View from The Bluffs
View from Altis
View from Greyhawk
In Mammoth over the past 16 months, we have seen an increase in what people will pay for what agents like to call “the million dollar view”. Sellers have been waiting out the market downturn to sell these prime pieces of property for what they are truly worth. Lots that have been listed for years are finally selling as buyers bring in the cash to make the purchase, betting that the time is right to build these dream view homes.
With so few lots left in the town of Mammoth Lakes as a whole, the value of a view is even higher these days. These lots are now being picked up again by buyers at prices in the range of a half million dollars.
Even builders are buying lots in this price range with the hopes of capitalizing on the view and the major increase we’ve seen in single family residence prices. Here are the notable sales of view lots:
Other Mammoth Lakes Market Trends:
- Square Footage Misrepresentations cause Escrows to FailLately we have seen an increase of the misrepresentations of square footage when a property is listed. If the listing is over 5% off on the actual square footage, there are many times that the buyers will want to renegotiate the sales price, due to the appraisal coming in low. Sales will fall through if concessions are not made by the sellers.
- Sellers Agree to Make RepairsAs the market heats up and prices rise, sellers have been more willing to make repairs during an escrow to keep buyers happy and moving toward closing. Many sellers with massive “wow factor” upgrades have been selling again, attempting to eek out of the market what they put in. Many sellers have also been waiting many years for the market to return and have a lot of pride in the home they are selling, rather than feeling unattached. These sellers are more likely to put in the extra effort to make a buyer happy and to also feel good about the home they are selling and passing on.
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