- FORECLOSURES / REO's in MAMMOTH LAKES -
CONDOS:
- Sherwin Villas B-16: Listed on 6/13/08. 2 bedroom + loft / 1.75 bathroom townehome in the downtown area. Listed at $349,900. Conveniently located in proximity to shops, restaurants and shuttle. Full amenity complex.
- Lincoln House #3126: Listed on 6/5/08. 2-bedroom condo foreclosure at The Village at Mammoth. Price $539,900 (Originally $565,000). Located on the 2nd floor of Lincoln House on the north side of building, right above the gym and two spas. Quiet location. Average gross rental income for 2-bedrooms at Village during the recent heavy snow years was approx $44,000.
- Sierra Manors #74: (In Escrow) 1 Bedroom + Loft / 1 bathroom for $149,900. Approx. 700 sqft. Listed on 6/6/08.
- GreyEagle #7: on Mountain Blvd. 3 bed / 3 bath / 1-car garage. Built in 2005. Approx. 1450 sqft. Listed on 5/12/2008 for $544,900.
- Diamond Run #6: 1 bedroom / 1.75 bathrooms / 1-car garage for $429,900. Not a steal at this price (our records show that the borrower owes $370,516). Built in 2004. HOA dues are $327/month. Sold unfurnished.
HOMES:
None at this time
LAND:
- 288 Waterford: Priced at $274,000. Originally listed on 6-3-08 for $288,000, this 0.21 acre lot on Waterford Dr in Old Mammoth is sunny and flat. Nice, quiet location off of Old Mammoth Rd near Snowcreek Athletic Club.
- 43 Appleton Dr (In Escrow) in Crowley Lake: Small cabin built in 1950 on 0.62 acre for $259,900. Creek running through property. Live in an aspen grove!
COMMERCIAL:
- 3599 Main Street Commercial building foreclosure in Mammoth Lakes. The old "Blondie's" breakfast place. Bldg is approx 3479 sqft. Lot is approx. 0.25 acre located on Main Street at the corner of Lupin St. List price $975,000.
Coming Soon:
- Timberridge: 2-bedroom condo in the highest condo complex in Mammoth, possibly California. Garage and ski-in/ski-out location to Canyon Lodge.
- xxx Old Mammoth Rd.: Commercial building (approx. 2200 sqft) + duplex rental. Zoned 'commercial general' built in 1972. Price TBD.
- Ranch Rd. House foreclosure in gated community along Snowcreek Golf Course.
- Mountain Shadows (1 bedroom + loft) condo foreclosure.
Call for more details on Mammoth Lakes Foreclosures/REOs.
Foreclosures in Bishop:
- 2211 Cheyenne Drive: 3 bedrooms / 2 bathrooms / 2-car garage on 0.21 acres in Meadowcreek neighborhood for $334,900 (original list price was $357,900). Built in 1994. Not furnished. Listed on 4/29/2008.
Recently Sold Foreclosures/REO's:
- Mountainback #44: (Sold for $450,000) 2+Loft / 3 bath / underground parking on Lakeview Blvd. Originally listed for $459,900.
- Lincoln House #3208 (SOLD for $520,000 on 6/18/08) at The Village listed for $549,900 (reduced from $579,900). 2-bedrooms / 2-bathrooms with views to Dave's Run and Lincoln Mountain. Overlooks the pool area. Compare to the original construction price of $614,900 in June 2006 and to the suite directly upstairs that just sold for $654,900 in February! Gross rental income of $50,614 in 2006 and $46,947 in 2007.
- 83 Dorrance: Two A-Frames sold for $345,000 on 3/3/2008.
- 1706 Forest Trail Sold for $565,000 on 2/19/2008. 3 bedrooms / 2.5 bathrooms / office / 1-car garage / backs up to Forest Service land and proposed ski-back trail.
- 26 Rainbow Lane: Closed escrow Feb 15th for full price - $1,074,900 - 5 bedrooms / 4.5 bathrooms / 2-car garage / built in 2003.
- Mammoth View Villas 27: Closed escrow Feb 15th for full price. Studio+loft condo with 2 full bathrooms near Westin Monache - $270,900.
- Crestview 2+Loft / 3-bedroom for $485,000 on 1/10/2008. (Previous sale of a similar unit was for $550,000 in Aug '08)
Call or email for more info on the REO and Foreclosure market in Mammoth Lakes. These properties are sold "As-Is" and banks want very short loan and inspection contingencies (if any). Be prepared to provide proof of down payments.
The banks also tend to drop prices after 30 days if no offers have been received.
Before a property is foreclosed upon, it is auctioned at a Trustees sales at our local escrow office. An interested buyer will need cash to purchase an auctioned property. One way is to have your bank prepare cashier's checks for the starting bid amount and additional checks in appropriate increments up to your highest planned bid amount. If you are the winning bidder, you will then be refunded the difference (if any) between the winning bid amount and your sum of cashier's checks.
These properties as sold as is without any rights to an inspection, leaving a big risk for the buyer of non-working appliances, possible water leaks, and other health or safety issues.
Occupancy may not be immediate, especially if there are tenants in the property who need to be evicted and if there is personal property left behind valued at more than $300.
Buyers are not attending and bidding on most of these sales since the bid amounts are sometimes as high or higher than what they are currently worth on the market (since the defaulting borrower bought them at the peak of the market with 100% financing).
When no one bids at the auction, the property is foreclosed upon and buyers wait until they come back on as an REO ("real estate-owned," or foreclosure).
BLOG - www.ILoveMammothLakes.com for posts about real estate updates and what it is like to live in Mammoth Lakes. News on the Mammoth Yosemite Airport, local news, real estate deals in Mammoth Lakes, etc.
ACTIVE MARKET NUMBERS - Mammoth Lakes: (Updated 7/2/2008)
Mammoth CONDOS
# Active: 300
# Pending: 13
Average Days on Market: 168
Average List Price: $633,400
Median List Price: $519,500
Mammoth HOMES
# Active: 67
# Pending: 3
Average Days on Market: 208
Average List Price: $1,685,806
Median List Price: $1,089,000
Mammoth LOTS
# Active: 53
# Pending: 2
Average Days on Market: 385
Average List Price: $969,806
Median List Price: $750,000
