Archive for September, 2010|Monthly archive page

Winter Flight Schedule To Mammoth Lakes Just Released!!

This Winter, 2010-2011, United Airlines and Horizon Air will be offering flights to Mammoth/ Yosemite Airport from two national hubs, San Francisco International Airport (SFO) and Los Angeles International Airport (LAX). Additional service will be available from San Jose International Airport (SFC) and Portland International Airport (PDX).

If you’re traveling to Mammoth from San Francisco, flights will be operated by United Express carrier SkyWest Airlines, using a 66-seat CRJ700 regional jet. Flights start at $188 round-trip (restrictions, taxes and fees apply).

Twice daily nonstop flights from Los Angeles, daily nonstop service from San Jose and direct ( same plane, one stop ) service from Portland will be offered through Horizon Air using a 76-seat Bombardier Q400.

All Winter flights will run from December 16, 2010 to April 24, 2011.


United Express Schedule (effective December 16, 2010 – April 24, 2011)

Depart San Francisco Arrive Mammoth Flight Number
3:50 p.m. 4:56 p.m. 6870
Depart Mammoth Arrive San Francisco Flight Number
5:27 p.m. 6:40 p.m. 6870

Horizon Air Schedule (effective December 16, 2010 – April 24, 2011)

Depart Los Angeles Arrive Mammoth Flight Number
9:40 a.m. (Monday – Friday)

11:35 a.m. (Saturday – Sunday)

10:48 a.m. (Monday – Friday)

12:43 p.m. (Saturday – Sunday)

AS 2118

AS 2370

4:40 p.m. 5:48 p.m. AS 2196
Depart Mammoth Arrive Los Angeles Flight Number
1:55 p.m. (Monday – Friday)

4:35 p.m. (Saturday – Sunday)

3:04 p.m. (Monday – Friday)

5:44 p.m. (Saturday – Sunday)

AS 2187

AS 2377

6:20 p.m. 7:29 p.m. AS 2199

Depart San Jose Arrive Mammoth Flight Number
12:30 p.m. (Monday – Friday)

3:10 p.m. (Saturday – Sunday)

1:25 p.m. (Monday – Friday)

4:05 p.m. (Saturday – Sunday)

AS 2187

AS 2377

Depart Mammoth Arrive San Jose Flight Number
11:20 a.m. (Monday – Friday)

1:15 p.m. (Saturday – Sunday)

12:20 p.m. (Monday – Friday)

2:15 p.m. (Saturday – Sunday)

AS 2188

AS 2370

Depart Portland Arrive Mammoth Flight Number
9:55 a.m. (Monday – Friday)

12:20 p.m. (Saturday – Sunday)

1:25 p.m. (Monday – Friday)

4:05 p.m. (Saturday – Sunday)

AS 2187

AS 2377

Depart Mammoth Arrive Portland Flight Number
11:20 a.m. (Monday – Friday)

1:15 p.m. (Saturday – Sunday)

2:47 p.m. (Monday – Friday)

4:50 p.m. (Saturday – Sunday)

AS 2188

AS 2370

For more details or to book a flight please call 800.MAMMOTH or visit www.MammothMountain.com.

While you’re here, why not learn more about the community of Mammoth Lakes and the local real estate market.

Please call me at 760-934-5088 to schedule an appointment.

Also, please log onto my real estate website at www.easternsierraproperties.com for current listing and community information.

Thank you for your time and consideration!

Weekly Mammoth Lakes Real Estate Listings Summary

On Monday September 27, 2010 there are 100 homes listed for sale in Mammoth Lakes. The average price is $1,299,860, the price range is from $49,900 (mobile home) – $7,500,000 and the average days on market is 189.

There are 49 lots for sale. The average price is $815,009, the price range is from $109,000 – $13,000,000 and the average days on market is 344.

There are 214 condominiums for sale (does not include deed restricted properties). The average price is $438,094, the price range is from $97,000 – $2,100,000, and the average days on market is 171.

There are 36 commercial properties for sale. The average price is $672,209, the price range is from $50,000 – $4,250,000, and the average days on market is 346.

In June Lake, there are 23 homes for sale. The average price is $2,091,036, the price range is from $110,000 – $19,995,000, and the average days on market is 232.

There are 38 lots for sale. The average price is $215,914, the price range is from $70,000 – $995,000, and the average days on market is 510.

There are 3 commercial properties for sale. The average price is $7,641,000 the price range is  $1,329,000 -$19,995,000, and the average days on market is 722.

There are 2 condominiums for sale. The average price is $680,250, price range is  $565,500-$795,000, and the average days on market is 712.

In Crowley Lake/ Sierra Springs, there are 16 homes for sale. The average price is $614,349 the price range is $62,900 (mobile home) – $2,500,000 and the average days on market is 146.

There are 9 lots for sale. The average price is $1,169,111, the price range is from $80,000 – $4,000,000, and the average days on market is 202.

There is 1 condominium for sale. The average price is $245,000. The price range is from $245,000 – $245,000, and the average days on market is 17.

In Aspen Springs and Sunny Slopes there are 4 homes for sale. The average price is $708,249. The price range is from $189,000 – $1,499,999  and the average days on market is 91.

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 271.

In the Paradise/ Pinion Ranch/ Rimrock and Swall Meadows areas there are 2 homes for sale ( Mammoth Lakes listing service). The average price is $1,839,999, the price range is from $680,000 – $2,999,999, and the average days on market is 221.

There are 11 lots for sale. The average price is $282,981. The price range is from $95,000 – $750,00, and the average days on market is 632.

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

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

Thank you for your time and consideration!

Wraparound What?!

Home sellers look to their listing agent for assistance in many areas. If I had to pick what I thought might be the biggest, I’d have to say all around problem solving skills.

In any market, in any economy, we need to think about how and what we can do to help our customers sell their home.

Not just open houses, or property flyers, but creative ways to assist buyers and sellers to come to an agreement on the purchase/sale of a home.

The Wraparound Mortgage is something we all should be aware of and be able to discuss with our clients.

A Wraparound mortgage includes the remaining balance of an existing first mortgage (to which it is subordinate) plus an additional amount carried by the seller. It’s similar to a contract of sale, except that title to the property is transferred and may be insured by a policy of title insurance. When a deed of trust is used rather than a mortgage instrument, it is usually referred to as an all-inclusive deed of trust, but has also been referred to as a hold-harmless or overlapping deed of trust.

When should something like this be used?

1.  When there is a locked in loan on the subject property.

2.  When the seller wants/needs to sell, but has a poor/risky buyer with a small down payment who is willing to purchase the property.

3.  When there is an overpriced property and the seller is firm on the price, but flexible on the terms of sale.

4.  When the seller does not want to lose the benefit of a low interest loan, but is anxious to sell.

5.   With a buyer who, in all likelihood, will not be approved by a lender for the loan needed to purchase the property.

6.  When there’s insufficient cash for a down payment.

When shouldn’t a wraparound be used?

It should not be used when there is an acceleration or any other alienation clause in any of the mortgages or deeds of trust that are to remain on the subject property.

It would also be prudent not to use the wraparound with an ARM.

How is this beneficial to a Seller?

1.  Similar to full Seller financing, a seller can obtain a much higher effective interest rate on the all-inclusive trust deed.

2.  The present financing of the primary mortgage is retained should it become necessary to repossess the subject property in the future.

3.  If there is a reposession, it can be done at a trustee sale while a contract sale requires a court judgement.

How is this beneficial to a Buyer?

1.  Buyer can now purchase a property that they couldn’t qualify using traditional means

2.  Buyer saves money by not having to pay for an appraisal, loan fees, and loan points

3.  The subject property is acquired with an owner’s policy of title insurance

4.  Buyer is responsible for one payment

There are also precautions that any Buyer and Seller should be aware of.

As a Realtor, do your homework and be sure you speak with a mentor or a colleague who has experience in this area before talking about it with any client or prospect.

As a Buyer or Seller, you also need to do your home work and understand the wraparound mortgage before getting involved in the process.

It’s an interesting option that can facilitate a real estate transaction when traditional financing options won’t work.

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

For information on residential and commercial real estate in Mammoth Lakes, Ca, please log onto my real estate website at www.easternsierraproperties.com

Thank you for your time and consideration!

Checklist of Seller’s Closing Costs and Credits

For anyone thinking of selling their home, there will be a lot of moving parts in the selling process. One of those parts will be your estimated seller closing costs. This is something your Realtor can assist you with in conjunction with the local escrow/title company.

Following is an overview of potential seller closing costs that any seller should be aware of and prepared for:

Costs:

__ Realtor commissions

__ Title insurance (where payable by sellers)

__ Escrow fee (where applicable)

__ Survey fee (where applicable)

__ Legal fee (where applicable)

__ Abstract of Title

__ Prepayment penalty, if any

__ City, County transfer tax

__ Pest control inspection fee, in the case of a VA loan

__ Pest control remediation, if any

__ Recording fee

__ FHA or VA points, if any

__ Notary fee

__ Prorated taxes (if not paid to date of recordation)

__ Interest, if paid in arrears (from date of last payment to date of recordation)

__ Prorated rents, if any

__ Security deposits on hand, if any

Credits:

__ Interest, if paid in advance (from recordation to date of next loan payment)

__ Prorated taxes (if paid beyond recordation)

For assistance with questions on likely seller closing costs, please contact me at 760-934-5088.

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

Thank you for your time and consideration!

Checklist of Buyer’s Closing Costs

Following is a check list of potential buyer’s closing costs that you should be aware of and budget for:

Nonrecurring Costs:

__ Title insurance (where payable by buyer)

__ Escrow fee (where applicable)

__ Legal fee (where applicable)

__ Abstract of Title

__ Survey fee (where applicable)

__ Loan fee

__ Appraisal fee

__ Tax service

__ Credit report

__ Notary fee

__ Recording fee

__ Pest Control Inspection

__ Home Inspection

__ Document preparation fee

__ Review fee (where applicable)

__ Application fee (where applicable)

__ Underwriting fee

__ Courier fee

__ Verification fee (where applicable)

Recurring Costs:

__ Hazard insurance

__ Trust fund or impound account

__ Prorated taxes (if paid beyond recordation)

__ Prorated interest (if charged in arrears, to end of month; if charged in advance, to date of first payment).

Credits, if any:

__ Prorated taxes

__ Prorated rents, if any

__ Security deposits on hand, if any

For information and assistance on costs related to the purchase of real estate, please log onto my real estate website at www.easternsierraproperties.com.

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

Home Buyers Pay Attention!!

Home prices have declined approximately 30% from the peak prices several years ago. This is great news for you!! Based on median income figures from the State of California, statewide affordability reached 64% in the second quarter of this year, meaning 64% of California households could afford to purchase and entry-level home in the State.

Additionally, owning a home can be beneficial because if forces the homeowner to “save.” While the mortgage payment may be higher than renting a home or apartment, most renters don’t put that difference into their savings account. That money can be used to upgrade the property and increase the value and comfort of the home.

In Mammoth Lakes, all property types are seeing price reductions. While condominiums/townhomes have seen the greatest reduction in value, single family residence values are also feeling the pinch of the cool economy, hovering 10% unemployment rate and diminished consumer confidence.

If you would like to purchase your first home or take a closer look at the outstanding vacation home opportunities, please log onto my real estate website at www.easternsierraproperties.com.

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

Weekly Mammoth Lakes Real Estate Listings Summary

On Monday September 13, 2010 there are 104 homes listed for sale in Mammoth Lakes. The average price is $1,287,268, the price range is from $49,900 (mobile home) – $7,500,000 and the average days on market is 177.

There are 48 lots for sale. The average price is $851,803, the price range is from $146,000 – $13,000,000 and the average days on market is 363.

There are 233 condominiums for sale (does not include deed restricted properties). The average price is $407,284, the price range is from $89,900 – $2,100,000, and the average days on market is 181.

There are 37 commercial properties for sale. The average price is $664,879, the price range is from $50,000 – $4,250,000, and the average days on market is 337.

In June Lake, there are 22 homes for sale. The average price is $2,179,038, the price range is from $110,000 – $19,995,000, and the average days on market is 203.

There are 38 lots for sale. The average price is $215,914, the price range is from $70,000 – $995,000, and the average days on market is 510.

There are 3 commercial properties for sale. The average price is $7,641,000 the price range is  $1,329,000 -$19,995,000, and the average days on market is 708.

There is 1 condominium for sale. The average price is $795,000, price range is  $795,000-$795,000, and the average days on market is 243.

In Crowley Lake/ Sierra Springs, there are 19 homes for sale. The average price is $584,599 the price range is $62,900 (mobile home) – $2,500,000 and the average days on market is 122.

There are 11 lots for sale. The average price is $1,020,000, the price range is from $80,000 – $4,000,000, and the average days on market is 170.

There is 1 condominium for sale. The average price is $245,000. The price range is from $245,000 – $245,000, and the average days on market is 3.

In Aspen Springs and Sunny Slopes there are 4 homes for sale. The average price is $708,249. The price range is from $189,000 – $1,499,999  and the average days on market is 77.

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 257.

In the Paradise/ Pinion Ranch/ Rimrock and Swall Meadows areas there are 2 homes for sale ( Mammoth Lakes listing service). The average price is $1,839,999, the price range is from $680,000 – $2,999,999, and the average days on market is 207.

There are 12 lots for sale. The average price is $280,150. The price range is from $95,000 – $750,00, and the average days on market is 577.

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.

Weekly Mammoth Lakes Real Estate Listings Summary

On Monday September 6, 2010 there are 105 homes listed for sale in Mammoth Lakes. The average price is $1,282,617, the price range is from $49,900 (mobile home) – $7,500,000 and the average days on market is 169.

There are 51 lots for sale. The average price is $814,971, the price range is from $109,000 – $13,000,000 and the average days on market is 347.

There are 240 condominiums for sale (does not include deed restricted properties). The average price is $407,001, the price range is from $89,900 – $2,100,000, and the average days on market is 176.

There are 39 commercial properties for sale. The average price is $635,242, the price range is from $50,000 – $4,250,000, and the average days on market is 343.

In June Lake, there are 22 homes for sale. The average price is $2,174,625, the price range is from $110,000 – $19,995,000, and the average days on market is 221.

There are 38 lots for sale. The average price is $216,046, the price range is from $70,000 – $995,000, and the average days on market is 503.

There are 3 commercial properties for sale. The average price is $7,641,000 the price range is  $1,329,000 -$19,995,000, and the average days on market is 701.

There is 1 condominium for sale. The average price is $795,000, price range is  $795,000-$795,000, and the average days on market is 236.

In Crowley Lake/ Sierra Springs, there are 19 homes for sale. The average price is $585,284 the price range is $62,900 (mobile home) – $2,500,000 and the average days on market is 115.

There are 12 lots for sale. The average price is $1,018,250, the price range is from $80,000 – $4,000,000, and the average days on market is 218.

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 4 homes for sale. The average price is $708,249. The price range is from $189,000 – $1,499,999  and the average days on market is 70.

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 250.

In the Paradise/ Pinion Ranch/ Rimrock and Swall Meadows areas there are 2 homes for sale ( Mammoth Lakes listing service). The average price is $1,839,999, the price range is from $680,000 – $2,999,999, and the average days on market is 200.

There are 12 lots for sale. The average price is $280,150. The price range is from $95,000 – $750,00, and the average days on market is 570.

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.