Mammoth Lakes Real Estate Market Update

magnifying glassThere are several different data points to review when evaluating the current real estate market including median price, days on market and total inventory sold.  Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of Sept 29)

2012

2011

Median   Price

$260,000

$244,000

$242,000

Median   Days on Market

103

123

98

Total Condos SOLD

250

299

309

Single   Family Homes

2013 (as of Sept 29)

2012

2011

Median   Price

$639,000

$575,000

$560,000

Median   Days on Market

103

181

120

Total SF Homes SOLD

71

91

75

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED

Condos

Single Family Homes

Median   Price

$375,000

$764,000

Median   Days on Market

88

108

Total   Available Today 09/29

109

Relatively flat all of 2013

58

Slightly higher than 2013 average

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price than in the previous two years.   After a slight increase over the summer, inventory  levels  are low and relatively flat for 2013. Based on actual closed sales so far this year,  the trend indicates there will be more condos sold this year than last and about the same number of single family homes.   Inventory is needed to support this trend.

What does this mean to you?  Prices are trending up.  People interested in buying should increase their search and identify a property before prices go higher.    Sellers can expect to get more than they would have last year at this time.    Of course, there is no crystal ball.  Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months.  These areas are still in an upward cycle.   Will the upward trend continue?  Time will tell.  My advice, if you find something you love, then now is the time to make that offer.

Fall Colors in the Eastern Sierra

One of the things I love most about living in Mammoth Lakes is experiencing all four seasons.  This is something most Californians do not have the opportunity to enjoy but provides spectacular sights for us in the Eastern Sierra.

Fall has officially begun with fall color starting to show in the Eastern Sierra.    Colors are emerging to show locally at the base of the Sherwin’s, in town and in the Lakes Basin.  I look forward to enjoying Mother Nature’s show in the next few weeks.   I plan on heading up south to Rock Creek and north to Conway Summit this weekend.  For more information on fall colors in Mammoth Lakes, visit http://CaliforniaFallColor.com 

This is a photo I took early October 2013 on my iPhone at Conway Summit.   Looking forward to going to the exact spot this weekend….stay tuned!IMG_1946

Where am I? One Guess: Mono Lake

There are so many beautiful places I want to share in my beautiful home of Mammoth Lakes. Every week I will post a photo for “Where Am I Wednesday?” and you can give your best guess as to my location. The first person to correctly guess my location will receive a Starbucks gift card!

Any guesses where I took this this photo? Hint: All photos will be within 10 miles of Mammoth Lakes unless otherwise specified. Happy guessing!

2013-09-19 05.26.00

Home Protection Plans

appliancesThe last thing a buyer wants to worry about is something in their new home breaking or malfunctioning.  This is why when representing a buyer I generally include a home protection plan in the offer to purchase.

What is a home protection plan?  It is a one-year home warranty or service contract which covers the repair or replacement of many of the home system components and appliances that break down over time.  Most companies offer various plans and pricing options allowing you to select what is right for you.

Why should buyers include a home protection plan in their offer?  No matter how prepared you are when purchasing a new home, it can still be a stressful experience.  Part of that stress is wondering about unexpected costs and the uncertainty that comes with a new home purchase.  Home protection plans provide confidence that the major appliances and home system components will not be something you need to worry about.  Generally after paying a small deductible the cost of the repair or replacement is covered.  Even if the seller does not agree to pay the one-time premium (in my experience they often agree), it is well worth the cost since most premiums I have seen are less than the average cost of a service call/repair if you did not have a protection plan.   Home protection policies are fairly inexpensive, typically ranging from $300 to $500, depending on coverage.

Why should a seller include a home protection plan?  A home protection plan can be an effective marketing tool, instantly giving buyers additional confidence in their purchase. This will also protect your home’s systems and appliances while your home is on the market.

What is covered?  This can vary based on the policy selected.  I generally chose a combination policy which covers the following (based on the situation, add-on options include things like pool, spa, water softener, well pump, septic pumping):

Appliances:

  • Refrigerators
  • Dishwashers
  • Clothes Dryers
  • Clothes Washers
  • Ranges/Ovens/Cooktops
  • Built-In Microwave Ovens
  • Free-standing Ice Makers
  • Trash Compactors
  • Garage Door Openers

Systems:

  • Air Conditioning, including ductwork
  • Heating, including ductwork
  • Electrical
  • Plumbing
  • Water Heaters
  • Garbage Disposals
  • Instant Hot/Cold Water Dispensers
  • Central Vacuums
  • Smoke Detectors
  • Doorbells
  • Ceiling Fans

In summary, whether buying or selling ask your real estate agent about a home protection policy.

Mammoth Huskies 2013 Football Schedule

Are you ready for some high school football?Football

The 2013-2014 team is off to a good start winning the first game of the season again Rosamond (40-8) on Friday, September 6. What does the season have in store? Be the first to know by attending the games at Mammoth High School stadium located at 365 Sierra Park Road.

GO HUSKIES!

Click here for the full schedule Football 2013-2014

 

Mammoth Lakes Repertory Theatre – The 25th Annual Putnam County Spelling Bee

25th Annual Putnam County Spelling BeeIn the musical comedy, the 25th Annual Putnam County Spelling bee, six young people in the throes of puberty, overseen by grown ups who barely escaped childhood themselves, learn that winning is not everything, and losing doesn’t necessarily make you a loser.

The local production of this Tony Award winning stage play was presented by Mammoth Lakes Repertory Theatre in cooperation with Mammoth Lakes Foundation.  My husband and I caught the play on the last night at Edison Theatre.   The production was directed by Shira Dubrovner and was very entertaining.  My husband does not usually like musicals but this was the exception.  The lyrics were funny and heartwarming and came at just the right time in each scene.  In addition to the talented nine person cast, four audience members were included in the spelling bee with hilarious results.  Contestants had the opportunity to ask for definitions for the words as well as having the word used in  a sentence.  We laughed out loud at many of the definitions.  One of the hilarious definitions was for audience participant and local Mammoth Lakes Fire Depart Fire Marshal, Thom Heller.

Word:  Apoop

Definition:  Toward the back, to move astern on a ship.

Used in a sentence:  Guido, the Italian sailor clutching his stomach said “Excusa me boys but I am going apoop.”

Shira is so talented and we have loved all of the productions she has directed.  Other cast members included Tim Casey, Phil Dore, Shanda Duro, B. Kenji Kawaguchi, Jacqueline Marie, Juliana Olinka, Bekah Rowan, Jesse Steele and Dave Tompkins.  We are looking forward to some of the upcoming productions which include:

October 10-27:  To Kill a Mockingbird

November 9: Zagazoo (Theatre for Young Audiences)

November 15-16:  An Evening of Improv: The Spoilin Players

December 12 – 22:  Every Christmas Story Every Told (and then some)

January 17-18:  Vincent

February 6-23:  The 39 Steps

Hope to see you at one of the next Mammoth Lakes Repertory Theatre.  Visit http://www.mammothlakesfoundation.org/theatre.html for schedule and tickets.

Mammoth Lakes Foundation Golf Classic

Sierra Star Golf CourseYesterday I had the opportunity to golf and support a great cause at the same time!

The 14th Annual Mammoth Lakes Foundation Golf Classic was held on September 8, 2013 at Sierra Star Golf Course in Mammoth Lakes California.  It was a perfect day with great weather and a terrific showing of locals and non-residents.  The 36 teams hit the course for the four-ball scramble at 10:00 AM with a shot gun start announced by Sierra Star Pro Dave Schacht.   In addition to the raffle opportunities, there were plenty of chances to win big at several of the holes.  My favorites were the 3-par holes where you could buy raffle tickets before hitting your ball and then if/when your ball landed on the green on your first shot, you were able to double your raffle tickets.

Although we didn’t win the tournament (or even place for that fact), my husband and I met new people and had a wonderful time.  The student volunteers had amazing attitudes and were sincerely appreciative of the golfers.John and Sonja MLF tournament

This is one of the more popular golf tournaments of the year because the community supports Mammoth Lakes Foundation.   Their mission as stated on their website (www.mammothlakesfoundation.org) is to support higher education and cultural enrichment in the Eastern Sierra.   The Mammoth Lakes Foundation was founded in 1989 with the goal of bringing higher education and the arts to the Eastern Sierra.  Dave McCoy’s (Founder, Mammoth Lakes Foundation and Mammoth Mountain Ski Area) vision to cultivate higher education and the arts in the Eastern Sierra is shared by many.  The Foundation and supporters believe that availability of higher education and cultural enrichment in the Eastern Sierra enhances the quality of life enjoyed by residents, second homeowners and visitors.  Higher education promotes leadership. stimulates growth and builds a stronger year-round economy and community.

Like I said….a great cause!  I highly recommend playing in the tournament next year.  The people are fantastic, the setting pristine and your entry fee goes to Mammoth Lakes Foundation.  Hope to see you next year!

Act Now to Protect Underwater Homeowners in California – SB 30

State of CA flagThe State of California Appropriations Committee is meeting this Friday.  On the agenda a SB 30 which was originally introduced in December 2012 and finally received its first hearing last week.  If not approved this Friday, the bill would stall up until January 2014.

Why is SB 30 important?  Under the current state law, when a lender forgives mortgage debt in a short sale, the seller must pay state income tax on the amount of forgiven debit (there is currently no federal income tax).  If passed, this bill will assist to eliminate the state income tax on short sale transactions.   According to the California Association of Realtors (CAR) and many others, passing this bill is the right thing to do.  Distressed homeowners are faced with a no-win situation — either pay taxes on money they don’t get or let the home go into foreclosure.  They generally have two choices — foreclosure or short sale.  If they fear state income tax liability on a short sale, they are likely to choose foreclosure.  Foreclosures are bad for everyone….the community, the homeowner and damage property values more than short sales.

Not all delinquent homeowners face foreclosure because they purchased above their means.  Many homeowners have financial hardships that have placed them in a difficult situation.  If this bill is not passed, these borrowers will face credit challenges and additional financial challenges as a result of having to pay taxes on money they will never see again.

What can you do to help?

Encourage State Assembly member Mike Gatto (Chair of the Appropriations Committee) to pass this bill by visiting his Facebook page: www.facebook.com/mikegatto and sending him a message asking him to support SB 30 and distressed homeowners

OR

Call Assembly Member Mike Gatto at: 1-800-969-3420  — enter PIN number 3043 (call Monday – Friday 9 AM – 5 PM)
If you wish, you can bypass the first part of the message by entering the PIN, followed by the # sign, at any time. You may also bypass the 2nd part of the message by hitting the “1” key to be directly connected to the legislator’s office. Ask him to support distressed homeowners and support SB 30. As the Chair of the Appropriations Committee, he is responsible for the committee’s failure to act on behalf of distressed homeowners.

To read the full bill click here