Condominium median
$540,000
$860,871 in 2026 money
Mammoth Lakes in 2007
A condominium sold for a median of $540,000 — $860,871 in today’s money, 8% above where it stands now. The Mammoth Times ran 152 stories we can still read.
Snowfall
222"
season total at the main lodge
Housing approved
42
residential units authorised
Lodging tax
$9,749,192
collected by the Town
What happened
- Snow2006-07 drought ski season
A dry, low-snow 2006-07 winter coincided with a sharp slowdown in Mammoth transaction volume and rising commercial vacancy.
slowed to a trickle, but that is not surprising considering the drought ski season
Paul Oster Broker Report → - Economy & ratesMammoth Lakes price peak
Local reporting to the Town Council put the peak median at about $900,000 in 2007.
Mammoth Times, 'Down and Out in Mammoth Lakes' → - Economy & ratesSubprime collapse and start of the foreclosure wave
The unwinding of no-down-payment lending sent California and Nevada into a wave of defaults, which the broker forecast would eventually reach Mammoth.
Once these REO’s are in substantial numbers, the values in the local market inevitably fall.
Paul Oster Broker Report → - Economy & ratesJumbo mortgage market seizure
In roughly ten days in August 2007 the secondary mortgage market froze, hitting non-conforming jumbo loans hardest.
it is a short-term nightmare for even really qualified buyers trying to borrow
Paul Oster Broker Report → - Building & developmentFractional and condo-hotel product fails
Mammoth's fractional-interest and residence-club projects (80/50, Tallus, Altis, Tanavista) stalled or were cancelled as buyer interest failed to materialise.
the jewel of their pro-formas—the fractional interest properties—have fallen on their face here in Mammoth
Paul Oster Broker Report → - Building & developmentWestin Monache completes as pre-sale buyers balk
The Westin Monache reached completion in late 2007 and buyers who had put 10% non-refundable deposits down began reconsidering closing.
many of the Westin buyers are grudgingly closing (some early closers were offered incentives/credits)
Paul Oster Broker Report →
What the paper was writing about
Headlines only, linked to the Mammoth Times. We read the Internet Archive’s copies and cite the paper; the words are theirs.
- 01-10The Mammoth Times
- 02-21The Mammoth Times
- 08-26Mono Supervisors make history, subpoena Assessor Lovett
- 09-03Want that million bucks?
- 09-10Mono Board of Supervisors buries itself in 2007/2008 budget
- 09-15Mammoth community serious about fate of its bears
- 09-21CERT makes a permanent appearance at the high altitude level
- 10-27Get your woollies on and let’s go fishing
- 11-16Recent act of small town violence rattles, rallies local community
- 11-30MT News Briefs
- 12-13Town Council takes the LEED
- 12-20Writers' strike could cost California economy millions
- 12-28Neither rain nor sleet nor snow nor wind will stop Mono Board meeting
- 12-28Lindsey Vonn wins ninth race of her career
138 more stories from 2007 are in the corpus.
The ground
36 recorded earthquakes of magnitude 2.5 or greater in the Long Valley Caldera, the largest at M4.6.