Real Estate News

• Tallus Private Residence Club escrows starting to close.  (Posted 12/4/06)
  
  
• 8050 Private Residence Club escrows to start closing middle of December. (Posted 12/4/06)
  
  
• Valet parking approved by planing commission for Hillside Property (potential Ritz-Carlton). (Posted 12/4/06)
  
  
• Real Estate market is still selective but definitely active. (Posted 12/4/06)
• Starwood Capital Group and Barry Sternlicht unveil groundbacking new hotel concept in Mammoth branded as "1" Hotel--A five star eco-friendly global hotel brand.  (Posted 10/24/06)
  
  
• Vail ski in-ski out condo development selling for $2,400 per square foot.  A record price.  To date, Mammoth new condos at lift locations are in the area of $1,000 per square foot.  (Posted 10/24/06)
  
  
• Altis project by Intrawest has been officially cancelled due to higher than expected cost of construction. (Posted 10/18/06)
  
  
• October sales have recovered substantially from 2 month slow-down in the market. (Posted 10/18/06)
  
  
• The Mountain is methodically accummulating a covering of snow over the last few days.  (Posted 10/18/06)
  
  
• Market softness is mainly a psychological happening, not an economic problem.  There is plenty of funds in the system.  (Posted 10/5/06)
  
  
• A series of events will re energize the market.  Some of which are:
  • Starwood Capital vision statement for development.
  • Way below normal interest rates at present time.
  • Series of announcements relating to the start of air service in 2007 or 2008.
  • Desire for quality of life inherent in the Mammoth area--in safe environment.
  • Pressure of getting positioned in a piece of Mammoth before the ski season.              (Posted 10/5/06)
    
    
    
• The perfect timing to invest in property is now before the public announcements start flowing on positive news.
  
  
• Negotiations on purchase of property in Mammoth should be done when any of the above are present. (Posted 10/5/06)
  
  
• The Westin Monache is now fully constructed by concrete to top floor.  Work is starting on putting roof assembly together.  (Posted 9/18/06)
  
  
• Altis fractional share development has been put on hold due to unacceptable construction costs related to market price points.  Will look at it again next spring.  Maybe changed to whole ownership (Posted 9/18/06) 
  
   
• 4.5 star branded hotel to be built across the street from the Village.  It will include restaurant(s), spa, work-out facilities, pool, meeting rooms and retail facilities.  It will be a condo-hotel.  (Posted 9/1/06)
  
  
  
• New project in works called Lode *Star in planning stage.  It will be quarter share fractional ownership.  Located south of Main Street on Minaret.  (Posted 9/15/06)
  
  
• Six new units out of 106 are left for sale at The Lodges (Snowcreek VI). The other new whole ownership development for sale is Stonegate. The remaining new developments are fractional share developments (Private Residence Clubs). (Posted 9/6/06)
  
  
  
• Speculator's have dried up. Long term hold buyers are the ones who will lead the market back. It is always wise to negotiate during soft markets. (Posted 9/6/06)
  
  
  
• A lot of prospective buyers visited a host of open houses over Labor Day weekend. Typically, buyers decide to buy in surges.  Tremendous interest in Mammoth real estate. (Posted 9/6/06)
  
  
  
•  A scoping meeting on air service was held on 8-24-06. The target is for scheduled service starting Fall 2007. It is scheduled to with service from Los Angeles with expansion to Las Vegas and San Francisco. (Posted 9/5/06)
  
  
• The real estate market has softened a bit based on the news generating out of Los Angeles newspapers. Inventory, however, is lower than 1 year ago. The market has slowed for homes above $2.5 million, but still remains active in lower price ranges. (Posted 9/5/06)
  
  
  
• Intrawest, parent company of MMSA agrees to be acquired by Fortress Investment for $35.00/share or $2.8 bln in total transaction value. The company and Fortress Investment Group announce an agreement under which funds managed by affiliates of Fortress will acquire all of IDR's outstanding common shares at a price of $35.00 per share payable in cash. The total value of the transaction, including the existing debt of IDR, is approximately $2.8 bln. (Posted 8/11/06)
  
• Strive to Attain Commercial Air Service Continues. A scoping session for EIS related to Commercial Air Service continues and there is an ongoing effort to resolve issues with Hot Creek Aviation raised by FAA relating to the project. Another meeting is planned. (Posted 8/02/06)
  
• Physical Development & Mobility Plan. Continued meetings included public feedback from the community regarding the need for year round transit, a seamless, signed and connected trail system, indoor recreation facility; but none of this should delay or supercede the General Plan was the general feeling. Posted 8/02/06)
  
• The Lodges at Snowcreek have released updated inventory and pricing as of July 2006. Contact us for more information. (Posted 8/02/06)
  
• Stonegate Construction and Pre-Sales Continue. (Posted 8/02/06)
  
• DCP to Operate 8050 and Tallus Private Residence Clubs. (Posted 8/02/06)
  
  The Clearwater project. A public meeting was held recently to receive public input and comments on the environmental impact(s)from concerned residents, home owner associations, managers and neighbors. (Posted 8/02/06)
  
• Potential downzoning is looming for the whole development community. This to have a positive impact on resale inventory. (Posted 8/02/06)
  
• Summer sales season starts with limited new whole ownership inventory. Projects with limited new inventory available are: Lodges (Snowcreek VI) and Stonegate. (Posted 6/28/06)
  
• The Summer sales season starts with 3 fractional sales developments going head-to-head: Altis, 8050, and Tallus. (Posted 6/28/06)
  
• The new owner of Mammoth Mountain Ski Area (MMSA) and surrounding real estate (Barry Sternlicht and Starwood Capital) will be issuing their vision statement towards the end of the Summer. This in itself will create market demand for real estate. (Posted 6/28/06)
  
  
• The condominium resale inventory is very thin compared to last Summer. (Posted 6/28/06)
  
  
• Many new and exciting developments in the planning stage. As they become approved, we will discuss them. (Posted 6/28/06)
  
  
• Ski season ended July 4, 2006. Mammoth Mountain has longest Ski Season in the West. (Updated July 4, 2006)