What’s New in Old Mammoth?
From the middle of 2006 to 2011 Mammoth Lakes and most of California have been experienced an economic downturn not seen in many decades. While the most recent recession is perceived to be more of a dip in the road along a long linear economic highway, others view the recession as a component of a four phase economic cycle. Although there can be different names for each phase of the cycle, a general structure of the real estate cycle is recovery, expansion, hyper-supply and recession.
Recovery – is really just that, a period in which economic values stabilize from previous economic downturns. This phase of the cycle is can be characterized by the leveling out of vacancy rates and rents, improved access to financing, and shorter marketing times.
Expansion – This is the beginning of the growth phase of the cycle, or the boom period, whereby the economy is healthy and demand is the predominant factor. Property values are on the rise, access to financing is generally easy and vacancy rates are lowering.
Hyper-supply – As a reaction to the expansion period, development begins to increase in order to accommodate the demands of the expansion cycle. Property values and rents are still increasing, property is being built and vacancies tend to be very low. The later part of this cycle often results in an over-supply and blends into the beginning of a recession.
Recession-The Recession phase is a reaction to the over-supply and the limited demand. Many investors have little cash, financing is tight, property values are declining and vacancy rates are again increasing.
The Commercial components of Old Mammoth Road are a good example of this cycle. In the early 1980’s numerous commercial buildings were built in an attempt to accommodate increasing demand for retail and office space. It is argued that roughly 100,000 square feet of space was needed to fill this demand, yet nearly 300,000 square feet of commercial space was built within just a few short years.
While the Old Mammoth District of Mammoth Lakes has seen its booming days, the recent recession had taken its toll on the this part of our town. Vacancy rates in two of the largest centers reached or exceeded 50%. This said, the recovery phase of the cycle does appear to be kicking in and revitalization seems to be taking place. This revitalization is seen in the form of many businesses starting up or moving to this part of town.
The New Mammoth Rock N Bowl is going to be located on Chateau Road and will host 10 lanes of bowling, golf simulators, two dining areas and bars, and possibly laser tag for the kids. Many locals are looking forward to this new business as it will offer something not seen in Mammoth before. Mammoth Rock N Bowl is expected to be complete in Spring of 2014.
The Mammoth Tavern is an iconic name for one of Mammoth Lake’s historic watering holes, but the name has not been in use for decades as a fire put the previous bar out of business. Local Chef Kerry Mechlar has re-instated the name with a new location. The Mammoth Tavern is located on the corner of Chateau Road and Old Mammoth Road and the food is comfort food that one may call “good for your soul”.
Tonik Clothing and retail moved from the Village at Mammoth to a new location near the south end of Old Mammoth Road. This is one of Mammoth’s quality clothing stores reflecting today’s fashion trends. They have a 3,000 square foot space and a beautiful build-out.
Please call or email if you would to know what is new in Mammoth Lakes.