recreation facilities underway and are receiving developer impact fee credit for providing the ice rink facility in the plans for the new Eagle Base Lodge. 

*  The "1" hotel will be the 'Green' brand; LEED certified and will launch in the next 18-24 months.  The average size will be 850-900 sqft.  The property will include a high end restaurant and nightclub.  Locations will be in Washington DC, New York, Paris, Seattle, Scottsdale and Mammoth Lakes.

*  The new Eagle Base Lodge will include 50,000 sqft of base lodge facilities and another 68,000 sqft for residential units.  The average residential unit will be larger than "1", at about 1700 sqft.  The key to this property will be the flag it bears which is still in negotiations and dependent upon airport service.

*  A new five star hotel is planned in Sierra Star Golf Course in the next 24 months (Rumor has it that it may be a Four Seasons).  A third party partner will be taken on to move Sierra Star Golf Course to the next level.

*  New real estate projects will be at a price point of no less than $1300/sqft with the exception of a quarter share ownership project planned on Fairway 7 which will start with a $200,000 price point.  This may be released in the fall or the first of 2008.

*  Contrary to rumors, Starwood/MMSA has no plans to purchase the three corners at Main Street and Minaret.

*  The Altis project which was to be a fractional ownership opportunity for modern style paired homes is still on hold.  They has been discussion to bring it back as fractional ownership or even possibly full ownership.

*  Key markets that Starwood/MMSA plans to target to build mid-week visits are Phoenix, San Francisco and Las Vegas. (A flight from San Fran to Mammoth is less than 50 minutes.)

*  To clarify misconceptions, the rodeo grounds in June Lake (across from June Mountain) is completely owned by Intrawest, not Starwood/MMSA.  Other projects that are completely owned by Intrawest are The Woodwinds, Solstice and Westin Monache.