Today's market is tough for sellers, plain and simple. The advice I give is that if you do not need to sell right now, don't. Wait for the market to rebound in the next year or two. But for buyers, my advice is much different. Now is the time to jump if you're watching the market and waiting for just the right property. It comes down to this...if you find a property for sale today and it's just what you are looking for, make an offer. If you're waiting for prices to come down even more, yes, that will happen. But if you've found just the right property, chances that THAT property will still be for sale is slim if the price is right. Now if you're an investor, sure, wait another 6 months to a year and you're sure to find some deals. It's just a matter of what your priorities are when you're ready to buy.

Buyers today have to realize that we are not in a 'flip' environment so you should be prepared to hold your property for 3-5 years at least. Analysts say we have not yet seen the bottom of the market and are expectant that prices will continue to go down into early 2008.

I'm a realist rather than the hopeless optimist and my intentions are to give you a true picture of the current market. It's not a bad market for buyers, actually the opposite. Over a year ago in the peak of the market it was a sellers' market so now, the tables have changed. If you were around in the early to mid 1990's when properties were soooo much less expensive, we are in the midst of a market where prices are becoming more realistic for priced-out buyers to re-enter the market.

If you'd like to discuss any specific questions with me, please feel free to call or email at your convenience and I'm happy to reply in the same manner.

By Sue Kirchhoff, USA TODAY WASHINGTON - Former Federal Reserve chairman Alan Greenspan admitted he was slow to realize that a surge in subprime mortgage lending to borrowers with poor credit had the potential to harm the economy....

There were a total of 44 sales in all areas in the month of August , that's up 25% from July. In Mammoth, there were 28 sales, up over 39% from last month. That trend is not just for units, but surpassed in dollar volume up over 53% in Mammoth and over 43% in all surrounding areas. Single family homes, vacant land and condominium sales all share in this increase.

I had expected August's sales to take a slight upturn as we went into our buying season that was right on this month. We expect to see a continuing trend of increased sales, however increases in values and prices are not expected to accompany that.

While local appraisers estimated about a 1% decrease in value each month from about September 2006 through April 2007 (8%) and a slowing to .5% decrease each month from May to current , prices are at about 10% below last year this time.

When we look at last year this time in units and dollar volume sold, we're down over 41% in units sold (37.14% down in all surrounding areas). And we're also down over 44% in dollar volume (44.63% down in all surrounding areas). All a direct result of the falling prices and rising inventories.

* An agreement was reached in regards to the Snowcreek Athletic Club and it will be purchased by a new owner, remodeled and reopened as an athletic club (SAC). The density credits, which was at the center of the controversy for Dempsey in selling, was resolved by transferring those credits from the SAC property to her property at the four corners (Main/Minaret). The health club remains open until November 30, 2007.

* Vision Airlines, part of Vision Holidays of Las Vegas, visited Mammoth Yosemite Airport on Wednesday, August 15. They are considering establishing charter air service between Mammoth and Carlsbad, N. Las Vegas, and Mesa, AZ. Vision Holidays Charter Service told us that they have Board approval to start charter service to Mammoth Lakes this winter season.

* The FAA says it is on a schedule to complete the draft EIS by mid-November and potentially complete the process by May. If this turns out to be true, we are still in good shape to initiate commercial air service in December 2008 at the Mammoth Yosemite Airport..

* There is a Draft EIR available for the Snowcreek VIII (8) project which includes the mini village and residential and hotel units. The report is available on the Town's website.

* 10 NEW Liquor licenses for Mono County expected to go into effect on January 1, 2008. The bill is currently on the Governor's desk awaiting signature.

* Phase two of the Mammoth Brand Strategy called the "Alignment" phase has begun. Siegel+Gale, in conjunction with the Town of Mammoth Lakes and Mammoth Mountain Ski Area are hosting six, two and a half hour workshops.

* In response to the immediate need to address an increased number of bear incidents in the Town's urban limits, Steve Searles was rehired by the Mammoth Lakes Police Department (MLPD) as the Town's Wildlife Management Specialist, and will work in that position while the newly formed subcommittee considers long term needs and options.

* Implementation meetings for the General Plan are underway since the General Plan Update was approved.

* The Eastern Sierra Cultural and Heritage Alliance (ESCHA) has produced and distributed an exceptional brochure map highlighting over 20 cultural destinations along HWY 395. The brochure map is designed to enhance the visitors experience to the rugged and remarkable Eastern Sierra by encouraging visitors to explore the many museums, parks and visitor centers throughout Inyo and Mono County.

* TRANSIT: Town will take over the evening Red Line, using two trolleys on a 15 minute headway (frequency). The Town will also run a daytime bus (Winter LIFT) that reaches midtown areas that are further away from the MMSA lines. MMSA will increase service levels on the Orange line (Tamarack) and evening yellow/blue/green lines.

* The following shows the recent 5-year growth in assessed property valuations (secured and unsecured property combined):

2003 - 2004 $2,106,286,591

2004 - 2005 $2,370,765,293 - 12.56%

2005 - 2006 $2,761,497,653 - 16.48%

2006 - 2007 $3,365,368,757 - 21.87%

2007 - 2008 $3,979,726,242 - 18.26%

* Submittal of the Clearwater Specific Plan application and adoption of the new General Plan have triggered the North Old Mammoth Road District planning process.

* With the scheduled opening of the Westin Monache Resort later in the fall, The Westin is hosting a job fair on Wednesday, September 19, 2007 at the Mammoth Ski Museum from 3:00 - 8:00 p.m.