What’s Coming Next in Mammoth Real Estate? The Bottom & Recovery of the Luxury Sector…
We are currently in a time like none other before in the Mammoth Lakes Real Estate market; we’re coming out of the largest foreclosure market to date in Mammoth and the Eastern Sierras, up to 50% or more of properties being sold as distressed sales (REO or short sale or auction) for the past 4 years has now come to an end. Prices are rebounding as fast as they dropped. We’ve seen a 20%-30% increase in values around town in the past 12 months and predictions from most major sources indicate a continuing uptrend next year. However, there are still a few segments yet to recover that are still at or close to bottom. Mammoth’s luxury market properties, including SFR’s, condos and fractional properties, have been more sluggish in their rebound, making this a prime time to pick up the remaining bargains in this sector of the market. Here’s some hard data on where luxury property market in Mammoth Lakes has been in the past 10 years:
The graph above shows that current median sales prices for SFR’s over $1M are at their lowest point in 10 years. During the market crash, this was the last segment of the market to fall and it is also the last segment to rebound. A lot of the properties that fall into this category include the luxury condos named below, along with newer developments like Starwood, a high-end neighborhood of luxury homes. Across the board, there is a remaining ceiling on Mammoth’s luxury properties that hasn’t been broken yet, but sellers are trying. As proof, there is currently an auction going on though October 15th at 80/50 to sell off the remaining 25 fractional shares of one of the most luxurious properties ever built in Mammoth. According to the Mammoth Lakes MLS, the number of sales over the $1M mark is about half of what it was at the peak of the market. We have a number of properties in the luxury sector on the market now at prices still below replacement cost.
According to Tim Flynn, owner of TFC General Contracting, the cost to build new construction for a luxury property here in Mammoth Lakes ranges between “$300 – $450 / square foot depending on level of finish.” Currently, there are 26 single family residences over $1M for sale in the area ranging in price up to $14.9M. Of those 26 homes for sale, the cost per square foot ranges from $219/sq ft – $938/sq ft. Nine of those properties’ cost per square foot falls under the $450/sq ft category and 3 of those properties cost per square foot is under $300/sq ft! That being said, if you are in the market for luxury homes, now is definitely the time to get the last of the bottom of that market and start seeing gains in the near future.
It’s not only the luxury home market but also the luxury condo market that is of interest here in the area lately. Here’s the latest and greatest in that market segment:
Mammoth’s Most Luxurious & Expensive Condominium Developments:
If you’re looking for the newest and best that Mammoth Lakes finest builders have to offer in condominium style living, with custom, high-end finish and feel, strictly luxury in the mountains, here are the winners, in order of most luxurious starting with the highest price tag and most amenities available:
• Tallus, built in 2006 and still under construction on the Sierra Star golf course. This project offers 1/6 ownership opportunities of 5 bdrm/4 bath homes, starting at about $450,000 up to whole ownership opportunities for about $2.3M. Hang out with rockstars and celebrities here. Ownership includes up to 10 Black passes at Mammoth Mountain for your group, Golf passes, VIP access to all Mammoth events, etc. It is the most comprehensive vacation package getaway that Mammoth currently has to offer with top notch concierge services. Construction is currently underway to complete the landscaping and some recreation facilities. HOA dues are $1000/month.
• Altis, built in 2009, is currently selling at $1.75M. These are 3 bdrm / 4 bath homes with 2 car garages and approx 3,000 sq ft. This is Eric Fishburn’s latest and greatest modern masterpiece with 30’ windows overlooking the Sherwins and valleys all the way down to Crowley Lake & Bishop and has been coined as Mammoth’s last great ski-in ski-out residence. This project sits up near the Greyhawk subdivision with easy access to Eagle Lodge. The owners here have names that are easily recognized worldwide. 3 lots in Altis phase II are currently available for purchase for $650,000 – $1,800,000. HOA dues are about $708/month. Peak sales prices here reached $2.1 million.
• 80/50, an ultra-luxury fractional ownership condo-hotel, sitting on the edge of The Village at Mammoth, built in 2006, has a silent auction going on September 1 through October 15th to sell of the remaining 25 shares of 1, 2 and 3 bedroom units. Minimum bid prices are at $69,000, $119,000 and $249,000 respectively and include a year of free HOA dues! The complex allows pets in 3 of the rooms only. These are cash only purchases. The 80/50 is known for its 3 rooftop jacuzzis overlooking Mammoth Mountain with 360 degree views of the area. These condos are pure luxury with spacious open floorplans, gourmet kitchens and large, decadent bedrooms and baths. A must see. 1/8 ownership opportunities are available for 1 bdrm – 3 bdrm size condos with 1100 – 3000 sq ft.
• CreekHouse, built in 2008 and remaining buildings completed this Summer, this is the latest phase of the Snowcreek development and sits on the ridge above Old Mammoth Road, with excellent Mammoth Mountain & Sherwins mountain views. These spacious townhomes range in size from 3 bdrm / 2.5 bath, 2184 sq ft – 4 bdrm / 4.5 bath, 2742 sq ft and prices range from $730K – $830K with HOA dues at $689/month. Previous sales in 2008 were as high as $1.775M for one of these homes.
• Stonegate, built in 2007, these are large townhomes on the golf course ranging in size from 3+Loft – 4 bdrms and 2500 – 3500 sq ft. One is currently available for sale at $1.25M. Previously these homes sold for up to $2.6 million.
• Juniper Crest, built in 2004-2005, takes advantage of the south-facing view corridor behind Juniper Springs Resort. Currently there are 4 condos available for sale ranging in price from $1.1M – $1.5M. All condos have 3-4 bedrooms & 1550 – 2414 sq ft with HOA dues at $750/month. These condos are walking distance to the lifts at Eagle Lodge. Peak prices in the project were as high as $2.25 million.
• Woodwinds, built in 2008, is a quiet community of 3 bdrm / 3 bath homes with 2 car garages with 2 main floorplans ranging in size from 1700 sq ft – 2400 sq ft, overlooking Sierra Star golfcourse and closest to Eagle Lodge. Perfect for families, these large homes are cozy and comfortable. Current sales are in the $700K – $800K range and above. HOA dues are about $625/month. Peak prices here reached $1.447 million.
• Grayfox, built in 2006, sits right across the street from The Westin Monache and is a smaller custom development by Presson Construction. These townhomes offer 1800 sq ft and 3 bedrooms and 3 baths with a 2 car garage. Prices peaked for these condos at $1.4M and recent sales are in the upper $600’s, leaving them still over ½ off.
• Cabins at Crooked Pines, built in 2005, condos ranging in size from 2 bdrm – 3 +Loft size with HOA dues from $872 – $1200/month. Fine craftsmanship with luxury finish throughout the project. On the golf course at Sierra Star, these condos are in a secluded area of town near Eagle Lodge. Peak prices at Cabins reached $1.050 million.
• Tosca, built in 2006, is a perfect opportunity to have a luxury property sized for 1 person or a couple. These luxury townhomes offer granite counters, stainless appliances, a 2 car-garage & a spacious master suite. The highest sale was at $489,000 at the peak of the market.