www.MammothLakesForeclosures.com
- FORECLOSURES / REO's in MAMMOTH LAKES -
All listings are with RE/MAX of Mammoth unless otherwise noted.
All listing in navy blue were listed or sold by Dennis Cox and/or Tara Peterson.
CONDOS (listed in order of listing date):
- Woodlands #44: Listed on 10/24/08 for $333,900. Unfurnished, 2-bedroom/2 bathroom in the well maintained Woodlands complex. Located on the shuttle route with full amenities. Listed by Mammoth Realty Group/Linda Hensler.
- Mammoth West #104: (In escrow) Listed on 10/14/08 for $229,900. 2 bedroom / 1.5 bath condo within walking distance to Canyon Lodge. In need of some repairs.
- Les Belles Montagne #2: (In escrow) One of three condos in this complex on Davison St listed for $265,000 on 10/2/08. 2 bedrooms / 1 bathroom / 1-car garage.
- Timber Ridge #39: (In escrow - due to close 11/18) 2-bedroom / 2.5 bath / 2-car garage listed on 9/28/2008 for $461,900. Ski-in/ski-out with incredible views. Complex offers pool, spa, rec room and more.
- VILLAGE: Grand Sierra Lodge #1204: (Back on Market) Lowered again to $449,900. 2-bedroom / 2-bathroom condo listed on 9/20/2008 for $489,900. Located on lobby floor.
- GreyEagle I #5: (In escrow) Lowered to $460,000. 3 bed / 3 bath / 2-car garage for $499,900. See the sold GreyEagle #7 below for the best comp. Listed for sale on 9/20/2008.
- Tosca #5: Lowered to $339,900. Originally listed for $368,000 on 9/20/08. 1 bedroom + loft / 2 bathroom / 2-car garage end unit built in 2006 at 1787 Old Mammoth Rd. 1100 sqft. Listing Courtesy of REO properties/Scott Runtzel, 683-4049.
- Mammoth Ski & Racquet #126: (In escrow - scheduled close of 11-21-08) Reduced to $279,000. Originally listed for $300,000 on 9/6/08. 1 bedroom + loft / 2 bathroom / 1-car garage within walking distance to Canyon Lodge. Connecting trail to the "Downtown" mountain bike trail is right behind the complex. HOA dues $510/month. Special assessment for decks possible starting February 2009. Listing Courtesy of C21 Mammoth Realty/Nancy Davidson.
- The Lodges #1115: (In escrow) Lowered to $764,900! Originally listed on 8/14/2008 for $899,900. 3 Bedrooms / 3.5 Bathrooms / 2-car attached garage in Snowcreek Phase VI (The Lodges). Built in 2007. Spacious and luxurious at 2008 square feet.
- Sherwin Villas #E-41: (In escrow) Reduced again to $209,900. Originally listed for $240,000 on 8-5-08. 1-bedroom / 1.25 bathroom / approx 709 sqft. Sold unfurnished. Homeowner dues are $383/mo. Newer condition with granite tiles in kitchen, newer appliances, heaters with wall thermostats, wood burning stove and large deck off kitchen living area. Open parking close to unit. Conveniently located in town near the market, theatre and restaurants. Redline and greenline shuttle nearby. Common area amenities include pool, spa, tennis, rec room and laundry.
- Mountain Shadows B-7: Reduced again to $249,900. Reduced to $284,900. Originally listed for $294,900 on 7/26/08. 1 bedroom + Loft with 2 full bathrooms and an extra bonus loft. Approx. 1029 sqft. HOA dues are $369/month. Corner unit on north-west side.
- Sherwin Villas B-16: (In escrow) Reduced yet again to $260,000! (Originally listed on 6/13/08 for $349,900). 2 bedroom + loft / 1.75 bathroom townhome near corner of Old Mammoth Rd and Meridian Blvd. Conveniently located in proximity to shops, restaurants and shuttle. Full amenity complex.
HOMES:
No current REO house listings in Mammoth or Crowley.
LAND:
No current REO land listings in Mammoth or Crowley.
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:
- Summit condo.
- Bigwood condo. 1 bedroom + loft / 2 bathrooms.
- Condo on Davison St. 2 bedroom / 1 bathroom
Call us for more details on Mammoth Lakes Foreclosures/REOs.
Foreclosures in Bishop and Inyo County:
Big Pine: (In Escrow) 122 Elmcrest Dr. 3 bedrooms / 2 bathrooms / 2-car garage backing up to DWP land for $237,900. Built in 1975 and is approx 1536 sqft in size. Listed for sale on 10/17/2008.
1606 Shoshone: 4 bedrooms / 3 bathrooms, 2-car attached garage in Meadowcreek, approx. 2100 sq ft. Listed on 10-3-08 for $336,900.
24 May Street: (In Escrow). 2 bedrooms, 2 bathrooms, 1-car garage and 1486 sqft listed for $199,900.
Recently SOLD Foreclosures
- Cabins at Crooked Pines #5: Sold for $615,000 on 11/17/08. 3 bedrooms + loft / 2 bathrooms / underground parking. Approx 1725 sqft, built in 2005 by Intrawest. HOA dues $1029/month.
- Diamond Run #6: Sold for $315,000 on 11/12/2008. 1 bedroom / 1.75 bathrooms / 1-car garage originally listed on 3/28/08 for $429,900. Built in 2004. HOA dues are $327/month. Sold unfurnished. Across from 11th hole of Sierra Star Golf Course.
- 46 Lake Manor Pl (Crowley Lake) Sold beginning of October for $435,000. Originally listed for $474,900. 3 bedrooms / 3 bathrooms / 2-car garage.
- 152 Manzanita: Sold on 10/28/2008 for $292,000. Listed on 10/2/2008 for $289,900 (basically for lot value). "Lender Owned" 3 Bed/3 bath chalet style home on approx 1/2 acre multi family zoned lot with seasonal stream. Property is being sold AS-IS with NO repairs. Cash Only. Contingencies to be removed upon acceptance.
- VILLAGE: Grand Sierra Lodge #1307: Sold on 10/22/08 for $440,000 . On 10/2/2008, reduced to $503,500. 2-bedroom / 2-bathroom condo in the best building of the Village for only $529,900. Listed on 8/27/08. Approx. 1041 square feet, sold unfurnished, homeowner dues are approx $735/month. Listing courtesy of Mammoth Realty Group, 934-6000.
- VILLAGE: Sold on 10/20/08 for $525,000. Grand Sierra Lodge #1423: Listed on 8-4-08 for $549,900. 2 bedrooms / 2 bathrooms. View over the pond in the middle of the Village.
- The Bridges #108: Sold on 10/20/08 for $486,500. 2-bedroom/ 2 bath listed on 9/20/2008 for $478,500. Ski-in/ski-out with great views. Complex offers underground parking, elevator access and a spacious floorplans. Has forced air heat and a private spa.
- 310 Ranch Road Sold on 10/16/08 for $1,254,954. Listed for $1,500,000 on 8/20/2008. 5 bedrooms + loft / 5 bathrooms / 2-car garage / 3490 square feet in Snowcreek Ranch, a gated community. Listing courtesy of Mammoth Realty Group 934-6000.
- Mountain Shadows #D-14: Sold on 10/3/08 for $207,500. $199,500 listed on 8/14/2008. Studio + Loft / 2 bathrooms. Approx 695 sqft. Located on Sierra Nevada Rd just up from Roberto's restaurant. Complex amenities include pools and spas. HOA Dues approx. $390/month.
- 1474 Majestic Pines Rd: Sold 9/30/08 for $560,000. Listed for $549,900 on 9/5/2008. 3 Bedrooms + Loft / 2 bathrooms / 2-car attached garage. Just 700 yards to Chair 15. See walkthrough video here: www.youtube.com/watch?v=Gu3HD1ok940.
- Nordica #12: Sold 9/5/08 for $220,000. Listed on 8-10-08 for $231,900. 2-bedroom / 1 bathroom / approx 900 sqft. Front Row of Nordica. Sold unfurnished. HOA dues are $295/month. Located just off of Main Street near Angels restaurant. Great views to the Sherwin Mtns.
- 2211 Cheyenne Drive (Bishop): Sold for $355,000 on 8/27/2008. 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.
- Sierra Manors #74: Sold for $149,900 on 8/25/2008. 1 Bedroom + Loft / 1 bathroom, approx. 700 sqft. Listed on 6/6/08 for $149,900. Built in 1969. HOA dues are $273/mo.
- GreyEagle #7: Sold on 8/13/2008 for $475,00 with a credit for 1 year of HOA dues. 3 bedrooms / 3 bathrooms / 2-car garage built in 2005.
- Lincoln House #3126: (Closed escrow on 8/12/2008 for $520,000) 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.
- 43 Appleton Dr Sold on 7/11/08 for $175,000. Crowley Lake: Small cabin built in 1950 on 0.62 acre listed for $259,900. Creek running through property. Live in an aspen grove!
- Mountainback #44: (Sold for $445,000 on 6/26/08) 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. (Dennis sold this)
- 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 2/15/2008 for full price: $270,900. Studio+loft condo with 2 full bathrooms near Westin Monache.
- 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 every 30 days if no offers have been received.
Short Sales:
A word on short sales in Mammoth Lakes. For the most part...they are not happening. Our understanding is that the borrower has to qualify for financial hardship and if their Mammoth condo is not their primary residence (which most are not), then the bank sees you have other assets you could sell off or refinance in order to pay your mortgage on your vacation property.
Don't even waste time with them. Their list prices are attractive, but it is not even a real list price. It is a price that may entice an offer, but then the borrower has to submit a 50+ page short sale application to the lender. And most often, it is not just one lender. Many people took out a 'first' and a 'second' loan to purchase the property and have to get agreement from both to reduce the loan amount due to them.
We have only two examples in Mammoth so far where short sales worked, and one was a primary residence and the owner was able to negotiate with the lender because they were local.
Trustees Sales:
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 11/7/2008)
Mammoth CONDOS
# Active: 254
# Pending: 24
Average Days on Market: 192
Average List Price: $617,000
Median List Price: $495,000
Mammoth HOMES
# Active: 87
# Pending: 2
Average Days on Market: 182
Average List Price: $1,806,000
Median List Price: $1,175,000
Mammoth LOTS
# Active: 56
# Pending: 2
Average Days on Market: 385
Average List Price: $1,002,000
Median List Price: $697,000
