Mammoth Real Estate Down But Not Dead

Real estate, an important economic driver for the Town of Mammoth Lakes, has taken a dive, according to tax records. While the value of real estate sales has been cut in half and then some, tax records show that money is still changing hands.

brad_koehn_5-20Mammoth Town Finance Director Brad Koehn reports that for the ten month period between July 2008 and April 2009, roughly $100 million dollars in real estate transactions occurred. For every $500 of property value sold in Mammoth, the county kicks back 27.5 cents in what is known as the document transfer tax. The tax only brought in $54,340 this time around, but Koehn calculates that this amount means at least $98,800,727 in real estate transactions occurred in this ten month period.

$100 million is a large number, but Koehn says that during the same period between July 2007 and April 2008, the value of taxed real estate transactions in Mammoth was $237 million. Koehn says that the $100 million this past year indicates a large amount of value being sold, but he adds that, for sure there was a dramatic decrease in real estate transactions.

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