Wow! Sellers just can't get a break these days. We're seeing many more offers from buyers far below the list price. Many times the rational is that the buyer feels the market is still in a decline, which is true, and does not want to pay today's price but rather where they think the price will settle when the market stabilizes.

In the situation above, it is important for sellers not to be emotional and consider the present value of money. We all know the saying, "a bird in hand is worth two in the bush", meaning that a lower price today is worth more than an expected future price.

Appraisers confirm that the depreciation remains at about .5% per month. This is an objective way to compute your recommended list price. Of course there is the adjustment for unique properties, but in general, prices are down about 9.5% from last year this time. The LA Times recently reported that sales in Southern California are down 50% from sales in September of 2006.

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.

In a recent discussion with representatives of Mammoth Sierra Electric, I was introduced to a fabulous tool for second homeowners in Mammoth.

The system enables you to monitor and actually change settings in your home such as temperature, lights, heat and also can provide video monitoring of non-rented properties. The homeowners launches a web browser from any computer or mobile device connected to the internet and logs in with a username/password and then gets immediate access. Visible is what the temperature in the home is, what lights are on or off AND the ability to change this with the click of your mouse.

Additionally, you can set monitoring to email you if a temperature falls below a certain level so you can immediately take care of it.

The cost of the system starts around $500 without installation but custom pricing is required because of the variations of modules that can be added to meet your needs. One case of avoided broken pipes pays for it a couple times over.

The system is heavily reliant on high speed internet and while our internet speeds remain limited. This problem is expected to be resolved in November 2007 once Verizon completes the $1.5 million project of laying additional cable to increase the bandwidth available in Mammoth.

Anyone interested in this service, please feel free to contact me and I can put you in contact with a local representative for a personal consultation.

Recently, the LA Times reported that real estate in southern California is down 50% from sales in September 2006. September is traditionally a slow month of our shoulder season, but on top of that, we are dealing with this tough real estate market.

While local appraisers estimated about a 1% decrease in value each month from about October 2006 through April 2007 (7%) and slowing to .5% decrease each month from May to current , prices are at about 9.5% below last year this time.

When we look at last year this time in units and dollar volume sold, we're down over 54% in units sold (35.29% down in all local areas). And we're also down over 65% in dollar volume (50.45% down in all local areas). All a direct result of the falling prices and rising inventories.

* The FAA has indicated that the Draft EIS for initiating scheduled air service by Horizon Airlines should be available for public review in approximately two months. As soon as a firm schedule for public review has been finalized, we will begin a broad public outreach campaign to inform people how to participate in the review process. The Airport Project Team met with the Transportation Security Administration in Fresno this week and will begin a process of arranging for security service at the Mammoth Yosemite Airport in anticipation of commercial air service in December of 2008.

* The EIR for proposed project Snowcreek VIII (8) is available for review on the Town's website, CLICK HERE TO VIEW.

* Fire Safe Landscaping is being encouraged:

o 30 foot minimum area around home with shrubs 18 inches in height or less

o Prune dead limbs out of existing trees

o Keep branches at least 10 feet away from chimneys

o Remove combustible debris from area around the home

* Verizon is on schedule to complete the placement of 36 miles of fiber-optic cable between Bishop and Mammoth Lakes by the end of November, 2007.

* Due to recent rainfall, cooler temperatures, and the subsequent reduction in the risk of wildfire, fire restrictions on the Inyo National Forest and BLM lands managed by the Bishop Field Office have been lifted. Visitors are now allowed to build campfires and use charcoal grills.

* The Mammoth Lakes Arts Center proudly announces the Steven Dietz adaptation of Bram Stoker's "Dracula" from October 18-31, 2007. This suspenseful and seductive interpretation will be presented Thursday thru Saturday at 7:30 p.m. and Sunday at 4:00 p.m. A special Halloween performance is also scheduled at 7:30 p.m.

* Opening day for Mammoth Mountain Ski Area is November 8.

* Watch your speed when driving into Mammoth. The Mammoth Lakes Police Department has hired a new officer solely for traffic enforcement. There were 28 citations issued in just one week.

* Design Review 2007-02. Design review of six apartment units in three buildings. The buildings consist of one triplex, one duplex, and one single family apartment structure. Location: 41 Manzanita Road. Old Mammoth Road. APN: 33-125-01. Applicant: Mohammad Sarraf. Staff contact: Jen Daugherty, Assistant Planner, x260.

* The Westin Monache was recently issued a Conditional Certificate of Occupancy for a portion of the building. Phase I permits occupancy of a portion of the parking structure and four floors within the north wing of the building. Phasing will continue for the remaining three floors and later the south wing. The building is not expected to welcome guests until mid to late November.

* Visitor occupancy remained consistent in the mid 30% range for weekends and high teens to low 20% range for mid week.

* The temporary ice rink located across the street from the high school, will open by Christmas 2007.