Recently, I had an inquiry from a client looking for a tennis property somewhere in the Palm Desert, Rancho Mirage area. There are some amazing tennis communities there… but there’s one that bears mentioning because of the additional amenities it offers. It’s called Lake Mirage Racquet Club and it’s located on 75 acres of unique lakefront property right in the heart of Rancho Mirage.
Lake Mirage Racquet Club boasts 11 championship tennis courts and is considered one of the finest tennis facilities in the whole Palm Springs Valley. Built out between 1984-1990, it was originally designed with tennis players in mind, but has much wider appeal. If you happen to enjoy being around water and water sports, Lake Mirage features 238 guard-gated condos located around 2 community lakes. Residents can participate in electric boating, catch-and-release fishing, rowing, sailing and even join a yacht club here. Honestly, it is rare to find these types of water opportunities offered here in our desert!!!
But I’m not done yet…Lake Mirage sports a 3-hole pitch and putt golf course, 11 heated swimming pools & spas, 3 racquetball courts, a fitness center and more. There are beautiful walking and biking paths around the lakes, a clubhouse with a full calendar of social events and even kitchen facilities where residents can host private parties.
Lake Mirage Racquet Club’s guard-gated 238 condos are available in 10 distinct designs including some two-story units and some freestanding. They range in size from approx. 1,600sf to more than 3,000sf and every unit has access to a boat dock, many with lake frontage. Recent HOA is approx. $660/mo. and includes unlimited tennis. Recent prices range from approx. $170,000 to approx. $515,000
Ideally situated close to Eisenhower Medical Center, Bristol Farms and The River, there is no better location in the valley than Lake Mirage Racquet Club. Palm Springs Airport and the I-10 freeway are just a 15 minute drive away.
Didn’t I tell you that Lake Mirage Racquet Club has it all?
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La Quinta's property values have increased..
Our Palm Springs Valley is rising it’s real estate value head..good for everyone living here or owning here. Buyers still get great value, but their selection is not as great and the price/sf has inched up a bit. It has become a very competitive Buyers’ market in La Quinta, California.
The Valley’s median home price, (half sold for more, half for less) was $210,000 in March. UP from $195,000 in February..a substantial increase. More luxury homes are being sold which pulls the median up. Across the entire valley, approx. 1,152 homes sold in March, a 3.3% increase from March of 2011. The big indicator? New Homes actually started selling! Approx. 60 new homes closed in March of 2012..that’s fantastic!
La Quinta Sales Statistics for March, 2012:
Total Sales: 166 Change from 2011 was up 19.4%!
Median price: $322,500 Change from 2011 was up 13.2%!
Highest priced Sale: $3,300,000 Median price/sf is up about 6% to $155/sf
If you are thinking of purchasing a vacation home or even moving up to a larger, or smaller, or newer property..2012 may be the year to actually do it! I am seeing a significant reduction of choices in all price points. Multiple offers are becoming the norm, so don’t try to “lowball” the Seller. Offer fair market value and make your offer clean and easy for the Seller. You’ll have a much better chance of success!
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Avenue 52 in Indio
The Stagecoach Music Festival in Indio, Calif. is becoming known as THE Country Music place to be. Entering it’s 7th year, it is known as “California’s country music festival.” What a name to live up to..and it does! It is expected that this year, roughly 55,000 people will travel to Indio from all over, to camp out and witness some of Country’s most famous faces. This years lineup includes stars such as Brad Paiseley, Jason Aldean, Blake Shelton, Miranda Lambert and even Sheryl Crow.
Living in the nearby city of La Quinta, is is very obvious starting about Monday of the weeks before the Festival..that the Cowboys & Cowgirls are a comin! RV’s, camper trailers, pick up trucks, Dualeys, every sort of caravan sleeping rig imagineable pulls into the City of Indio. Motels and Hotels are filled, rental homes and rooms are booked, and the lines at the grocery stores are longer. Does it irritate me? A little bit, but the joy of knowing this Festival at Empire Polo Club is putting Indio, and by extension our Eastern Valley on the map for so many, far outweighs the irritation.
To quote Goldenvoice president, Paul Tollet, who founded Stagecoach in 2007, “Just the whole Bakersfield sound. The whole Flying Burrito Brothers-era of country rock out in the desert. There is something unique about that sound that IS California.”
The Stagecoach festival runs through Sunday. Sold out, but there are always people willing to sell a ticket or two..
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There is a certain magic one feels when driving past the entrance to Thunderbird Heights on Highway 111 in Rancho Mirage. Just a feeling . . . can’t really put my finger on it. Perhaps it’s because of the neighborhood’s illustrious past – having been home to some of Hollywood’s great personalities like Bing Crosby, Lucille Ball and Desi Arnaz. It is a community filled with the history and drama of by-gone days, offering strong appeal to a particular type of discerning buyer in today’s home market.
Location is a huge draw for most people who live there or are looking to buy in Thunderbird Heights. It features incredible panoramic views of the valley, yet is snuggled right up against the foothills of the Santa Rosa Mountains. You can see from the windmills near Whitewater in the west clear across to the east end of the valley. Thunderbird Heights is situated smack dab in the center of Rancho Mirage’s Restaurant Row and is less than a mile away from The River. Interstate 10 access is only about 6 miles from the main gate. How convenient !!!
Thunderbird Heights in Rancho Mirage offers a quiet, serene environment, since most of its homeowners are seasonal. The homes are elegant and architecturally unique, boasting a mix of midcentury moderns, contemporaries, ranches and bungalows. Most of these homes were built in the 1950s on huge estate-sized lots and many have since been remodeled and updated, yet still maintain their original character.
Thunderbird Country Club is right across Hwy. 111 from Thunderbird Heights and the two are connected by an underground tunnel. It is one of the oldest golf clubs in the Palm Springs Valley and the par 71 course dates back to the 1940s, though it was redesigned in 1987.
So, whether you’re a MidCentury Modern architecture buff or are fascinated with the stories about Bing, Lucy, Desi and other stars, Thunderbird Heights is definitely one of Palm Springs Valley’s treasured neighborhoods.
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Check out new Short Sale Listing in Mission Lakes Country Club Desert Hot Springs, this one is a Slam Dunk . . . a very clean short sale.
This is an outstanding opportunity with a golf course location and magnificent Southern mountain views . . . what an outstanding location for this beautifully maintained single family home – approximately 2500 sf including a 3bd/2 ba main home + a detached Casita with a full bathroom! Just gorgeous!
On an over-sized lot, this Short Sale home sits on just under 10,000 sf . . . and there is only one neighbor as there is a berm on the West side of home. The West side yard has a shuffleboard court and the yard is entirely landscaped with low maintenance desert scape. A high wall has been added in the back yard in one corner of the covered porch to block the wind and create a calm, entertaining space.
In the beautiful gated community of Mountain View Country Estates within Mission Lakes Country Club in Desert Hot Springs, the affordable HOA is only $98/mo. This includes a community pool, tennis court and basketball court. Owners here may “pay as you play” at the adjacent golf club or buy a membership.
This Short Sale is offered at $275,000, is a Primary Residence with only one Note with GMAC. Originally sold for almost $495,000 in 2006. Seller only one month delinquent, NOD is not filed.
Don’t miss the Open House on 5/12 12-3 pm for viewing. Keep an eye out on the price !!!
Just another Short Sale opportunity presented by the Palm Springs Valley Short Sale Closer, Kimberley Joy Kelly… I list, work and CLOSE my short sales, and I’ll CLOSE this one too!
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la quinta cove short sale APPROVED!
Another Palm Springs Valley Short Sale approved! I list, work and CLOSE my Short Sales.
51835 Avenida Alvarado La Quinta, CA. 92253
Approximate note value: $385,000 Only one note. Seller suffering illness, but exceptional at getting me any docs requested.
Listed at $148,000. Reduced to $135,000 and accepted by Lender at that price. Lender was Carrington Mortgage, LLC and they were fantastic to deal with.
Out of pocket Cost to Seller: Zero
Out of pocket Cost to Buyer: Zero (sure, the purchase price of the house, but nothing above that!)
Out of pocket cost to Agents: Zero
If you are looking for help with your underwater mortgage, or simply doing your investigative work, give me a call at 760-285-3578. I am experienced and short sale certified and consultations are FREE! Happy to talk to you.
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Did you hear? Short Sale law expires after Christmas!
Here in California, we are protected on our Purchase Money Loans for 1-4 residential units whether the anti-deficiency law expires or not. We have been for years..A borrower who defaults on his home relinquishes his home. But..that old refinance or HELOC (home equity line of credit) is protected from pursuit only through 12/31/2012. What?
When you do a Short Sale or if you lose your home to Foreclosure, you as the borrower are protected through the end of the year from your Lenders pursuing you for the deficiency..the difference between what the property sold for and what you owed on your note (s).
I have found that with the protection in place, borrowers have been more willing to do a Short Sale. This is a good thing! Borrowers that short sale vs. those that foreclose, keep their HOA dues up (most of them), keep utilities on, and most often stay in the home until it closes. The home isn’t vacant and therefore squatters don’t move in and the neighborhood isn’t hit as hard.
If the deficiency protection is allowed to expire, I believe we will see the numbers of “strategic Defaults” increase once again..why not? Doesn’t make sense to keep pouring money into a black hole, and even less sense to short sale it if the Lenders are coming after you anyway. At least, they retain the right to.
Keep the anti-deficiency law in place. It’s helping. Short Sales are better than foreclosures for neighborhoods. That helps more than anything else.
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We hadn’t had the chance to check out the Cliffhouse in La Quinta, perched on historic Point Happy, since it was recently taken over by Pacifica, the fabulous seafood restaurant and bar at The Gardens in Palm Desert. Pacifica is a class act and I could only imagine that the Cliffhouse would benefit by its new management. I had heard that the valet parking is a little dicey . . . and I must admit that I experienced that firsthand on Saturday. The energy of the valet team is a little aggressive and not welcoming – as they seem to cater to those driving Ferraris as opposed to regular “middle class” cars. BUT, once we climbed the stairs that meander next to the rock boulders and refreshing waterfall, we had regained our sense of good spirit and were delighted with what was to follow.
The Cliffhouse has a comfortable and earthy ambiance, that of a historic ranch house, offering magnificent mountain views from the indoor bar and dining area, an outdoor dining alcove carved into the adjacent granite mountain- complete with a flowing waterfall and a massive stone fireplace.
We met our friends at the Cactus Grill indoors and the atmosphere was festive and upbeat. The bar menu bears resemblance to the old Cliffhouse one, with a few subtle changes here and there. It feels a little more upscale, but prices are still affordable. The service was good, the Pinot Grigio I selected from the Happy Hour list was delightful and my simple order of a Wedge salad was executed perfectly. It was served at room temperature and everything was sumptuous and fresh. My friends offered up tastings of their French Fries and the yummy dishes they had ordered. We were all pleased as punch and very happy with our “new” Cliffhouse experience.
Hopefully, the valet parking situation will be resolved over time – there is no more park your own car, you must valet park. I have no beef with that, but the parking dudes could stand to take some lessons in customer service and proper valet etiquette. I won’t let that stop me from returning to the Cliffhouse for another delightful repast . . . and the sooner the better.
Living in La Quinta just keeps getting better and better !
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la quinta home buyers; multiple offers
La Quinta and the Palm Springs Valley is on fire. The entry level price point used to be saturated with inventory..up until about mid 2011. Last quarter of 2011 and first quarter 2012 and now to second quarter..things have changed. The mid price ranges..$500-$800,000 have largely moved laterally. Meaning there is still inventory and the price/sf has not changed dramatically over the past 18 months or so. Luxury properties and super luxury properties have come down and are selling. However, they will most likely see more price decreases through 2012.
The entry level however has more buyers than it has inventory. So..that led me to this blog. I often work with Investors, and also first time buyers that will NOT offer a number that will win the bid. They are still in the past..”no matter the price, offer less..sellers are desperate..and hey, I’m cash!” Doesn’t matter..
If you have found a fantastic property that is listed fairly, it will probably garner multiple offers. Short Sales in La Quinta generate mulitples almost always..
1. Cash still trumps, but NOT if your cash offer is way below fair market value. Sellers know they will get what they have it listed at. Cash does eliminate potential contingencies and also decreases close time, so that is worth something. However, do not think you are the ONLY cash buyer..you are not.
2. Loan type: If you are a conventional loan buyer, you should offer List Price or a little above to beat out the Cash buyers on a multiple offer property. If you are FHA or asking for Closing Costs, your offer needs to be better than List price because Seller has to see a value to crediting you back your closing costs. You will be competing with Cash buyers..make your offer stronger to persuade the Seller that you are serious!
3. Clean, well written offers: Don’t tangle your offer up with contingencies, and pieces of furnishings, and this and that. Make it easy, clean and straight forward. Nobody wants to have to “figure out” what you want. Sellers want it as easy and clean as possible.
4. Cash buyers…don’t be arrogant. There are many other cash buyers in the market. Investors, foreigners, people that saved their $, people pulling cash out of CD’s and buying real estate..make an offer that makes sense!
Get there first. Submit a clean, fair offer..that means pay attention to the comps and believe them! Your Realtor should be giving you a number that will garner attention..listen! If you are interested in Short Sales, that’s for another blog..
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Most Banks say, "Wasn't me!"
..but will they have any impact? The reality is that these programs are always coming up with something new such as..
Fannie Mae & Freddie Mac offer quicker Short Sale Responses
Remember that in the short sale world, the Servicer is the entity that collects your monthly mortgage payment. The Investors are the entities that actually OWN the note. Fannie & Freddie invested in millions of loans and now are left holding the bag on underwater loans. I love that they are offering these timeline guidelines. Let’s hope they actually ACT on them!!!
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