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A Mixed Bag for Luxury Homes at Mammoth Mountain

Written by Althea Chang 11/05/2007
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Mammoth MountainMammoth Mountain, tucked into the eastern Sierra Nevadas, has largely been a ski resort destination for Los Angelenos willing to make a five hour drive for premium snow. Since the resort lacks regular commercial air service, it has been relegated to a drive-to resort, or one reachable only by private jet.

While getting to Mammoth may not be the easiest proposition, this winter there is a new real estate development that may prove to elevate Mammoth’s profile among ski home shoppers.

Westin MonacheThis month, the Westin Monache Resort, a 230-unit condominium hotel is opening its doors. Its studio, one and two-bedroom suites with gas fireplaces have panoramic mountain views. Larger suites will include a full kitchen and a private balcony. Studios start at 425 square feet while two bedroom units are 995 square feet.

From its location in the Village at Mammoth, residents will have access to a ski valet service and can hop on the nearby Mammoth Mountain express gondola to reach area shops and restaurants.

Village at Mammoth condosMammoth’s transformation has been in the works for years. Intrawest purchased a stake in the mountain and developed the Village at Mammoth, a pedestrian friendly collection of shops, restaurants and real estate. Intrawest later sold the majority of its stake to Starwood Capital Group, but local real estate development throughout Mammoth Lakes hasn’t been without struggles. Earlier this year Tanavista, a fractional development in Mammoth selling one-quarter shares, put sales on hold citing tough market conditions. In October, Tallus, the developer of the Tallus Private Residence Club filed for Chapter 11 bankruptcy protection. The project will continue to operate and sales will still be available while the company reorganizes financially. It is selling 1/12th shares of nearly 5,000 square foot homes, about a half mile from the ski lifts.

While the real estate market in California has slowed this year, the market in Mammoth is also undeniably linked to mother nature. After all, good snow brings in skiiers, snowboarders and home shoppers. In the winter of 2005/2006, the resort got 56 feet of the white stuff. Last year, as developers cited a slowing sales, it got less than 12 feet for the whole season. This year? Ten inches of powder in October and the ski season kicks off on November 8.

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