As this down market continues, the deals just get better and better for buyers. Local appraisers estimate that sellers are losing an approximate 1% in value of their property for each month it remains on the market and does not sell. The properties that ARE selling are the upgraded units and those in move-in condition. That's not to say that if you are a seller, you can't sell unless you upgrade or remodel. In fact, there are only a few upgrades that will really pay off in this market and some can be done very inexpensively such as a fresh coat of paint, new bath accessories and dinner table settings to present the home like a model, having carpets professionally cleaned, clear away any clutter or personal décor that may turn a prospective buyer off and fresh flowers in the home can make a wonderful impression both visually and aromatically.

If you're a buyer, now is the time to closely look at all the properties being listed and those with price reductions. Keep in mind that the longer a property has been on the market with multiple price reductions, the more negotiating power you will have to get your price. Forget the list price! If you see a property that you want, let me know and I will put a comparative market analysis together for you to show an approximate of value. Then you make your offer based on that number, not the list price. There are unrealistic sellers out there who believe the market is just a couple weeks away from turning around. I don't believe this is true. I believe it could be another 9-12 months before we see a turn around but if you compare a 1% drop in value each month to the increased cost by rising interest rates during that time, it does not make sense to wait for the 'bottom of the market' if you have found the property you want. A common misconception by buyers is that they should wait for the bottom of the market. But guess what? You won't know the bottom until it begins to go back up and when that happens, your selection and negotiating power are gone and you're not as likely to get the property you want.

"Concerns about subprime lending will be with us well into next year, but improving economic conditions should bolster consumer confidence in the economy as we move through the second half of this year," said C.A.R. President Colleen Badagliacco. "However, with prices holding steady or showing marginal declines in many parts of the state, affordability will continue to be a problem even with mortgage rates that remain near historic lows. In a competitive market with a wide range of properties for sale compared with a year ago, those homes that are in top shape and are well priced are in the best position to attract buyers in today's market."

Closed escrow sales of existing, single-family detached homes in California totaled 366,370 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 25 percent from the 488,260 sales pace recorded in May 2006.

There were a total of 36 sales in all areas in the month of June (24 in Mammoth). Mammoth's statistics showed NO CHANGE in units sold and a 23.74% DECREASE in dollar volume of sold units.

The overall statistics for all areas showed an 8.33% DECREASE in units sold and a 31.31% DECREASE in dollar volume.

We've hit a lull in activity, but overall, conditions are good for buyers who may have been priced out of the market before or who are looking to buy up.

The high quality, luxurious 5000 sqft homes of Tallus are offering the homes at $695,000 for 1/6, $347,500 for 1/12 or $3.95 million for whole owneship for a limited time and with 2 years of HOA Fees PAID.

Snowcreek VII - The Creekhouse, is now accepting reservations for their 2-4 bedroom plans starting at $975,000. With a 3% deposit and reservation, they expect to go to contract in September.

The Hillside property next to The Westin is expected to close escrow anyday now. We await news as to what will go there. There has been talk about a St. Regis or other high end brand with cultural and meeting facilities.

Snowcreek Athletic Club will be closing it's business permanently on September 30, 2007.

After years of discussion over the amount of Development Impact Fees, the Town Council approved a reduction in the fees for all land use categories. The public presented compelling arguments about the state of the local economy and the Council responded by providing an additional discount in the multi-unit transient land use category and for lock-off units to create an incentive to kick start construction again in Mammoth Lakes. There will be a loss of Development Impact Fee revenue due to the reductions, so new and alternative financing programs will have to be found to replace the lost DIF revenue for projects on the 2007 Masters Facilities Plan.

A new summer transit map is in production and will be in distribution when Town Trolley operations commence on June 15. The transit map includes summer service lines and information for the Town Trolley, Lakes Basin Trolley, Mid-Town Lift, Old Mammoth Lift, Mammoth Mountain Bike Park Shuttle, Reds Meadow Shuttle, Dial-a-Ride, YARTS and CREST. Maps will be made available on the buses and trolleys, as well at the Mammoth Lakes Welcome Center, at The Village Mountain Center, select local businesses and online at www.visitmammoth.com .

The New Lakes Basin Trolley commences Sunday, July 1 collecting passengers every hour from the Village at Mammoth and transporting them to Horseshoe Lake / Lake Mary via Tamarack Lodge and Resort. The Lakes Basin Trolley will operate from 8:00 a.m. to 6:00 p.m. seven days a week with Monday, September 3, 2007 as the last day of operation.

The event website is live! Online registration is available. Please visit www.troutstock.com to see what's new at this year's event.

The Town is in receipt of FAA grant funds totaling $1,175,074. The Town had 'fronted' the cost of the Airport environmental work since September 2005 with Mammoth Mountain being a funding partner through a loan to the Town. The FAA grant has now funded 95% of the Airport environmental work expenditures.

General Plan Conformance Review - The Planning Commission reviewed the 2007 General Plan to verify that it accurately reflected the Commission's approval. Staff is working to publish the 2007 General Plan for Town Council public hearing on July 18, 2007.

2007 General Plan Update Now Available - The latest version of the 2007 General Plan Update is now available on the Town's website: www.ci.mammoth- lakes.ca.us. It is located in two places - under Current Key Projects on the main/home page and on the Community Development page. The General Plan Update is on the July 18, 2007, Town Council agenda at 6:00 p.m. - Enjoy!

The Mammoth Mountain Bike Park is 98% open! 90 miles of single track are available to ride with only one section of Upper Velocity temporarily closed. The intermediate Kamikaze Bike Park will open this weekend, with log rides, dirt rollers and the mini Bike Dragon. The Trail Crew plans to break ground on a new trail, Techno Rock, on Monday so log on to www.MammothMountain.com to read updates and see photos on the construction.