Archive for June, 2010|Monthly archive page

Mid-Week Update For Mammoth Lakes Real Estate

Since Monday June 28th, the Mammoth Lakes Board of Realtors has been very busy.

In Mammoth, there are 13 new condominium/townhome listings ( 1 is a Short Sale ), 6 new single family residence listings ( 2 are USFS cabins ) and 1 new lot listing.

There have been 17 price reductions. 2 for Commercial Business Opportunities and 12 for condominiums ( 5 are distressed properties ).

As we progress into the Summer, I believe the inventory will continue to grow and the price reductions will continue.

In this market, if you’re going to sell your property it is best to price ahead of the market so your property has the best chance to sell quickly with a minimum number of days on market.

For buyers interested in a vacation property, come visit mid-week to get reduced rates and better access to properties. During the weekend, the occupancy rate goes up.

For more information on Mammoth Lakes real estate, please log onto my real estate wesite at www.easternsierraproperties.com

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

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Weekly Mammoth Lakes Real Estate Listings Summary

On Monday June 28, 2010 there are 73 homes listed for sale in Mammoth Lakes. The average price is $1,479,709, the price range is from $49,900 (mobile home) – $7,900,000 and the average days on market is 204.

There are 43 lots for sale. The average price is $865,956, the price range is from $109,000 – $13,000,000 and the average days on market is 380.

There are 209 condominiums for sale. The average price is $438,325, the price range is from $104,000 – $2,100,000, and the average days on market is 188.

There are 33 commercial properties for sale. The average price is $581,089, the price range is from $59,900 – $4,250,000, and the average days on market is 424.

In June Lake, there are 26 homes for sale. The average price is $2,123,978, the price range is from $128,000 – $19,998,000, and the average days on market is 164.

There are 35 lots for sale. The average price is $199,535, the price range is from $70,000 – $329,000, and the average days on market is 449.

There are 4 commercial properties for sale. The average price is $6,105,750 the price range is  $1,329,000 -$19,995,000, and the average days on market is 548.

There are 3 condominiums for sale. The average price is $497,666, price range is  $309,000-$795,000, and the average days on market is 754.

In Crowley Lake/ Sierra Springs, there are 18 homes for sale. The average price is $598,766 the price range is $47,000 (mobile home) – $2,500,000 and the average days on market is 87.

There are 12 lots for sale. The average price is $1,020,416, the price range is from $80,000 – $4,000,000, and the average days on market is 232.

There are 0 condominiums for sale. The average price is $0. The price range is from $0 – $0, and the average days on market is 0.

In Aspen Springs and Sunny Slopes there are 2 homes for sale. The average price is $1,032,499. The price range is from $565,000 – $1,499,999  and the average days on market is 22.

There are 2 lots for sale. The average price is $520,750. The price range is from $142,500 – $899,000, and the average days on market is 180.

In the Paradise/ Pinion Ranch/ Rimrock and Swall Meadows areas there are 3 homes for sale ( Mammoth Lakes listing service). The average price is $1,372,999, the price range is from $439,000 – $2,999,999, and the average days on market is 109.

There are 12 lots for sale. The average price is $236,733. The price range is from $95,000 – $374,900, and the average days on market is 521.

In Bishop, there are 40 homes for sale (Bishop Listing Service). The average price is $472,085, and the price range is from $209,000 – $1,200,000. The average days on market is 145.

There are 10 lots  for sale. The average price is $295,280 and the price range is from $95,000 – $1,300,000. The average days on market is 269.

There are 3 commercial business opportunities. The average price is $897,500 and the price range is from $110,000 – $1,995,000. The average days on market is 436.

For more information on Mammoth Lakes real estate, please log onto my real estate website at www.easternsierraproperties.com.

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

Housing Recovery Not Helped By New FHA Condo Lending Rules

Earlier this year, the FHA passed a new set of lending guidelines that effectively removed the spot approval process for FHA insured condominium loans.

Before these guidelines where instituted, buyers looking for approval of an FHA insured condominium loan could file documents for each individual unit, with final approval on an individual or per-unit basis.

The new guidelines require pre-approval of the entire building which puts an end to the spot approval process. So, unless the entire condominium project passes the new guidelines, FHA approved loans will not be available to prospective buyers.

In resort areas, like Mammoth Lakes, condominium sales account for a large percentage of marketplace sales. If a condominium project doesn’t pass the new guidelines, anyone contemplating selling their property and sellers with their property currently on the market are going to be affected.

Does it make sense to tighten lending requirements when there is so much inventory on the market nationwide? Doesn’t it make more sense to ease up on lending requirements, particularly for condominiums, so that qualified buyers can clear out the existing inventory?

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

For information on Mammoth Lakes real estate, please log onto my real estate website at http://www.easternsierraproperties.com

June Mountain Summer Operations

During the Winter, the majority of people who travel to the Mammoth area do so to ski or ride Mammoth Mountain. And that’s okay with most people in June Lake. June Mountain is much smaller than Mammoth, but offers varied and interesting terrain for skiers/riders of all levels without the crowds.

Now that the Summer is here ( finally) June Mountain is open for the first time in years offering scenic rides to the June Meadows Chalet beginning June 25th.

You’ll be able to ride the J1 chairlift from 10 a.m. to 2 p.m. Friday – Monday.

Come enjoy the incredible views of Carson Peak, Mt. Wood, June Lake, Gull Lake and more.

And when you’re done and you’re thinking about how great it would be to own a home in June Lake, be sure to give me a call at 760-934-5088 ( office ) or log onto my real estate website: http://www.easternsierraproperties.com for active June Lake listings.

Please share your thoughts by leaving a comment.

Weekly Mammoth Lakes Real Estate Listings Summary

On Monday June 21, 2010 there are 72 homes listed for sale in Mammoth Lakes. The average price is $1,493,184, the price range is from $49,900 (mobile home) – $7,900,000 and the average days on market is 199.

There are 43 lots for sale. The average price is $861,280, the price range is from $109,000 – $13,000,000 and the average days on market is 375.

There are 201 condominiums for sale. The average price is $438,287, the price range is from $104,000 – $2,100,000, and the average days on market is 187.

There are 32 commercial properties for sale. The average price is $600,810, the price range is from $59,900 – $4,250,000, and the average days on market is 430.

In June Lake, there are 24 homes for sale. The average price is $2,263,935, the price range is from $128,000 – $19,998,000, and the average days on market is 170.

There are 35 lots for sale. The average price is $199,535, the price range is from $70,000 – $329,000, and the average days on market is 471.

There are 4 commercial properties for sale. The average price is $6,105,750 the price range is  $1,329,000 -$19,995,000, and the average days on market is 548.

There are 3 condominiums for sale. The average price is $497,666, price range is  $309,000-$795,000, and the average days on market is 747.

In Crowley Lake/ Sierra Springs, there are 17 homes for sale. The average price is $631,341 the price range is $47,000 (mobile home) – $2,500,000 and the average days on market is 110.

There are 12 lots for sale. The average price is $1,020,416, the price range is from $80,000 – $4,000,000, and the average days on market is 225.

There are 0 condominiums for sale. The average price is $0. The price range is from $0 – $0, and the average days on market is 0.

In Aspen Springs and Sunny Slopes there are 2 homes for sale. The average price is $1,032,999. The price range is from $565,000 – $1,499,999  and the average days on market is 15.

There is 1 lot for sale. The average price is $142,500. The price range is from $142,500 – $142,500, and the average days on market is 346.

In the Paradise/ Pinion Ranch/ Rimrock and Swall Meadows areas there are 3 homes for sale ( Mammoth Lakes listing service). The average price is $1,372,999, the price range is from $439,000 – $2,999,999, and the average days on market is 102.

There are 12 lots for sale. The average price is $236,733. The price range is from $95,000 – $374,900, and the average days on market is 521.

In Bishop, there are 40 homes for sale (Bishop Listing Service). The average price is $476,348, and the price range is from $209,000 – $1,200,000. The average days on market is 152.

There are 9 lots  for sale. The average price is $314,756 and the price range is from $95,000 – $1,300,000. The average days on market is 215.

There are 3 commercial business opportunities. The average price is $897,500 and the price range is from $110,000 – $1,995,000. The average days on market is 434.

For more information on Mammoth Lakes real estate, please log onto my real estate website at www.easternsierraproperties.com.

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

Foreclosure Can Be Avoided!!

If you don’t ignore other alternatives until it’s too late!

Please don’t make that huge mistake. Review, understand and consider all of your options as quickly as possible. The more time you give yourself before foreclosure on your home, the better your chances of being able to take advantage of one of the other alternatives.

So, what am I talking about regarding other alternatives?

1.  Loan Workout. If you’ve been late on payments or are going to be late on an upcoming payment, contact your lender and discuss your situation. First, let your lender know about your employment situation, what you’re doing to resolve the issue, how much time you project it’s going to take for you to get back on your feet and that you’re committed to working with them.  Ask your lender about temporarily reducing your payments so you can reduce your monthly financial overhead. Be creative!!

2.  Loan Modification. This is more comprehensive assistance from the lender and can involve modification of your current interest rate, extending the loan to 40years and making other adjustments to the terms of your loan so that you can afford to keep your property.

3.  Short Sale. When your lender agrees to take less than what is owed on the loan, it is called a Short Sale. Before you go down this road, be sure you talk to a tax adviser so you understand your potential tax liability, personal liability and any other financial consequences. Also, be sure you work with a Realtor so you can get a good idea of the current market value for your property. Once you have that information in place, price your property ahead of the market so it sells quickly and gets you out of this awkward position.

4.  Refinance. If the above strategies don’t work, discuss refinancing with your lender or another lender. Also, be aware of the federal assistance that’s available through the Home Affordable Refinance program. There are certain conditions that apply to these programs!

5.  Deed-in-Lieu of Foreclosure. This is a voluntary agreement between the lender and borrower where the borrower gives title to the lender in full satisfaction of the loan secured by the property.

6.  Bankruptcy. This is a court proceeding where your debts are settled under the supervision of a judge. There are several different scenarios under Bankruptcy like Chapter 7 and Chapter 13 so again, talk with your tax adviser and have these scenarios explained to you and what your responsibilities are under each one.

None of these are pleasant or fun, but they are reality for millions of homeowners who are feeling the squeeze of a sagging economy, high unemployment and tight lending standards.

Be proactive! Problems don’t get better with time! Contact your lender and do your best to work with them! Nurture and maintain a positive attitude throughout the process!

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

For information on Mammoth Lakes real estate, please log onto my real estate website at http://www.easternsierraproperties.com.

Weekly Mammoth Lakes Real Estate Listings Summary

On Monday June 14, 2010 there are 72 homes listed for sale in Mammoth Lakes. The average price is $1,480,949, the price range is from $49,900 (mobile home) – $7,900,000 and the average days on market is 202.

There are 43 lots for sale. The average price is $865,394, the price range is from $109,000 – $13,000,000 and the average days on market is 378.

There are 198 condominiums for sale. The average price is $438,367, the price range is from $104,000 – $2,100,000, and the average days on market is 183.

There are 31 commercial properties for sale. The average price is $608,901, the price range is from $59,900 – $4,250,000, and the average days on market is 415.

In June Lake, there are 24 homes for sale. The average price is $2,266,185, the price range is from $128,000 – $19,998,000, and the average days on market is 163.

There are 31 lots for sale. The average price is $200,701, the price range is from $70,000 – $329,000, and the average days on market is 440.

There are 4 commercial properties for sale. The average price is $6,105,750 the price range is  $1,329,000 -$19,995,000, and the average days on market is 541.

There are 3 condominiums for sale. The average price is $497,666, price range is  $309,000-$795,000, and the average days on market is 740.

In Crowley Lake/ Sierra Springs, there are 17 homes for sale. The average price is $631,341 the price range is $47,000 (mobile home) – $2,500,000 and the average days on market is 103.

There are 11 lots for sale. The average price is $1,022,363, the price range is from $80,000 – $4,000,000, and the average days on market is 171.

There are 0 condominiums for sale. The average price is $0. The price range is from $0 – $0, and the average days on market is 0.

In Aspen Springs and Sunny Slopes there is 1 home for sale. The average price is $1,499,999. The price range is from $1,499,999 – $1,499,999  and the average days on market is 17.

There is 1 lot for sale. The average price is $142,500. The price range is from $142,500 – $142,500, and the average days on market is 339.

In the Paradise/ Pinion Ranch/ Rimrock and Swall Meadows areas there are 3 homes for sale ( Mammoth Lakes listing service). The average price is $1,372,999, the price range is from $439,000 – $2,999,999, and the average days on market is 95.

There are 10 lots for sale. The average price is $241,190. The price range is from $95,000 – $374,900, and the average days on market is 549.

In Bishop, there are 39 homes for sale (Bishop Listing Service). The average price is $482,572, and the price range is from $209,000 – $1,200,000. The average days on market is 150.

There are 10 lots  for sale. The average price is $296,280 and the price range is from $95,000 – $1,300,000. The average days on market is 260.

There are 3 commercial business opportunities. The average price is $897,500 and the price range is from $110,000 – $1,995,000. The average days on market is 427.

For more information on Mammoth Lakes real estate, please log onto my real estate website at http://www.easternsierraproperties.com.

Feel free to share your thoughts by leaving a comment or call me at the office: 760-934-5088.

Resource Depletion, Your Client And What You Can Do About It

Ever look in the mirror after a long day of showing property and think “ Wow, I look and feel tired.”

Well, just imagine how your clients must feel! All the listing information you provided has to be processed, reviewed, discussed, reviewed and discussed again. It can be overwhelming.

And then you have to deal with the financing aspects of purchasing real estate. Do you really think that you could pick the best financing option available for you if you had just finished a long day of touring properties?  Maybe, but maybe not. It would certainly be more difficult than if you were rested and refreshed.

My point is that shopping for a home, choosing between features/ location and then choosing the best financing option can deplete a buyer’s mental resources causing them to make poor decisions.

To avoid this situation, make a to-do list for your buying clients and start by advising them to get prequalified in advance of looking at properties. This way they will know what they can afford and will have the opportunity to study and understand the fundamentals of the mortgage products available to help them with the biggest purchase of their adult lives.

Your relationship with your client’s will be more significant because you took the time to see them as human beings with fears, feelings and concerns. By prioritizing their tasks, you streamline the buying process into manageable activities making it less emotionally taxing, intimidating, easier to understand, and a much more enjoyable experience.

People need our utmost care and good faith, full disclosure and undivided loyalty when buying or selling real estate.

For information on my professional real estate services, please log onto my real estate website at www.easternsierraproperties.com.

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088

Short Sale Strategy For Buyers

In a Short Sale, the seller owes more on the mortgage than the property is currently worth. The sale of the property involves an approval process with the seller and lender. Initially an offer is presented to the seller for review. If accepted, it is then passed on to the lender for review and approval. The lender needs to determine whether or not they’re willing to accept a loan payoff for less than what is owed on the loan note.

This situation gets more involved if the seller has multiple loans on the property. The junior lien-holder has to be willing to accept a loan payoff amount from the senior lien-holder within a certain amount of time. If the junior lien-holder doesn’t respond in a timely manner, the loan may be sold or the senior lien-holder offer may expire.

Needless to say, there are lots of working parts that need to cooperate for a short sale transaction to be successful.

To stack the odds in your favor, here are a few tips to assist you before and during your negotiations:

  • Work with a Realtor. Preferably someone who has experience in successful short sale transactions from the buying side. Tap into your Realtor’s knowledge, experience and expertise to set your expectations, goals, time-lines and follow up.
  • Do Your Homework. Be sure you’re prepared for homeownership. Understand your financial obligations and be accountable.
    Review archived articles on buying short sale properties. Log onto the California Association of Realtors (CAR) website ( www.car.org ) and the National Association of Realtors (NAR )website

( www.realtor.org ) for such articles.

  • Make Your Offer Easy To Accept. Since the lender has the ultimate responsibility to accept your offer, demonstrate from the get-go why you should be considered. Come in with a good price, include a pre-qualification letter, a higher good faith deposit, pay for the Natural Hazard disclosure/ Home Warranty and consider other terms that will favor the lender. Remember, you’re getting a great deal on the property. Paying for reports and services that are normally paid for by the seller is a small price to pay to get your dream primary residence or vacation home.
  • In Real Estate, Timing Is Everything. Communicate with your Realtor and understand the timing aspect of a short sale transaction. Lien-holders are swamped with short sale requests. Before they can agree to anything, lien-holders need to do their own due diligence and review the seller’s financial position, get additional Broker Pricing Opinions (BPOs) to confirm value, review offer terms and more. Once approved, the pace quickens because the short sale approval usually expires within a few weeks and as a buyer, you have to be prepared to respond.
    • Obtain a Conditional Pre-Approval. If you’re committed to the property, don’t just wait for the lien-holder to approve your offer. Negotiate with your lender to get a conditional pre-approval, without the up-front fees, and cut down the amount of time and tasks necessary to carry out your buyer financial obligations. You can also order a Credit Report and Home Inspection.
    • Keep Sight Of Your Goal. Planning, patience and communication with your Realtor will go a long way toward the successful completion of your short sale purchase.

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

For information on Mammoth Lakes real estate

(including short sales and REO’s) please log onto my real estate website at www.easternsierraproperties.com

Good Luck!!

Weekly Mammoth Lakes Real Estate Listings Summary

On Monday June 7, 2010 there are 69 homes listed for sale in Mammoth Lakes. The average price is $1,492,788, the price range is from $49,900 (mobile home) – $7,900,000 and the average days on market is 206.

There are 42 lots for sale. The average price is $889,951, the price range is from $109,000 – $13,000,000 and the average days on market is 397.

There are 194 condominiums for sale. The average price is $438,684, the price range is from $89,900 – $2,100,000, and the average days on market is 184.

There are 34 commercial properties for sale. The average price is $592,230, the price range is from $59,900 – $4,250,000, and the average days on market is 393.

In June Lake, there are 22 homes for sale. The average price is $2,437,384, the price range is from $128,000 – $19,998,000, and the average days on market is 170.

There are 30 lots for sale. The average price is $203,225, the price range is from $70,000 – $329,000, and the average days on market is 459.

There are 4 commercial properties for sale. The average price is $6,105,750 the price range is  $1,329,000 -$19,995,000, and the average days on market is 534.

There are 3 condominiums for sale. The average price is $497,666, price range is  $309,000-$795,000, and the average days on market is 733.

In Crowley Lake/ Sierra Springs, there are 17 homes for sale. The average price is $604,982 the price range is $47,000 (mobile home) – $2,500,000 and the average days on market is 97.

There are 12 lots for sale. The average price is $1,020,416, the price range is from $80,000 – $4,000,000, and the average days on market is 211.

There are 0 condominiums for sale. The average price is $0. The price range is from $0 – $0, and the average days on market is 0.

In Aspen Springs and Sunny Slopes there is 1 home for sale. The average price is $1,499,999. The price range is from $1,499,999 – $1,499,999  and the average days on market is 10.

There is 1 lot for sale. The average price is $142,500. The price range is from $142,500 – $142,500, and the average days on market is 332.

In the Paradise/ Pinion Ranch/ Rimrock and Swall Meadows areas there are 3 homes for sale ( Mammoth Lakes listing service). The average price is $1,372,999, the price range is from $439,000 – $2,999,999, and the average days on market is 88.

There are 9 lots for sale. The average price is $257,433. The price range is from $179,000 – $374,900, and the average days on market is 603.

In Bishop, there are 38 homes for sale (Bishop Listing Service). The average price is $466,482, and the price range is from $209,000 – $1,095,000. The average days on market is 149.

There are 10 lots  for sale. The average price is $296,280 and the price range is from $95,000 – $1,300,000. The average days on market is 253.

There are 3 commercial business opportunities. The average price is $897,500 and the price range is from $110,000 – $1,995,000. The average days on market is 420.

For more information on Mammoth Lakes real estate, please log onto my real estate website at http://www.easternsierraproperties.com

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.