Limelight Residences Launch, Spring Break, Market Conditions & End of the STR Ban

Limelight Residence Great Room RenderingThe Limelight Hotel and Residence Official Launch

The Limelight Hotel and Luxury Residences construction project is progressing steadily. The official launch was March 20th at noon.  Five out of fifteen high-end residences were officially available, resulting in increased demand and the establishment of a sequence-based reservation system. The released condo floor plans included a 2-bedroom, 2-bath with 1,322 square feet at $2.6 million, a 3-bedroom, 3.5-bath with 2,207 square feet at $3,905,000, a 3-bedroom, 3-bath with 2,274 square feet at $4,185,000, a 4-bedroom, 4-bath with 2,936 square feet at $5,275,000, and the 5-bedroom, 5-bath Penthouse with 3,483 square feet priced at $6,550,000. The anticipated monthly HOA dues will range between $3,343 and $5,550, depending on unit size and floor plan.  The Limelight Residences will continue to offer the remaining limited number of units for reservations without delay.  The Limelight Hotel is a chain of hotels with locations in Aspen, Snowmass, and Ketchum. Amenities available at The Limelight Hotel and Residences in Mammoth Lakes will include an outdoor heated pool and hot tub, fitness center, complimentary breakfast, pet-friendly accommodations, ski valet and storage, complimentary shuttle services, on-site restaurants and bars, and spa services.

Skiers Gather at the Top of Mammoth MountainSpring Break in Mammoth

This has been the most popular spring break on record for Mammoth Lakes.  This could be attributed to the early release of the 2024/2025 Ikon season passes that were effective April 1st instead of the customary April 15th date in previous years.  The Town of Mammoth Lakes experienced nearly 100% occupancy figures this past week.  Both new and renewing pass holders were out enjoying the great coverage.  Skiing conditions have been optimal, with over 3 feet of new snow that fell within the past 48 hours.  As a result of the series of frequent snowstorms that have hit the Mountain over the past couple of months, the overall coverage is excellent and has opened up most terrain, which helps to disperse the crowds.  The replacement of the Broadway Express chairlift is slated for April 15th, and the Canyon and Eagle Lodges are scheduled to remain open until April 21st for this season.

37 Bridges Lane Listed for $7.2 Million in Greyhawk SubdivisionCurrent Real Estate Market Conditions in Mammoth

The Mammoth Lakes real estate market currently has 56 condos with an average of 82 days on the market, 13 houses with an average of 156 days on the market, and 13 vacant land listings with an average of 307 days on the market. Neither the condo nor the single-family home markets have seen much activity or new escrows lately. Many people seem to be just “looking” and waiting for how the economy, interest rates, etc. will change. The single-family home inventory has been very low for a long time. The prices range from $745,000 to $7.2 Million for a house next to the ski slopes at Eagle Lodge in the Greyhawk subdivision. The average listing price for homes in Mammoth is currently $2,627,615. As we approach the “shoulder” season when Canyon and Eagle Lodges close for the season, we should also expect more listings to come up starting from the end of April. The best time to buy is usually after the ski season ends through the summer.  There is more inventory and more choice. The inventory tends to peak around Labor Day weekend and then decreases. IF interest rates go down (because it’s an election year), this could create more sales activity and increase prices. This is actually a very good time to buy in Mammoth without competition and with a chance to negotiate prices. 

Juniper Springs Lodge in Fresh SnowThe End of the STR Moratorium on April 22nd, 2024

As you may know, the Mammoth Lakes Town Council decided to stop the current ban on new Short-Term Rental (STR) permits from April 22nd. The current ban that stopped any new rental permits from being issued started in October of last year. The Town Council intended to keep extending it for up to two years. The condos in RMF-2 zoning were impacted while the Resort zoned condos were not. Most of the condos in Mammoth are in the “RMF-2” zoning, which include the Canyon Lodge area, Village adjacent, Town, parts of Eagle Lodge area, and parts of the Meadow. The STR ban does not affect the condo owner who does not intend to sell or switch rental agencies (which would need a new permit). Any units that are currently on a rental program or self-managed can keep their status. The ban only affects those who plan to sell or apply for a new STR permit for the purposes of self-managing on VRBO or Airbnb. While the ban is in effect, a new owner would have to stay with the existing rental company that holds the rental permit until it is over (scheduled to end on April 22nd). When the news of the ban in October spread quickly, the condo sector of the market saw a slight drop in values and demand. Even though the end of the STR ban was announced a few weeks ago, the demand for condos in RMF-2 and Resort zoning is still somewhat hesitant. Many of the affected condo owners expected a rise in demand when it was announced that it was ending, but that has not happened. The Resort sector of the condo market: Juniper Springs Lodge, Sunstone, Eagle Run, Juniper Crest, Bridges, Aspen Creek, Stonegate, Village at Mammoth, Westin, Solstice, The Villas at Obsidian, The Reserve, Mammoth Green and all phases of Snowcreek, did see some noticeable increase in demand during this period. The most recent two-bedroom sale at Juniper Springs Lodge closed at $900,000 in December of 2023 after being on the market for 169 days. However, there is currently a desirable 2-bedroom unit on the 4th floor of Juniper Springs Lodge priced at $775,000 (originally $875,000) that is not getting much attention. You may be asking “why did the ban go into effect in the first place?”  The Town Council thought it would be a solution to the limited workforce housing available.  Council members felt that condo owners would offer their units to full-time residents on long-term leases.  This clearly wasn’t an option for most since the idea is to enjoy the condo in between rentals that help to offset the costs of ownership.  This summer might be busy as many buyers like to view and shop for Mammoth Real Estate in the summer months before ski season. This temporary quiet time in the market could be the “calm before the storm”. 

Feel free to contact me directly with any questions or if you are interested in buying or selling. 

Thanks for reading!

Verena Robinson, Broker/Owner
CA DRE 01512209
Mammoth Lakes Resort Realty
(760) 924-8521 office direct
verena@mammothlakesresortrealty.com

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