In March, the weather continues to feel like spring after the 100 inches of snow we received in the month of February. I was just out on the hill yesterday and it was 35 degrees at the top, about 47 degrees at Main, and a whopping 70 degrees at the Village Gondola. This hasn't slowed visitors for March with occupancy still in the 87% range mid month.

This is good news for buyers who want to inspect the foundation of a home. There are many things covered with snow at this time of year which prevents full inspections. However, with an early spring, this is not currently the case.

In discussion with other Realtors, they are anxious to receive an offer...any offer, just to get negotiations started. So although current properties for sale may be overpriced or in a price range that you feel is outside your own range, consider that sellers are starved for activity on their listing. You may be surprised what sellers are willing to accept and concessions they are willing to give.

For instance, a popular benefit is the seller buy down. This is where the seller buys down the interest rate for a buyer for a specified length of time. It is comparable to a buyer paying points on the front end of a loan to reduce their interest rate. Sellers can do this for buyers as an incentive to purchase. This reduces the monthly payment for the buyer for a specified amount of time.

The point being, there's nothing to lose in making an offer you're comfortable with on a home you like regardless of list price, within reason of course. If you receive a reasonable counter offer, it's indicative that the seller feels they can negotiate a satisfactory offer with you. You don't know if you don't try. And just think how satisfying it would be to get a deal on a property in Mammoth knowing the big picture for the town and the strong appreciation expected as the development comes to fruition.

There are great deals on some very nice properties, some new construction, throughout town. From ski in /ski out condos and homes to those along the shuttle route and golf course locations, there's something available to fit almost anyone's tastes. With condos priced as low as $208,000 which are walking distance to the Village to homes priced in the multimillion dollar range for ski in/ski out right on slopes at Eagle Lodge/Chair 15. Again, there are a variety available for many tastes.

To reiterate my sentiments from last month, the Mammoth real estate market still has room to grow but that room is limited and once it's gone, that piece you own (or could have owned) becomes very precious and valuable as it cannot be duplicated or expanded. A premium unique location can hold tremendous value over time and is what sets vacation spots from destination resorts. It's an investment as well as providing personal enjoyment, there's no sacrificing one for the other in Mammoth.

Sunday, Mar. 18, 2007

Low rates and extraordinary inventory have created perfect conditions for home buyers.

Take a moment to consider these facts:

* You've never had more homes to choose from.

* There are currently 3.75 million homes for sale.

* Inventories in recent months have been at record levels, offering consumers the greatest choice in decades.

* However, inventory levels are falling, and the selection of homes will become limited once again.

*Former Federal Reserve Chair Alan Greenspan recently said that housing prospects are looking up. “Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter.”

* According to industry estimates, 2006 will be the third-best year on record for home sales.

* Interest rates haven't been this low for nearly 40 years. At 6.4 percent, the average 30-year fixed rate mortgage rate remains near 40-year lows. This is more than an entire percentage point below 2000 levels. For a $250,000 loan, a drop from 7.5 percent to 6.5 percent means an annual savings of $2,000.

* Real estate is a great investment. The average home value increased by 88 percent over the last ten years. In the decade to come, the number of US households is expected to increase by 15 percent, which means housing will stay in high demand. While conditions for buyers are perfect now, that is likely to change next year as sales pick up, prices gain traction, and conditions improve for sellers.

In today's real estate market, the best time to buy is now.

There were a total of 56 sales in all areas in the month of February. Mammoth's statistics showed a 55.32% INCREASE in units sold and 57.4% INCREASE in dollar volume. The overall statistics for all areas showed a 42.86% INCREASE in units sold and a 45.4% INCREASE in dollar volume.

* The 1/4 share Tanavista project was approved by Town Council on March 7 with the condition they have a staffed front desk on site. Tanavista reservations will be taken shortly. Contact me to put your name on the list to receive information. It will be first come first serve and there will be limited shares available in 1, 2 and 3 bedroom units. Prices will range from $200,000's to $600,000s..

* Work continues on the General Plan in public meeting to review draft sections.

* Town Council will support the initiative by Senator Cox to increase number of liquor licenses in Mono County. This will have a direct impact on development of large hotel brands and nighttime entertainment.

* Town staff, our Airport Terminal architect, and MMSA staff met with a representative of Horizon Airlines at the Mammoth Yosemite Airport to review the interior layout of the proposed terminal. The architect and Horizon will follow up to make adjustments to the ticketing, office and storage space to meet Horizon’s requirements. Another meeting is being arranged with the Transportation Security Administration (TSA) for the same purpose. That meeting should occur within 60 days.

* Top of the Sierra is a $1.5 million educational exhibit focusing on the Eastern Sierra's history, geology, weather, heritage and more. Located at the top of Panorama Gondola at the summit of Mammoth Mountain, it's the first interpretive center of its kind at 11,053 feet.

* Westin Monache condominium units are now listed on the MLS (Studio and 1 bedroom). Contact me for more details. Prices start at $495,000 for a Studio unit.

* Tallus will be offering 1/12th shares on one of their five (5) bedroom homes. Contact me right away if you're interested. Only 12 shares will be available and will be priced at approximately $300,000. Prices will increase each time all the shares in a home are sold so it's better to get in before prices go up. 1/6th shares will continue to be offered at $795,000 until the next home is sold.