Stacie Robbins

Today inventory is 231 Mammoth condos and townhomes, 90 Mammoth homes. Price range of Mammoth condos is $133,700 to $2,350,000, Mammoth homes is $299,000 to $9,500,000. Last Mammoth condo sale was on 9/8/09 for $185,000 (Sunshine Village #110, 1Bd+Loft/1.75Ba, full amenities). Last Mammoth home sale was on 9/10/09 for $439,500 (278 Forest Trail built in 1967 with 1440sq of living area on .29 acres in an average location).

For more information on Mammoth Real Estate at www.OwnMammoth.com.

The Town Council for Mammoth Lakes CA has approved the Snowcreek 8 project. This project includes almost 800 residential, fractional and hotel units as well as unsurpassed access to the Sherwin Mountain Range and and on-call free transportation to the ski slopes and other areas of town. The developer, Chadmar, says that construction may begin as early as next year although there is an enormous amount of grading work to be done. This will be the first real estate project to start construction since the real estate market downturn and it's because the developer believes we have hit the bottom of the market.

In addition to adding a second daily nonstop from Los Angeles, Horizon will offer new daily nonstop service from San Jose and Reno and direct (same-plane, one-stop) service from Seattle and Portland.

Mammoth Lakes California Real Estate

Mammoth is located in California midway up the state where the California Nevada border where the angle changes direction. This area is the Eastern Sierra Nevada mountain range and is accessible year-round for winter as well as summer activities. Winter activities include: skiing and snowboarding on Mammoth Mountain’s 3200 skiable acres and varied terrain, snowmobiling, sledding, ice skating, snow shoeing, cross country skiing. The Eastern Sierras are well-known among fisherman for some of the best trout fishing around. There are numerous lakes accessible by car as well as those in the back country, all fed by snow melt run off. Department of Fish and Game stock many of the lakes in easily accessibly areas and also in the back country by airplane. Summer activities include fishing, fly fishing, camping, hiking, mountain biking on Mammoth Mountain, paved bike trails through the Town of Mammoth, floating down the Owens River, art festivals, jazz festival, ‘green’ festival and many more.

Homeownership in Mammoth Lakes California is dominated by second homeowners and investor ownership. Given the ever changing financial markets, financing for purchases is still available, it’s just that the guidelines are more restrictive. With income documented by pay stub, about a 25 – 35% down payment and a credit score of 720-780, and a property NOT classified as a condo-hotel, you should be golden in getting a loan. And interest rates are in the high 4’s but that could change any time.

If you are wondering why you should buy a home in Mammoth now, let me give you some good reasons:

· Prices are down approximately 42% from late 2005/early 2006 prices

· Selection is great with over 330 condos currently on the market

· Interest rates are low

· If you are a cash buyer, you have great negotiating power on property priced over conventional financing limits.

· If you would like to buy a primary residence in Mammoth, you can take advantage of the $8000 tax credit and if it qualifies by FHA, you could use that tax credit towards your down payment in some circumstances.

Search listings NOW at Mammoth MLS Listing (http://www.mammothmlslistings.com)

Courtesy of:

Stacie Robbins, Realtor Associate

Coldwell Banker Mammoth Real Estate

Stacie@OwnMammoth.com or on my cell at (760) 793-6344

Sierra Mortgage Corporation is now processing loans to close the 1st week in December at the Fannie Mae loan limit in Mono County of $529.000. Also, Sierra Mortgage is closing loans to $900,000 with 10% down and no mortgage insurance required. (760)934-2410 888 626-5260