Coachella Valley Real Estate By Kimberley, SFR, HAFA, GREEN
Residential, Equestrian, Land
I Do Real Estate The Same Way I Played Polo – To Win!
Coachella Valley Properties By Kimberley, SFR, HAFA, GREEN
Residential, Equestrian, Land
I Do Real Estate The Same Way I Played Polo – To Win!

Archive for November 2011

Two Standard Equity Sales Listed and in Escrow in 5 days!!

Two Standard Equity Sales Listed and in Escrow in 5 days!!

Neither of these Listings that I took were Short Sales or Foreclosure properties.  Both Sellers just wanted them SOLD, and quick!  Mission accomplished.

Property 1:  81731 Revoir Pl., Indio, Calif.  Listed at $620,000.  I brought the Buyer also.  Cash..very close to List Price.  In Escrow in 5 days.  Set up to record by 12/2.  How did it happen so fast?  I had spoken with the Seller the previous year about my evaluation of the property and what it should list at.  I took her an offer of $650,000.  She disagreed and listed it at $750,000.  A year later, she called me again.  The property value had dropped a bit and my Buyer at $650,000 was gone.  She agreed to my price, I contacted my suitable database of potential Buyers, wrote up a cash offer and she accepted.  That idle year of “thought” cost her over $30,000 + carrrying costs.  Listen to your List Agent if they are on top of  your area..I KNOW what is selling.

Property 2:  82243 Waring Wy., Indian Palms Country Club.  I took this listing after the Seller called me out of desperation.  The Condo had been listed for over 200 days with 2 different Realtors.  Why hadn’t she received even ONE written offer?  I walked the property after the Listing expired, and told her it was not in a condition to sell and I was not surprised she hadn’t received an offer.  The List Price was correct, but the property did not present itself in a manner that would induce offers.  She listened.  It only cost her $588 and I arranged all the “fixing”.  A large tree was trimmed that had been cutting off the light into the condo.  Furniture was removed, a couch replaced.  I re-hung pictures, and bought brightly colored throw pillows, towels, hand towels, table centerpiece.  Lastly, a HUGELY necessary deep cleaning by my cleaning crew.  Then, and only then did I put my sign in the ground and list it.  I had 2 full-price offers within 3 days!  Did I reduce the price???  NO!  The price was right/sq. foot.  The presentation was wrong..and we fixed that.  Cash offer to close in 3 weeks or sooner.

Standard, Equity Sales DO sell..if the Seller hears their experienced List Agent.  It may cost you a little out of pocket, but the money going back into your pocket and the relief of no more monthly carrying costs is worth it!

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Palm Desert’s Bighorn Sale is Valley’s highest Luxury Home SOLD.

Palm Desert’s Bighorn Sale is Valley’s highest Luxury Home SOLD.

The highest recorded Luxury Home Sale to Date for the Coachella Valley just closed.  Listed at 9.75 million, the sale is second only to the sale of the former Blixseth estate, Porcupine Creek.  Porcupine Creek is not a good comparable (Sold for 42.9 million recently), because it included a private Golf Course as well as four guest homes!  But..for a single family residence, this 9,798 sf home on approx. 2.2 acres at the Bighorn Golf Club pushes our Luxury Home prices to anotehr level.

A sale of this magnitude, in this market, lends some weight to the theory that the market is very strong at the very top.  Luxury Homes in the Valley have continued to sell, although many have experienced drops of approx. 35% from the housing peak days of 2005-2006.  When a great value comes up, or a luxury home that someone has been watching..it get sold!  Luxry Sales across the Valley are on the rise.  Other gated, golf course communities seeing increased sales are The Hideaway Golf Club, The Tradition Golf Club, and The Madison Club to name a few.

Buyers waiting to move up are doing it.  Buyers who have been watching the Luxury Market settle down are making the move into real estate.  Investors from other countries and other States are deciding to park their money in the Valley’s real estate.  2012 looks to be a very strong year in the Palm Springs Valley!

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How important is a Buyers’ Agent?

How important is a Buyers’ Agent?

Buyer’s Agent; What does it mean?  A buyer’s Agent represents the BUYER.  There are Agents who ONLY represent Buyers, and there are Agents that represent both buyers and sellers.  Not usually at the same time, although in California “dual Agency”, is legal and in certain circumstances is just fine.

When a Buyer is considering a Short Sale OR a standard, equity sale, they need an Agent looking out for their own interests.  I don’t take my Buyer’s to just any property.  It is a process to find a property that matches a buyer.  It takes homework on the Buyer’s Agent side.  We need to interview our Buyers to try to suss out exactly what their list of “I wants” is vs. their list of “I will not live withouts.”  Very different.

If a Buyer is looking at a Short Sale or a Foreclosure, they are probably more interested in price/sf.  This Buyer may very well give up many of their “wants” and certainly some of their “I will not live withouts”.  In a Short Sale, the Buyer has to LOVE that home so much, they are willing to ride the short sale cycle all the way to the end.    In a Foreclosure, the Buyer has to look past the condition to the potential..

The Buyer’s Agent has to LISTEN.  Really hear what the Buyer is looking for.  Really see how they respond to a property.  Sometimes, the Buyers list of “I will not live without”, becomes very different as we go through the process of home searching.  Look for a Buyer’s Agent that suits your personality, and listens to what you want…you’ll be working together for a long time!

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How Valuable is the right Listing Agent???

How Valuable is the right Listing Agent???
palm springs short sale expert

Touches of color; sparkling clean!

Whether you are considering selling your property as a Short Sale or you are in the stellar position of selling your property as a standard, equity sale, the right List Agent is crucial to getting your deal CLOSED!  A good List Agent is not just out trying to get more listings, stick more signs in the ground and claim bragging right to “X” number of active Listings.  A good List Agent should be trying to nail down not only the right price, but also to nail down HOW to get your property sold.

It is not just a marketing technique..although marketing is HUGE in today’s Buyer’s market.  Sellers also need to be open to hearing what their Agent is saying..and why.

I just took a listing that has sat on the market for over 200 days!!!  Why???  It wasn’t the price..I checked that out and know the neighborhood well.  No, it’s priced to sell.  I walked in the front door and understood exactly why it has not sold…not even a written offer.

Dark, not fresh, closed up smell, no pops of color and light, mis-matched pieces.  Nothing was awful.  Everything was “off”.  $600 from the Seller later, and we had a new property!  Listed 2 days, and our first offer came in.  Most interesting to note..the price was never changed.  The property appearance was.  Suddenly, this property became a great buy at the very same List Price!

Ask your Listing Agent pertinent questions, listen to their answers and if they make suggestions as to how to get it sold quicker..listen.

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Foreclosure VS Short Sale – Pros and Cons

Foreclosure VS Short Sale – Pros and Cons

Homes For Sale La QuintaMany people find it difficult to tell whether they should opt for a foreclosure on their property or a short sale. This decision depends on a number of factors.

While in some cases, a short sale would benefit homeowners, there are circumstances where foreclosure has proven to be the right course of action. However, as Mark Greene, president of Short Sale Operations in North Palm Beach puts it, “I want to be very clear on this, short sales are a better solution than a foreclosure, even when all the options in a situation where you lose your house are not great.”

Generally, a short sale is preferred by most homeowners owing to a number of reasons. Most importantly, you protect your credit score from being affected. In short sale, you know who the homebuyer is and can decide whether or not you want to rent your property to that person. You, and not the bank, control the sale process. Also, the home sale is processed just like any ordinary sale.

Another benefit of short sale is that homeowners can consider purchasing a new home after the sale though a waiting period of 2 to 3 years is generally required between the transition from the old home to the new one. However, it is important that you have never had a history of mortgage payment delays in order to be eligible for making the new home purchase.

In foreclosure, homeowners are allowed to purchase a new home within 5 to 7 years, though certain restrictions apply.

Both short sale and foreclosure affect your credit score. Generally, a short sale can affect your credit score by a drop of anywhere from 50 to 100 points. The major drops only result in situations when the homeowner is unable to make the payments. Foreclosure will witness a credit score drop of 100 to 150 points. The effect of foreclosure is lasting and it will be noted in your credit report for up to 7 years. Foreclosures marked in your credit report may result in denial of employment opportunity if the potential employer runs a credit check on you.

In short sale, the judgments can be negotiated between the short sale bank and the homeowner. In foreclosures, banks are unlikely to negotiate judgments with the seller. Loan applications also do not raise the question of short sale. However, you may have to answer in the loan application if you have had a property foreclosed in the past 7 years. Concealing the real facts may trigger an FBI investigation.

After a short sale, homeowners must vacate the property within 2 to 3 months. However, in the event of a foreclosure, you are required by the bank to instantly vacate the property.

Mortgage debt relief does not apply on personal residence till the fall of 2012 on federal level. However, several states will levy this tax unless certain rules are met to qualify you for the exemption. Investors, for instance, are not exempt from mortgage debt relief.

About the author: Mike Pannell is a Houston Texas real estate agent helping both sellers and buyers complete their real estate transactions. For more blogs & articles about the Texas real estate market & Mike Pannell please visit our Texas Real Estate blog….

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Grab this Condo at Indian Palms Country Club in Indio!

Grab this Condo at Indian Palms Country Club in Indio!

What a steal of a deal for a vacation home, or even a year round residence!  NOT a Short Sale or Foreclosure.  This 2bd/2ba Condo is ideally located within the gated Indian Palms Country Club.  Surrounded by green belt to the East and South, this Condo is a short walk to the community pool/spa. The clubhouse, fitness, lap pool, restaurant and hitting range are a walk or golf cart ride down the street.

Furnished per inventory, the Condo offers an open floor plan.  Enter into the great room with a dedicated office or gym area..or perhaps a more formal dining area?  There are TWO South-facing porches off each room, brining the greenbelt into your home.  There is a dedicated indoor laundry area off the second bathroom and both bedrooms are at the back of the Condo.

The Master Suite offers a private bathroom with dual closets, and a remodeled shower.  It also has a private, enclosed courtyard with a shade tree for those hot summer months.  The second bedroom is large and light with a wall of closet space.

Offered at just $99,000, including washer/dryer, appliances and most of the furniture..this one is ready to go.  NOT a Short Sale or Foreclosure, so Seller can act quickly.  Grab this condo, bring your clubs and swimsuits and come out to the warm desert for your winter vacation.  Bring offers!

27 holes of public golf

27 holes of golf!

palm desert short sale expert

Dining area off of kitchen

palm springs area short sale expert

Outside entry to Condo

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Indian Wells and Rancho Mirage Foreclosures are up!

la quinta short sale expertWhat???  This doesn’t make sense when you read the Palm Springs Valley Foreclosure numbers.  Since October of 2010, Foreclosure Filings in the Palm Springs Valley and La Quinta area have actually declined approximately 32%.  So, why would two of the most expensive cities in the desert show increases in their Foreclosure numbers?

Actually, it makes sense.  The pricier, more stable, built-out areas have held up better than the newer cities that saw so much building during the building craze that hit 2002-2006.  Therefore..the older, settled, and yes, wealthy cities of Rancho Mirage and Indian Wells were the only 2 cities that showed increased Foreclosure numbers.

Indian Wells: Foreclosure filings were UP 85%.  But, that means only 13 homes total.

Rancho Mirage:  Foreclosure filings were UP 36%.  A total of 64 homes total.

La Quinta filings were down 35%, Indio was down 10%, Palm Desert down 24% and Palm Springs down 50% in total Foreclosure filings.

Reduced Foreclosures, but…an increase in NOD’s (Notice of Defaualts}.  That means that Short Sales and Foreclosures will most likely be around for a few more years, despite the 12 month declind of about 32% from last years numbers.  Still great buys in all the Palm Springs Valley!

image: garrigusrealestate.net

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Canadians are snapping up Palm Springs and La Quinta Real Estate

Canadians and Palm springs real estateThe Canadians are here..the Canadians are here!  That’s what we locals say every Winter now..it’s changed from “The Snowbirds are here..”  As a largely Resort Community, we are very happy every winter season when out of towners flock to our warm, winter weather.  As a local, I love the slower pace of life, the lesser levels of traffic and the “local” feel to dining and dancing during the hot summers.  But..I also LOVE the winter influx of our seasonal friends.

Vancouver, and Calgary, Canada, seem to be sending droves of Buyers to our extremely affordable Valley.  The harsh Canadian winters become a distant memory once they step off the plane, and the warm temperatures welcome them to the Palm Springs Valley.  With average winter temperatures of approx. 80 degrees and nightly lows of only 40-50 degrees, it’s a perfect place to spent your winter months, vacation, or retire in.  Many of us live here year round and I for one, find that my blood is thinner than my Canadian friends!  I’ll bundle up in a sweatshirt, but my Canadian clients will be sporting golf shirts or a light cotton tee!

Along with Canadians, who know a deal when they see one, we are seeing a huge increase in International Investors.  Buyers from China, Asia, France, England..pretty much everywhere are ending up in the Desert.  Our Real Estate Values have never been so good, and with golf, tennis, hiking, equestrian events, dining and dancing..there just isn’t much to miss!

The building mania of 2002-2006 hit our valley hard.  We were a perfect storm, with land relatively inexpensive and lots of it, developers saw an opportunity and took it.  That means that when the downtown hit..2007-2010, prices fell to 30-50% below the peak.  It doesn’t make much sense any more to build a home..even an extremely custom one, when you can buy a resale with ALL the bells and whistles for a lower price/sf than a builder can build it for!  What???

If you are waiting for a great time to invest in our Palm Springs Valley real estate, now is it.  Luxury homes are selling like crazy and are expected to move even faster during 2012.  Why?  People that buy Luxury homes are able to buy up to 3x as much house than they can at home..whether it’s Canada or China.  Plus..where else to park some money where you can actually enjoy it?

Come on out and visit..you will most likely stay for a long while!

image: photoshelter.com

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Proven Tips to Market Your Home to Potential Buyers

Proven Tips to Market Your Home to Potential Buyers

Proven Tips to Market Your Home to Potential BuyersMarketing is the key to maximizing the number of buyers inquiring about your property. Therefore, it is important to employ super-effective marketing methods to practice when considering selling your home.

If the phone keeps ringing and you keep getting inquiring, then chances are that you will eventually find a homebuyer willing to pay the price you’re expecting for your property.

  • Take Snapshots from the Front

Good photos are the first step of the whole marketing process involved in selling your home. Many people going through home listings will often ignore the properties that do not have an impressive shot attached to them. Even when a photo is placed, you must keep in mind that this is the first impression that the buyer will keep in his mind of your home.

So pay attention to the lighting and try to get a good, scenic view of your home. For best results, you should consider removing any vehicles in the snapshot, cropping out the streets or sidewalks and avoiding unnecessary shades on your home. Also, make sure the vegetation is well-trimmed and is not blocking the view.

  • Exterior and Interior Photographs

If your house has an impressive pool, club house or perhaps a tennis court in its exterior, then you should take snapshots of each of these amenities separately. Homebuyers would also be happy to view the images of well-maintained lawn that hosts any other facilities.

For the interior photographs, you should consider taking the snapshots of the entire house, room by room. Turn on the lights to capture the images in good quality. Details, such as fireplace mantle or a wooden floor must be clearly shown in the photographs.

  • Virtual Tours

Homebuyers are extremely pleased to enjoy a well-rounded, 360 degree view of the entire house. You can also add pleasant music that supplements the home décor.

  • Signposts

Adding signposts is an effective and free way of inviting potential buyers to make inquiries about your property. If you own a house around the corner, you could even place two sign posts. However, keep in mind that some localities do not allow homeowners to place signposts advertising their homes for sale. Make sure the post has the phone number of your broker.

  • Print and Online Ads

Print ads can potentially reach anyone homeowner who reads the newspaper. Consider placing ads in the major newspapers, local newspapers and real estate publications.

Online real estate advertising is also a very effective tool. Consider placing an ad in any online real-estate listings specifically tailored to your area. Keep in mind that most of the online ads are free of cost, so you should consider placing as many ads as possible.

  • Mail

Consider purchasing mailing lists of potential homeowners from real estate brokers. Use these lists to send mass emails to everyone included in the list. Also, you can come up with your own lists, and include all your local acquaintances. They can help to spread the word around about your property to the people they know.

About the author: Mike Pannell is an San Antonio Texas real estate agent helping both sellers and buyers complete their real estate transactions. For more blogs & articles about the San Antonio real estate market & Mike Pannell please visit our San Antonio Real Estate blog…

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La Quinta New Home Developments

la quinta short sale specialist

Rancho Santana in La Quinta

Buyers are always asking me if there is any  new home construction going on in La Quinta.  The answer is “yes!”.  During the boom days of 2002-2006, there was a new Housing Development Grand Opening every weekend.  Now..not so much.  There is plenty of standing inventory, and the price/sf to build often prices the new homes construction right out of the market.  However..there are some brave builders with strong bottom lines that have been able to weather the construction slow down and continue to put sticks in the ground.

  • The Grove at The Citrus:  This was a new homes development that came to a stand still for a couple years as it was re-organized.  Prime location within the gated Citrus golf course, but with it’s own entry gate, this enclave of semi-custom homes has started up again.  With models open 5 days a week, The Grove offers 3 floor plans ranging in size from approx. 2900 sf to approx. 3600 sf.  Spanish style, with just about everything included, these homes start in price from approx. $600,000 and go up to approx. $700,000.  These are not Fairway homes, but membership at the Citrus is available.
  • Codorniz:  RJT is the builder of these townhomes located just South of the roundabout on Jefferson St..  The Entry is just North of The Hideaway Golf Club.  These are lovely homes, with 4 floor plans available to choose from.  Prices start at approx. $275,000 to approx. $400,000.  There is an onsite Sales office open 5 days a week.
  • Rancho Santana:  Lennar built out their section of this development and now Desert Elite is finishing out their part of this project.  Located on Avenue 52 and Monroe, Rancho Santa is a gated community with walking and biking paths, a dog park and a central park.  There are several different floor plans, with and without pools and the prices start at approx. $500,000.

Can the new Home Communities compete with the Resales?  Not if you just judge by price/sf, but if you want a particular home with certain amenities and upgrades and most importantly, you love NEW HOMES, then the price differential may be worth it to you!

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