If you watch the news or read the newspapers, it's impossible to ignore the gloom predicted to continue for the real estate market nationwide. There are a few exceptions to this, but so far, Mammoth has experienced the decline that followed the slowing of sales last summer.

Last month, on a month to month comparison from February, inventory was down 30.5% in Mammoth (12% decrease in other surrounding areas). In relation to dollar volume, Mammoth is down 15.5% (2.5% in other areas) and ratio of list to sales price is in the high 90% range for all categories other than land which is in the high 80% range. That's to say that most properties are selling at about 95% of list price except for land that is selling at about 85% of list price. In looking at March of 2006 sales, compared to sales activity this March, Mammoth's sales by units are down 66.67% (50% over all) and down in dollar volume by 95.71% (80.71% over all).

The properties suffering from this decline in Mammoth are mostly the over $1 million range. In 2007, only 9 condominiums have sold for over $1 million; 8 in The Lodges and 1 in Eagle Run. More than likely, the sales at The Lodges were all new construction sales and under contract since early last year when activity was up.

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 proper could be on the market a year or longer.

This is really a great time to buy. 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.

For release:

Wednesday, Feb. 28, 2007

LOS ANGELES (Feb. 28) - Because of a loophole in existing law, developers can impose private transfer taxes on unsuspecting home buyers. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today announced it will sponsor SB 670 (Correa), "Private Transfer Tax Prohibition," to eliminate this unfair tax on Californians.

"Under current law, developers legally can impose private transfer taxes on home buyers at the time of purchase, with no oversight from government, no accountability on how the money is spent, and no limit on who can impose the tax or how many private transfer taxes can be added to a home when it's sold," said C.A.R. President Colleen Badagliacco. "Senator Correa's legislation, which C.A.R. is sponsoring, will put a stop to this unfair, costly practice.

"This is an alarming trend in California, one that gives non-government entities like developers the power to tax, while threatening the dream of homeownership by pushing prices higher," she said. "While the highest private transfer tax rate we are aware of currently is 1.75 percent of the home's value, under existing law there's no upper limit."

A private transfer tax of 1.75 percent on a $500,000 home skims nearly $10,000, while inflating the cost of a home. Private transfer taxes also impact affordability in California. According to C.A.R. research, for every $10,000 increase in the cost of a home, another 200,000 potential home buyers are eliminated from the marketplace.

"Developers levying private transfer taxes are free to use the money for any purpose including their own use," said Badagliacco. "There are no controls in place over how revenue collected from private transfer taxes is spent. Under current law, the private transfer tax assessments may never expire, so that every time a home is sold, the tax is collected again. It's time to eliminate this loophole."

SB 670 (Correa), "Private Transfer Tax Prohibition," will next be heard in the Senate.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

There were a total of 50 sales in all areas in the month of March (36 in Mammoth). Mammoth's statistics showed a 30.5% DECREASE in units sold and 15.5% DECREASE in dollar volume. The overall statistics for all areas showed a 12% DECREASE in units sold and a 2.51% DECREASE in dollar volume.

* NPG Cable and Verizon have come to agreement where Verizon will install more broadband from the central office in Bishop up to Mammoth. They say this will be the equivalent to installing 21 T1 lines for Mammoth. This work is expected to be completed this summer and before the 2007/2008 season. * Tallus, the fractional 5 bedroom home on the Fairway at Sierra Star Golf Course has released 1/12th shares for $395,000. This share arrangement only applies to one home so availability is limited. * Tanavista is now accepting Reservations to Purchase. With a $5000 refundable deposit, you can reserve a share to purchase. * The Clearwater project on Old Mammoth Road (Ocean Harvest/Rodeway Inn parcels) will be holding a neighborhood meeting on April 25 to discuss the project in relation to the commercial corridor of Old Mammoth Rd. (Email me for an agenda and more details.) * Discussions continue for the development of 31 housing units at the Park N Ride location on the corner of Old Mammoth Rd and Tavern Rd. * Construction expected to begin on Mammoth Lakes Foundation College Dorms this June 2007. * Part of Senate Bill 762 will include an additional 10 new, original on-sale general liquor licenses for bona fide public eating places in Mono County and will be presented for the Governor's signature in January 2008. * Mono County Fishing Opening Day is April 28.