Buying a Single Family Residence
There are many types of homes to be found in Mammoth Lakes, ranging from US Forest Service cabins on leased land built in the early 1900’s, up to brand new custom homes on the bluffs with the finest of finish.
When purchasing a single family residence there are a lot of factors to consider. If the home is a 2nd home or vacation home, you may hire an absentee home owner services to maintain, especially during winter, that someone will have to be responsible for to avoid costly repairs. Fortunately we do have absentee home owner services available in the area that will manage your home for you when you are Buyer are more aware of cost per square foot today when looking for value and determining offer price. Our average cost / sq ft for single family residence in Mammoth Lakes is in the range of $325 – $350. For The average sales price is $850,000 and our median sales price is $640,000. We expect prices to continue to increase this year at the rate of 2.5% / month.
We have many older homes in the area that were built in the 1970’s that will have some deferred maintenance and are in need of modern updates. Some of these older homes have single pane windows, 2×4 framing and open box fireplaces. The town will require updating within 60 days of purchase any fireplace that isn’t EPA Phase II compliant. This can add costs upwards of $10,000 to the purchase price.
Our newest homes have improved framing and much stricter codes for building. There are solar panels making their way to our area as well as geothermal heating for LEED certified homes.
Nightly rentals aren’t generally allowed in single family residences, but long terms rentals over 30 days are allowed.