Mammoth Lakes Real Estate Market Conditions
The Mammoth Lakes real estate market seems to be slowly gaining momentum with recent closed sales in the high-end luxury market, and a steady demand for properties hitting the market at or slightly above market value. Buyers are clearly leaning towards highly upgraded condos or homes with views, plenty of light and upgrades in the resort areas.
The Creek House development, which is phase 7 of Snowcreek, has seen increased sales activity for these high-end luxury townhomes. There are currently only two left: Unit 1513 with 3 bedrooms, 2.5 baths, 2-car garage and 2184 square feet, priced at $735,900, and unit 1316 with 3 bedrooms, 3.5 baths, 2-car garage and 2244 square feet, priced at $825,000. Snowcreek Phase V saw it's highest closed sale in a few years, 817 Fairway Circle recently closed at $1,090,000. The last sale to close over this amount was May 30th, 2007 for $1,257,000.
The Graystone at Sierra Star luxury development located on the 16th fairway of the Sierra Star golf course has seen some very good demand for these uniquely zoned "resort" homes. This small development consisting of seven Craftsman-style homes, are one of the very few areas in Mammoth, which allows for "nightly rentals" or "short-term rentals" with the "resort" zoning. Most of the subdivisions in Mammoth that are zoned "residential", do not allow for short-term rentals less than 30 days or more. Out of the seven Graystone luxury homes, only lot seven is currently still available. This home is located at the corner of West Bear Lake Road and Minaret Road. The home is priced at $997,500 and will have 4 bedrooms, 3.5 baths, attached 2-car garage with 2250 square feet. What a great opportunity to purchase brand-new construction with quality Craftsman-style architecture on Mammoth's only championship golf course! And, as an investment, which will generate rental income, owning a home in Mammoth can make sense...