Giving new residents and visitors a myriad of choices that will fit their lifestyle, Mammoth Lakes’ wide selection of condos and town homes provide a popular alternative to buying a home. Purchasing one of the many Mammoth Lakes condos for sale is attractive to many vacationers looking for second home possibilities because the maintenance costs are divided up and shared by the fellow condo owners. These monthly costs are called “HOA” (Homeowner’s Association) dues and typically include the following: Snow removal, building maintenance, landscaping, pool and spa maintenance, common area upkeep and maintenance, manager’s salary, water, trash, sewer, insurance for the structures and funding the financial reserves to make necessary repairs and improvements to the common area. Some monthly HOA dues also include unlimited propane, basic cable TV and Internet. Monthly HOA dues vary by complex but range between $250 (at the lowest) up to $1300 for the newer developments, which include unlimited propane (main source of heating).
A condo purchase is a great option for those looking to offset their costs of ownership with some rental income. Single-family homes cannot be rented out on a short-term nightly basis in Mammoth. There are very few homes that are zoned for transient rentals and the majority of homes are not. You are able to put a condo on a rental program and have virtually a worry-free investment with no maintenance. Most condo complexes feature resort amenities such as: Swimming pool, spa, sauna, rec room, tennis court, etc. Selling for less than the price of a home with similar living space, a Mammoth condo for sale offers many benefits for those looking for income property or prime location (some are located right on the ski slopes) with shuttle access to the ski area.
E-mail us to request a PDF of the Town of Mammoth Lakes Real Estate Map showing condominium complex locations.
LEGEND OF AMENITIES
|L||LAUNDRY FACILITIES||F||FITNESS CENTER|
|R||RECREATION ROOM||MTG||MEETING ROOMS|
|S||SAUNA (S)||PG||PRIVATE GARAGE|
|JL||JUNE LAKE||AG||AT GARAGE|
ALL COMPLEXES IN MAMMOTH LAKES & JUNE LAKE
|COMPLEX NAME||YEAR BUILT||NO. OF UNITS||AMENITIES CODE||GARAGE||MANAGER PHONE|
|CANYON SKI & RACQ||1981||18||S,J, T, RB||G||924-0888|
|CHATEAU BLANC I & II||1970||30||P,J.S.||G/O||934-2279|
|CHATEAU DE MONT.||1971||48||P,J.S||G/O||934-6374|
|CHATEAU SANS NOM||1973||38||P,J.S.T||O||934-6710|
|CREEKSIDE @ MMTH||1998||4||L||PR||N/A|
|DIAMOND RUN TWN||2005||12||N/A||PR||N/A|
|DISCOVERY IV||1973||64||L, J, R, S, SP, P||O||934-6410|
|EDGEWATER J L||1984||20||NONE||PR||N/A|
|FIRESIDE @ THE VLG||1970||31||P,J,S,R||O||934-2781|
|GRAND SIERRA LODGE||2003/04||111||S,P,F,STR,L||U||934-1982|
|GRAY EAGLE I||2005||12||PRIV. SPA||PR||N/A|
|GRAY EAGLE II||2005||12||PRIV. SPA||PR||N/A|
|HIDEAWAY DWN CN J L||2003||10||NON||PR||N/A|
|INTERLAKEN J L||1981||38||SP,T,B||PR||N/A|
|JUNIPER SPRINGS LDG||1999||174||E, P, S, F, STR||U||924-1102|
|KRYSTAL VILLA EAST||1969||56||J,S,P,L,R||O||934-2669|
|KRYSTAL VILLA WEST||1970||32||P,J||O||934-6469|
|LA RESIDENCE IV & V||1976/79||72||P,J,S,T,B||O||934-4990|
|LA VISTA BLANC||1975||80||P,J||O||934-8328|
|MAGNOLIA LODGE||2005||4||PS & B,STR||O||N/A|
|MAMMOTH SIERRA TWN||1980||41||J,S,L||O||934-8372|
|MAMMOTH SKI & RACQ||1972||133||P,J,S,R,T||G/O||934-6891|
|MAMMOTH VIEW VILLAS||1974||50||J,S,R||O||934-8480|
|MOUNTAIN MEADOWS I||1987||12||L||AG||N/A|
|MOUNTAIN MEADOWS II||1989/90||15||CA, L||AG||N/A|
|SIERRA PARK VILLAS||1970||100||P,J,S,L||O||934-4521|
|SKI RUN VILLAS||1982||11||J||G||N/A|
|SUMMIT I & II||1973/77||210||P,J,S,R,T||UG||934-7062|
|VILLA DE LOS PINOS||1973/80||48||P,J,S,T,V,H,L||O||N/A|
|WEST. SLOPES VILLAS||1974||22||SP,L||G||934-3213|
|WHITE MTN LODGE||2003||77||F,STR,S||U||934-1982|
Condominiums: A condominium consists of an undivided interest in the CID’s common area coupled with a separate interest in the airspace defined as a specific unit. The precise description of the unit will be found in a recorded document called the “Condominium Plan” or “Subdivision Map”. The owner receives a deed of ownership in the particular unit as well as an equal undivided ownership in the CID’s common area. For example, in a 48-unit development on Main Street, the owner of Unit 8 would have a deed showing the ownership of an individual interest in Unit 8 plus a 1/48th undivided ownership interest in the common area.Planned Development (PD): A planned development consists of real property which is split into different pieces commonly called “lots” that are often individual plots of land with a dwelling on them. The PD usually has a common area which is owned by the CID association. The lots are individually owned under common CC&Rs.
Mammoth Condominiums:There are two types of condominium or Common Interest Development (CID) projects in Mammoth: Planned Developments and Condominiums. Below is a brief overview of both types of developments and commonly asked questions. This information was provided by The California Association of Realtors.
All CIDs incur expenses maintaining, repairing, replacing, and operating the development. The expenses are typically shared by all members pursuant to a formula set forth in the CC&Rs. To meet those expenses, the CID will levy assessments upon all owners.
Bank accounts: CIDs should have two basic bank accounts, holding two different types of funds: The “operating account” is used to pay for day-to-day expenses such as gardening, utilities, painting, and management fees. The “reserve account” is designed to help the CID pay for major repairs and replacement of CID common area items. At least every three years, the CID is required to have a reserve study performed to project how long major components of the CID building or complex (for example, elevators, roofs, etc) will last and how much it should cost to repair or replace them.
Assessments: There are four basic types of assessments: regular, special, emergency and penalty:
Regular: A regular assessment is usually imposed on a monthly or quarterly basis. Regular assessments are often referred to as “dues”. These assessments are used to pay the CID’s operating account needs and meet its reserve account requirements. Regular assessments cannot be increased by more than 20% per year without a membership vote. Increases of less than 20% can be made by the board of directors without a full membership vote, but not without notice to membership of the meeting during which such a decision will be made.
Special: A special assessment is separately imposed and is limited to a specific amount of money over a specific period of time. Special assessments in excess of 5% of the CID’s annual gross budgeted expenses may not be set by the board without the approval of a majority of the homeowners.
Emergency: Emergency assessments may be imposed by the board of directors under extraordinary circumstances such as repairs needed for safety or required by court order.
Penalty: A penalty assessment is commonly referred to as a “fine” and is imposed by the board of directors due to a violation of the governing documents. The fine cannot be imposed unless the board has first given the member a chance to discuss the matter with the board.
Budgets: CID’s are required to annually prepare, adopt and distribute a budget to all members. As described below, the budget provides key information about a CID association for a prospective buyer.
Pro Forma Operating Budget: Unless the CC&Rs impose more stringent standards, the association must prepare and distribute to its members a formal operating budget not less than 30 days or more than 90 days before the beginning of the fiscal year. This “pro forma operating budget” should contain such information as estimated revenue and expenses; a summary of the association’s reserves; a statement as to whether the board of directors has determined to defer or not undertake repairs or replacement of any major component, or has determined to levy any regular or special assessments for the major components; a general statement addressing procedures used for the calculation and establishment of reserves sufficient to defray future repair, replacement, or additions to those major components that the association must maintain; and such other information as may be required by the association’s governing documents.
Summary of the Pro Forma Operating Budget (Alternative): Instead of the “formal operating budget”, an association may instead distribute a summary of the pro forma operating budget accompanied by a written notice in at least 10-point bold-face type that the complete statement is available at the business office of the association, or other location, and copies can be made, if requested, at the association’s expense. If a member requests a copy of the budget by mail, the association must send it by first-class mail within 5 days after receipt of the request.
Member access to Financial Information: Members have the right to inspect and even copy most CID records, including financial records. There are some exceptions, such as records of member discipline, or other confidential matters. Member access to financial records is obtained through a written request to the board of directors or the CID’s management company (if any).
Audits and Reviews: An audit is a very involved and expensive verification by a certified public accountant of the CID’s income and expenses. Due to the cost, most CID’s do not obtain audits. More commonly, CID’s hire accountants to perform a review, in which the accountant confirms that the records are in good order and being kept in accordance with generally accepted accounting principles (“GAAP”). In a review, the accountant does not verify the accuracy of the numbers.
What happens if a member does not pay their assessment? When members fail to pay their assessments in a timely manner, the CID may impose late fees, penalties and collection fees on the member. If payment remains unpaid, the CID may place a lien on the home until the obligation is paid – including attorney fees. State law has strict requirements for this process.
Membership Meetings: Membership meetings are meetings in which decisions are to be made by all of the members as opposed to the board of directors. Votes at membership meetings are conducted by secret ballot on most issues. CID’s must conduct at least one membership meeting per year, at which directors are elected. Usually, these “Annual Meetings” include a financial report and such other business as has been announced in advance to all of the membership. Membership meetings held in between Annual Meetings are called “Special Membership Meetings.” These meetings can be called for many reasons, usually to vote upon items which the Board may not decide but which require a membership vote. These meetings can be called by the board or by a petition of members, pursuant to the governing documents.
Protecting the CID in effect helps protect each owner. Prospective owners are encouraged to confirm insurance coverage with the CID’s management. As noted below, a variety of insurance policies are to be considered:
General liability insurance: General liability coverage is insurance protecting the CID from claims or lawsuits against it. State law also provides protection for the members of CID’s from personal liability arising out of lawsuits against the CID, as long as the CID maintains certain minimum levels of insurance: For CID’s with one hundred homes or less, that minimum is two million dollars ($2,000,000); for CID’s consisting of more than one hundred homes, that minimum is three million dollars ($3,000,000).
Property insurance: Property insurance protects against damage to the CID property caused by certain defined perils. The extent of property insurance depends upon how the insurance contract is written. Some items including mold, dry rot and earthquake damage are normally excluded from property damage insurance policies.
Individual homeowner insurance: A CID homeowner may obtain their own insurance coverage, apart from that of the CID. Such insurance might cover damage to the interior of the home, replacement housing if the home is damaged, or even special assessments imposed for major repairs. Some CID’s require their members to have such coverage.
Earthquake insurance: Earthquake insurance is usually purchased separately, but may be shown as an addendum or amendment to the property insurance policy. Such insurance is expensive and has a high deductible (usually at least 10% of the policy coverage). Many CID’s do not carry such insurance.
For more information or questions regarding various condo developments and homes for sale in Mammoth, please contact Verena Robinson.
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