Author Archives: Dennis Cox

Prices in Mammoth over last 13 Years

When we get the inevitable question of “how’s the market up here?”, we have been telling our clients that we are still below the peak from ten years ago, unlike the rest of California!  Most of southern California is well above the the peak from ten years ago.  So is it a good deal to buy in Mammoth right now?  Since Mammoth’s real estate market has typically followed SoCal’s market, then possibly it is.

Just how much below our peak are we?  Here is the price per square foot data from 4,398 condo sales from 2004 to late July 2017 (there were more sales, but a few did not have $/sqft data):

Pricepersqft Condos graph Jul 2017


There was some frothiness in our market ten years ago when financing was easy and when buyers believed that condos built by Intrawest (i.e. Village, Westin, Juniper Springs Lodge, etc.) would be a great investment (in terms of appreciation) and generate good rental income.  The latter was true, especially in the good snow years, but then the bottom fell out of our market, like everyone else’s during the Great Recession.

The drop in the red line of the graph went from $915/sqft to $369/sqft in 2012, a 60% drop.  The current level of $494/sqft is still 46% below the peak.  Not that we are expect to hit that same peak soon, mainly because financing got really tough for these ‘condo-hotels’ (where a lot of foreclosures happened in 2009).

The blue line for the Non-Intrawest condos (i.e. Snowcreek, SeasonsIV, Summit, and everything else), shows the drop going from $520/sqft to $231/sqft, a 56% drop.  These condos are generally older than Intrawest condos and located further away from the slopes, which explains the consistent value gap below Intrawest condos.  These are still 41% below their peak.

So basically, the story from the last ten years is that we peaked (like the rest of the state) in 2007, then dropped like a bomb to 2009, kept going down until hitting rock bottom in 2012, jumped up a bit in 2013, then flattened out during our drought years, and now are going up again in 2017.

We had a great snow year (too great? asks some locals with chimneys that were chopped off by snow sheds), which always helps.  And the announcement in mid April that Aspen Resorts is attempting to purchase Mammoth Resort helped boost things recently and we are having a strong summer selling season.

How much further will we go?  Will SoCal reaching new heights, some buyers are looking for bargains elsewhere.  We recently sold a townhome to a couple buying their first home; they could only afford to rent in Manhattan Beach so they bought their first ‘home’ in Mammoth!  And those folks who have made great gains over the last 5 years are selling their investment properties in L.A. and deferring their capital gains taxes by buying a like-kind property in Mammoth with 1031 Exchanges.  So the demand is still strong and our inventory is lower than average, so this should lead to more price gains.

Aspen partnership to acquire Mammoth Resorts

Big news in Mammoth today!

Word just came out this morning that Aspen Skiing Company and KSL Capital Partners, LLC, are purchasing Mammoth Resorts for an undisclosed amount.  Click Here to view an article from the Denver Post.  This has definitely created a buzz here in Mammoth (and outside of Mammoth).

What will this mean for the MVP season pass and for overall pricing for resort products?  what will it do for the Mammoth Mountain Ski Area brand?  We remember the disappointing feeling that Mammoth was getting ‘corporatized’ when Starwood Capital bought MMSA from Intrawest and Dave McCoy in 2005.  But they seemed to be able to keep the boutique feel of an independent ski resort (mainly by keeping key people in place, the veteran employees who have been here over 30 years), but also innovate and improve operations and marketing.  And when Mammoth (with June) bought Big Bear and Snow Summit, it seemed like a logical next move.  Does this now seem like the next logical move, to be acquired by Aspen?  Rusty Gregory, CEO of MMSA seems to think so, according to his resort’s press release this morning.  But he also states that Mammoth will “continue to operate on a standalone basis but coordinate closely with our new partner resorts.”  Rusty also disclosed that he will continue to own part of thew new company.

We have experienced (and are continuing to experience) an amazing winter here in Mammoth and, given this news, it should be an interesting spring for our real estate market.  With an already low inventory and healthy demand, there may be more confidence among buyers that a name like Aspen will just add more stability to operating a world class ski resort, restaurants, mountain bike park and partnerships with our local airport.  We would also anticipate that with new ownership we may see new capital improvements on Mammoth Mountain that have been put on hold for years.  Stay tuned.  Your comments are welcome!

-Tara P. & Dennis C.

Chateau Blanc

The Chateau Blanc complex was built in 1970 and is located at 3199 Chateau Rd., Mammoth Lakes, CA 93546.  There are 30 total units that are all 3 bedroom/ 2 bath floorplans with HOA dues at approximately $530 per month (as of 2017). Amenities include a pool, spa, and sauna and each unit features an attached single car garage. HOA dues include earthquake insurance, which not all complexes carry. 104483

Sales Extremes:
Low: $264,900 in 2009 (foreclosure)
High: $560,000 in 2006

Click here to view all available Chateau Blanc listings.
Click here to view a map of the Chateau Blanc complex.

Chateau Sierra

107754Chateau Sierra is a complex of 31 units located at 3170 Chateau Rd. All units are 3 bedroom/ 2 bath with an attached single car garage. Amenities of this complex include a pool, spa, and sauna, as well as being on the red line shuttle route for easy access to skiing. The in-town location offers a short walk to shopping, restaurants, and Vons grocery store.  HOA Dues are approx. $400/mo. in 2017.

Sales Extremes:
Low: $277,500 in 2012
High: $635,000 in 2006

Click here to view all active listings in the Chateau Sierra complex

Click here to view a map of the Chateau Sierra complex.

Chateau de Montagne

Chateau de Montagne (French for “Mountain”) is a condo complex located at 3251 Chateau Rd in Mammoth Lakes, CA. The complex was built in 1971 and consists of 48 units. There are two floorplans to choose from; a 4 bedroom 3 bath unit, or a 3 bedroom 2 bath + single car garage unit. Amenities include a pool, spa, and sauna, as well as easy access to skiing on the red line shuttle route. Monthly HOA dues also include water and cable television.

Sales Extremes:
High: $725,000 in 2006 for a 4 bedroom unit
Low: $295,000 in 2011 for a 3 bedroom unit

Click here for a map of the Chateau de Montagne complex.
Click here for any units for sale in the Chateau de Montagne complex.

Krystal Villa West

The Krystal Villa West complex is located at 134 Laurel Mountain Road in Mammoth Lakes, a short walk to a red line bus stop, restaurants, and shopping. There are 34 total units built in 1967 with one bedroom or one bedroom + loft floor plans.  Most 1+Lofts have 2 full bathrooms.  Amenities for the complex include a pool, spa, and on-site laundry facilities.  The complex tends to have more full time owners and tenants than vacation rentals.

HOA dues for the 1+Loft floorplans are approx. $383/mo in 2017.

Sales Extremes:
Low: $84,000 for 1 bedroom in 2010 (foreclosure)
High: $310,00 for a 1+Loft in 2006

Click here for all available units (if any) in the Krystal Villa West complex.
Click here for a map of the the Krystal Villa West.



Sunflower is a small complex consisting of ten townhomes located at 2436 Sierra Nevada Road. You can choose between a 2 or 3 bedroom floor plan in this quiet complex in the center of town. Each unit includes a single car attached garage.  Zoning is RMF-2, which should allow nightly rentals.

Sales Extremes:
Low: $185,000 in 2013
High: $452,000 in 2007

Click here to view all available listings (if any) in the Sunflower complex

Mammoth Estates

The Mammoth Estates complex consists of 78 units located at 221 Canyon Blvd. The complex is an easy walk to shopping and dining at the Village at Mammoth, plus the Village Gondola with access to Canyon Lodge. Built in 1968, the project offers four floorplans ranging from studio units to four bedroom units. There are many amenities including a pool, spa, sauna, rec room, and laundry facilities. Mammoth Estates has its own on-site nightly rental management, to make vacation rentals a breeze.  Monthly HOA dues include cable television and high speed internet.

Sales Extremes:
Low: $190,000 for a studio in 2015
High: $680,000 for a 4-bedroom in 2008

Click here for a map of the Mammoth Estates complex
Click here to see all active listings (if any) in the Mammoth Estates complex.



L’Abri is the word for “shelter” in French, and this small condo complex is the perfect place to call home. Located at 176 Laurel Mountain Road and consisting of only 12 units, this complex is quiet and cozy. Each unit is a 2 bedroom, 2 bath floor plan and is a short walk to a Red line bus stop as well as restaurants and coffee shops along Main St. and Old Mammoth Rd. Turnover in this complex is very low so you can really get to know your neighbors! Monthly HOA dues of $350 include water, sewer, trash, snow removal, and common area maintenance and insurance. Please note that this complex does NOT allow nightly rentals.
Sales Extremes:
There have only been 2 sales in L’Abri in the last ten years, at $165,000 in 2011 and at $180,000 in 2010. Both sales were distressed (foreclosure or short sale).

Click here to view all available listings in the L’Abri complex (if any).


St. Moritz

The St. Moritz complex consists of 80 units at 2252 Meridian Blvd. Built in 1976, the project offers five floor plans ranging from a 389 sq. ft. studio to a 1475 sq. ft. 3 bedroom + loft unit. The complex is on the Green line bus route to Eagle Lodge. Other amenities include a pool, spa, sauna, game room, and barbecue area. 109247-1

Sales Extremes:
Low: $62,525 for a studio foreclosure in 2011
High: $495,000 for a 3+Loft in 2004

Click here to view all active St. Moritz units

Click here to view a map of the St. Moritz complex