In today's market, it is the real estate seller who benefits the most from representation by a professional REALTOR. As everyone reads in the newspapers, sees on the news, and hears the chatter amongst acquaintances - there's no bottom in sight for the real estate market within the next year. In fact, it's expect that the market will not begin to level out until the end of 2008 and possibly begin an upturn in 2009. But of course this is all speculation. Consider then, in reference to Mammoth and how we follow the national real estate market by about 6-12 months and this extends the projection date. Many may read this and say "then I should wait for the bottom" or "I should wait another year or two before I purchase something". I can see how they would think that, but consider that although prices may go down, the inventory will be different. If a unique property in a unique location is important to you as a buyer, then I would not recommend passing up a property that is priced right today if it's what you want.

On the other hand, if you are a seller, and this may be hard to hear, pricing is the key in today's market. You can thoroughly expose a property and offer incentives, but if it's not priced right as a good deal, buyers are looking elsewhere. Buyers know there are deals to be had these days. Listing your property for sale must start off with a bang if you're really serious about selling. That means pricing it at or below the last sale and below appraisal is a good start but you have to be willing to lower the price if there is no activity in 30 days. In the long run, if you price this way from the start, you will end up with more than a seller holding out for a high price while values continue to decline.

Now for the good news! You certainly didn't think it was the doom and gloom report did you? I still believe in Mammoth and so do a whole lot of high wealth individuals and corporations. The hillside property on Canyon Blvd just closed escrow in July for $53 million. With resort zoning, it's expected to be a similar plan as the previously planned Hillside Mammoth resort and is rumored to hang a high-end flagship name.

For more information on positive news and developments, email me at stacie@ownmammoth.com

LOS ANGELES (July 25) - Home sales decreased 24.7 percent in June in California compared with the same period a year ago, while the median price of an existing home increased 3.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. "The focus on foreclosures and subprime lending is ongoing and, coupled with higher inventories of homes for sale, is prompting many would-be buyers to play a 'wait-and-see' role," said C.A.R. President Colleen Badagliacco. "However, well-maintained homes with curb appeal that are priced for today's market continue to sell. It's often a matter of counseling buyers and sellers to set realistic expectations on both sides of the transaction." "First-time buyers continue to be impacted by tighter mortgage underwriting standards and the affordability challenge, which has not improved significantly despite price declines in most regions of the state," she said. Closed escrow sales of existing, single-family detached homes in California totaled 364,280 in June 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 24.7 percent from the 483,690 sales pace recorded in June 2006.

There were a total of 33 sales in all areas in the month of July (17 in Mammoth). Stats for all areas as well as Mammoth show a decrease in units sold and dollar volume from June to July 2007. Dollar volume of sales in Mammoth are down 82.6% and units sold are down 41.18% from June.

I would expect August's sales to take a slight upturn as we go into our buying season of August through October.

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 General Plan was approved by Mammoth Lakes Town Council on August 15, 2007.

* New fire station on Main Street opened officially on July 4, 2007.

* Tallus revives the bridge and bike path project to complete before the end of the summer.

* Due to rapidly decreasing groundwater levels, a Level 1 water restriction was put into place as of July 30. No watering on Wednesdays or 10am-5pm.

* Troutstock Eastern Sierra 2007 is August 30 - September 3 this year. Visit Troutstock.

* Work on the Lake Mary Bike Path continues. August will see the pulverizing and grading of the upper road from Twin Lakes Bridge to Horseshoe Lake. Construction is scheduled from 7:00 a.m. to around 3:30 p.m., Monday to Friday with no weekend work planned.

* Bids for the ice rink were denied by Town Council of Mammoth Lakes and the project was put out to re-bid.

* Notwithstanding, the additional time it has taken to complete the noise analysis for the Airport, the balance of the EIS is nearing completion.

* Skier visits as reported by National Ski Areas Association were down 6.9% in the 2006/2007 season from last year's record of 58.9 million.

* Occupancy has remained stable the last few weeks at about 60% on average.