buying a house

Aspen, KSL and Mammoth? Mega-pass and mega-changes to be expected!

mammoth mountain

On Monday July 31st, the acquisition of Intrawest Resort and Mammoth Resort by “KLS Capital Partners” and the owners of Aspen Skiing “Henry Crown and Company” (HCC) has been publicly announced as completed.

The new colossus on the ski industry is therefore now shaped by 12 four-season mountain resorts: Mammoth Mountain Ski Area, June Mountain, Bear Mountain, Squaw Valley, Alpine Meadows and Snow Summit in California; Steamboat Ski & Resort and Winter Park Resort in Colorado; Blue Mountain Ski Resort in Ontario; Mont Tremblant Resort in Quebec; Stratton Mountain Resort in Vermont; and Snowshoe Mountain Resort in West Virginia.

Its revenue is given by approximately six million skier visits, 20,000 skiable acres and significant land available for real estate development. The deal also includes Canadian Mountain Holidays, the world’s leading heli-ski operator.

So, what does this mean for the town of Mammoth, its residents and its skiers?

As far as the skiers go, besides expecting improvements in lifts, services and lodges in the next few years, the biggest, expected change will be the giant-all-comprehensive-pass. That will be a serious mega-pass! Who is not looking forward to it!?

As far as the town and its residents goes, well, a few changes are to be expected. As read on "The Sheet":

“Mammoth has been Southern California’s mountain home since 1948,” said Rusty Gregory, chairman and CEO of Mammoth Resorts in a press release. “After doubling down on our offerings to Southern California with the purchase of Snow Summit and Bear Mountain in 2014, joining this new venture led by Aspen and KSL is the next logical chapter in the story of Mammoth Resorts."

Gregory maintained that Mammoth would continue to stay on track with priorities including the development of Eagle Lodge and the improvement of existing facilities/ buildings. As for what the ownership change means for employees, Gregory said, “We know we are dealing with careers, lives and communities … and we will be proceeding very thoughtfully.” 

"This new platform, built around a collective passion for the mountains and our commitment to the people who visit, work and live there, is exactly what the ski resort business needs. I am excited about the future prospects for Mammoth Resorts, our people and this new enterprise.”

At any rate, we can expect an increase in the tourism from out-of-state, due to the marketing strategies of Aspen and KSL. It is not news that Mammoth is still considered a “regional resort”, with more dominant ski-states like Utah and Colorado.: besides the fact that it is on the top ten most popular resorts in the nation when ranked by skier visits, it is not a top-of-mind destination resort for skiers not living on the West Coast. Well, that’s bound to change!

This is certainly going to affect Mammoth’s Real Estates market. With more buyers looking to buy and invest into the real estate market in town, the market is expected to become more and more competitive in the months to come.

Properties with ski in-out access are going to be even more enticing!

Just an example of desirable Mammoth Lakes ski in/out properties is this amazing one-of-a-kind residence at the Eagle Lodge ski lift, right on the slope side. 

645 monterey pine

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Advance Approval or Pre-Approval: what's best?

ADVANCE APPROVAL OR PRE-APPROVAL: WHAT’S BEST?

What is this mysterious Advance Approval? If you have been already considering buying a house and need a loan, then you have probably already heard about pre-approval.

A Pre-Approval is a DU (desktop underwritten) approval, meaning that a lender uses an automated program to qualify you. An Advance Approval is a fully underwritten approval, meaning that a human is going to look at your files and vet your financial qualification.

Most lenders will only be able to give you a pre-approval, and odds are you are not separating your offer in any way as you will also have other buyers with pre-approvals submitting an offer.

A fully underwritten approval will separate your offer from the rest. The heavy lifting takes place before a buyer is in contract and deadlines are in place.  If problems must be addressed or if additional documentation must be obtained, it will happen in an environment of far less stress.  By the time your Advance Approval is complete, you can offer to close very soon, waive or shorten loan contingency (in many cases and at your discretion), and your offer will thus be very strong.  In a fast-paced market and competing against all-cash offers, time is money and sellers are highly receptive to a fast close and a solid approval.

Looking at the picture then, it really depends on the market. If you are looking to buy in a competitive area like the Eastern Sierra can be, it might be helpful to have an Advance Approval on your side: this will assure you the best outcome of the offer you are going to make for your new dream house!

If you should be interested in more information, Advance Approval™ with RPM Mortgage is just one of many good options. We are available at any time to discuss with you all the steps necessary to buy a house, define the best strategy for your situation, and to guide you through the whole process.

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