In the Palm Springs area and across the U.S., foreign buyers hunting for safe investments have been flocking to the U.S. housing market, attracted by low the prices here.
International clients accounted for $82.5 billion worth of sales during the 12 months ending in March, according to a survey by the National Association of Realtors . Compare that to the $66.4 billion spent over the same period a year earlier.
These foreign purchasers , mostly from Britain, Canada, China, India and Mexico, made up 55% of all international purchasers. The four states of California, Arizona, Florida and Texas – accounted for 51% of the states in which international buyers purchased homes.
Several factors are driving foreign buyers to purchase in the locations they did, including proximity to their home countries, climate and convenience. It seems the East Coast attracted mostly Europeans buyers while the West Coast attracted mostly Asians. Florida has drawn South Americans, Canadians and Europeans.
There are many happy and proud new Canadian homeowners in our Palm Springs area here. I happen to have new Canadian neighbors across the street from my home. They got a great little Santa Fe with western exposure that’s taking some work to get it back into shape. But, they’re happy with their smoking deal and we’re happy to have nice, friendly neighbors who take pride in their home . . . even though they can only be there six months out of the year. It’s a win-win for everyone.
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Indian Wells – When you click onto The Nest website, you are greeted with “After 5, Life Begins Here.” That says it all about this Indian Wells hotspot. I have heard through the grapevine that The Nest is the place to go to see and be seen, to dance and have yourself some outrageous fun in our desert. I’ve also heard of a few couples who have met there and ended up in love and/or married. Hmmm, are they putting something in the drinks???
The Nest (Restaurant/Night Club/Bistro) has been around since 1965 . . . that’s a heck of a long time for an establishment to remain open anywhere, much less in the desert here. Current owners and hosts Kevin and Dodi Henry are making sure that the doors continue to stay open and that people can continue to partake of their wonderful food, vibrant ambiance, live entertainment and great service.
Long a favorite of locals, celebrities, golf & tennis stars and the like . . . The Nest is the kind of place people want to go to unwinding after a long day at the office, playing 18 holes or a few sets of tennis. It’s something to look forward to and you will not be disappointed. The atmosphere is “desert casual,” though you will see some of the ladies (and men) who really deck out for their “Nest” experience.
The Nest is open every night, with their summer menu available from 5-7pm. The live entertainment starts at 6pm on Wed.- Sat. and at 7pm on Mon, 8pm on Tues. It is located at 75188 Highway 111 in Indian Wells. Valet parking is complimentary . . . that’s just the kind of place The Nest is.
So when you’re ready for some fine dining, maybe a little dancing and a cocktail, then The Nest is the place for you !!!
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Bermuda Dunes CC home; multiples
If you are considering jumping into the Buyers competition called “buying a home in La Quinta”..or the Palm springs Valley in general..be prepared. There are MANY other buyers waiting to do the same thing. The luxury market is the only market that is not experiencing this in our desert valley..and even that market can generate multiples if the property is priced right, has staggering views and tons of upgrades.
The entry level..$250,000 and below here in the desert is barren of good buys. The La Quinta Cove, North La Quinta, South Palm Desert, and pockets in Rancho Mirage and Indian Wells as well as Cat City are experiencing multiple offers on most every home listed. My last two listings in La Quinta and one in Desert Hot Springs on the golf course, generated multiples within 3 days. Only 1 was a Short Sale.
I wasn’t aware of how similar it is elsewhere…this from todays LA Times.
If you are thinking of listing your home whether short sale or equity, give me a call!
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There is a small, intimate community in La Quinta called Hidden Canyon. This newer gated development of about 200 homes was built in 2005-’06 by Transwest, also the developers of Griffin Ranch in La Quinta. It is located on Eisenhower Drive between Washington Street and Avenue 50 and greets you with its elegant, understated entrance . . . but what lies beyond is spectacular, as the homes are nestled in along the base of the dramatic Santa Rosa Mountains. The views are stunning here and the setting is private and serene.
These single-family homes range in size from approx. 2,400 to 3,464sf and sit on large lots. Three, four and even a few five bedroom homes are available in Hidden Canyon. The HOAs are low, at approx. $185, because they can be – there is no gate attendant, fancy clubhouse or fitness center here. What you do have is extensive walking trails and greenbelts that weave their way through this lushly landscaped community.
But the best thing about Hidden Canyon is its location – just minutes away from the world class amenities offered at La Quinta Resort and Club, with its spa facilities, fine restaurants, etc. You can walk or bike to the Resort, as well as to Old Town La Quinta to enjoy its fine dining, boutiques, cafes and more. There’s biking and hiking on the beautiful trails in La Quinta Cove . . . and nearby Indian Wells Tennis Garden offers affordable tennis lesson to children and adults of all ages and skill levels.
If you want to live the life the luxurious desert lifestyle without paying high HOAs, then Hidden Canyon may be just the place for you. Call Kimberley Kelly with HK Lane Real Estate in La Quinta to give you a tour of the community or to look at homes for sale there.
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With mortgage rates at historic lows, some La Quinta homebuyers are shopping for the best loan deals online. The online mortgage marketplace has become an increasingly popular resource for borrowers to research loan rates and options. Borrowers can save a lot of time and possibly money if they find a good deal that works for them. But these online loan marketplaces can also be overwhelming, especially when the deluge of offers from various lenders start pouring in.
The newly formed Consumer Financial Protection Bureau advises borrowers to begin their search with reading the fine print of each of the sites they have narrowed down to work with. It is important to understand the terms of use and privacy policies.
When shopping for loan rates on online sites such as Bankrate.com or LendingTree, be sure to read their FAQ sections (Frequently Asked Questions). Be aware that these sites are in the business to make money working with lenders by generating leads via a pay-per-click formula. If you are providing personal information like your credit score, be advised to find out how widely this information will be circulated . . . and understand that many lenders will be contacting you. For instance, at Zillow Mortgage Marketplace, the avg. number of rate quotes received by a customer is 20, whereas at LendingTree, it is 3 to 5.
Typically, sites will provide rates and information specifically from the lenders they are signed on with. An exception to this is Bankrate.com which offers one table that includes its own lending clients in addition to the 5 largest banks and other lenders in approx. 600 local or metropolitan areas.
Let it be known that for the last 3 years, the difference between the highest and lowest available rates was wider than it has been most recently – which makes comparison shopping even more important . . . though advertised rates are indicative rates, not offers. Borrowers also need to figure the mortgage initiation fee and closing costs into their calculations.
Experts suggest that borrowers make sure they feel in control and only give your personal information out to lenders of your choice. If a credit report is pulled by lenders, it is in your best interest to find out what rights they have to that information other than evaluating your loan request.
Doing your research on the various sites you visit will serve you, and make sure you find out about the quality control at the sites you visit. Legal experts suggest that online sites who advertise that they are making the easiest and fastest comparisons for the borrower may not be in your best interest, as this process should be analytic and take due amounts of time.
So, the moral to this story is – be wise, take your time, do your due diligence, ask questions and read the fine print. If an offer sounds too good to be true . . . it probably is.
If you are looking for a Buyer’s Agent, Kimberley Kelly is experienced and successful at representing the Buyer’s best interest and working hard to find just the right house for them. Buying a home is a big financial and emotional investment and you want to work with an Agent you can trust. Give Kimberley a call at 760-285-3578 for a free consultation or check out her website at www.kimberleyjoykelly.com. You’ll be glad you did.
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The east end of the Palm Springs Valley is home to Vista Santa Rosa, an unincorporated area of beautiful equestrian properties and agricultural farms. It encompasses approx. 14 sq. miles and is bordered on 3 sides by La Quinta, Indio and Coachella. There have been ongoing rumblings of Vista Santa Rosa being annexed into La Quinta or Indio, but who knows what will happen with that… or when?
Meanwhile, check out Deer Creek Equestrian Center, a polo pony training facility located in this peacefulrural part of the Valley. Once you enter the gates of this active equestrian community, you will drive down its streets lined with olive trees, eucalyptus and date palms. Deer Creek offers 5 to 10 acre private ranchettes, each separated with white safety-vinyl fencing. Owners have the privilege of using the 20 acre polo field and exercise track.
Deer Creek is an HOA maintained property at the cost of approx. $750/mo. Some of the ranchettes boast custom homes and others offer park models..but there are codes for building here. It’s a unique and special place for horse lovers in our Palm Springs Valley!
Deer Creek was founded by actor Bill Devane with the intention of bringing together like minded people to enjoy horses in a beautiful countrified setting. It is a tightly knit community with players of varying levels and where enjoyment and love of the game are paramount. Ideally located in the heart of Horse Country, Empire and Eldorado Polo Clubs are less than a 5 minute drive away. Als0 close by is a State park with riding trails and a lake, Desert HITS Equestrian Center and the Jacqueline Cochran private airport.
So, if you have a bent for the Equestrian and are looking for the perfect area to buy or build your dream ranch, Deer Creek in Vista Santa Rosa may just be the place for you. Give Kimberley Kelly a call . . . she is a realtor with HK Lane Real Estate in La Quinta and can help you find that perfect horse property. Being an Equestrian herself, and having played polo for several decades now, Kimberley is extremely knowledgable about the horse world.
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If you haven’t had the pleasure of eating at this friendly and delicious culinary hot-spot in La Quinta, then you really must put a date on your calendar and make it over to Pho Vu. It’s located on the corner of Dune Palms and Highway 111. Pho Vu has only been open about a year and already has quite the following.
Pho is classic Vietnamese food, actually a comfort food – it is a rice noodle soup with a delicious rich broth that is simmered for many hours. In Vietnam, every family makes their own verson of pho. Owner Huy Vu, who ended up in America after being rescued off of a boat after fleeing Vietnam in the late 1970s, offers a menu with four parts: Pho or rice noodles; Bun or vermicelli bowls; Co’m Dia or rice plates and some delightful vegetarian dishes. With the dishes come a variety of sauces – you can doctor your dish up to be as hot – or not – as you like.
When you walk in to Pho Vu, it is light and bright and welcoming. The deep red walls are adorned with tasteful paintings of Vietnamese women and add just the right touch of authenticity to the surroundings. Honestly, every time I go to Pho Vu, nearly every table is taken . . . and there’s a steady stream of comings and goings, some folks coming to pick up their take-out comfort food.
Pho Vu is open for lunch and dinner every day, from 11am to 9pm . . . and will be open all summer . . . Yipppeeee !!! If the hot bowls of noodles don’t appeal in the 100 degree weather, there are cold dishes available as well. Prices are beyond reasonable, entrees go for $6.95 – $10.95.
For more info, call 760-775-2417. Don’t wait too long to try out the culinary delights at Pho Vu in La Quinta!!!
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Even if you don’t play polo, but just love a rustic atmosphere that is classy and classic, not stuffy? Then the Tack Room Tavern . . . or Tack Room as most patrons call it . . . is just the place for you. It’s on the grounds of the beautiful Empire Polo Club in Indio and serves a full lunch and dinner menu every day . . . with Happy Hour from 4 until 7 nightly. There are cozy booths, saddle chairs and barstools around the bar with flat screen TVs placed about for sports-minded folks.
The staff is as warm and welcoming as the decor, making you feel right at home and treating you like a regular – even if you’re not. Most people dress down, but honestly, you can come to the Tack Room right off of the polo field and not feel underdressed. In fact, this is the crowd that is catered to here and everyone else just fits right in.
There is live music out on the pation at the Tack Room on Friday and Saturday nights. I’ve heard Rockabilly there . . . some Hard Rock too. They like to mix it up. You can even get up a shake a leg if you feel like it . . . it’s just that kind of place. Sitting outside in the fresh air on the patio and having some good down to earth yummy food and refreshment is pretty close to heaven. On Thursday nights, you can have some fun with Karaoke and Warren the Spin Doctor.
Hey, did I forget to tell you about the food? The food is yummy at the Tack Room Tavern. There are daily lunch and dinner specials and homemade soups, as well as standard favorites such as the Tack Room Wedge, Empire Polo Club Sandwich, “10 Goal” Kobe Style Burger, Pony Goal Tuna Croissant for lunch . . . and for dinner, try the Signature Rib Eye Steak, Baby Back Ribs, Cordon Bleu Chicken or delicious whitefish dish. There is a full wine list, beer menu, specialty drinks and an extensive tequila and scotch selection as well.
So if you’ve never taken the drive out to the Tack Room Tavern in Indio to partake of its down home hospitality, it’s your time. Right now, things are laid back and easy for the summer season. Come on down to the ranch, I’ll save you a seat at the bar. You’ll be glad you did.
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Palm Springs Valley home sales are trending upward, reports show. Meanwhile, countrywide sales are declining. Home sales here in our valley rose 9% last month compared to April 2011. Median prices in the valley -meaning half sold for more, half sold for less – rose up to $218,000 . . . from $210,000 in March, $195,000 in February and $165,000 in January – – – according to Data Quick.
California Desert Association of Realtors compiles home prices differently from Data Quick, basing them exclusively from the Desert Area MLS sales. It listed median home prices at $230,000 for single family homes and $194,500 for condominiums.
Home prices have been boosted, in part, by the drop in availability of low priced properties such as foreclosures, short sales, etc. and regular homes. This low inventory encourages the sale of the good homes . . . and they sell quickly. So it’s not just that the lower priced homes are selling . . . the high end market is improving also.
Experts believe that record low interest rates, housing affordability and an economy that continues to recover will mean a steady improvement for the housing market through the end of this year. Some see housing prices going up 10% between now and a year from now.
So if you’re thinking about buying a new home, your window of opportunity for best prices and most affordable loans could be a small one. Your local realtor, Kimberley Kelly, has been helping clients Buy and Sell homes in our Valley for 11 years. Her track record speaks for itself . . . feel free to give her a call for a free consultation regarding your real estate needs! Call her now at 760-285-3578 or email her at kjkpolo@earthlink.net. You’ll be glad you did !!!
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Just released Sales figures for homes claims an increase of 3.4% for April over the previous month..great news! Remember that this is not for a local market..read about it here..
In our local market, Palm Springs Valley is on fire. La Quinta homes in all price points are moving again. The Luxury homes have not settled and the mid price point ($500-$800,000) is still a little murky. What I mean by this is..home with GREAT views, locations, floor plans, upgrades-these are selling for close to List Price set by the Sellers. These List Prices are often 30-45% what they would have been in 2005-2006.
Homes are sit or are bid DOWN are ones that may have a less desireable exposure, view, and floorplan or amenities.
The other interesting thing is that the numbers of Foreclosed properties has dropped..distressed propereties accounted for 28% of these sales figures. Here in La Quinta, Palm Desert, Rancho Mirage, Indian Wells and Indio, the numbers of distressed properties has dropped dramatically. Inventory is actually LOW.
If you are a distressed homeowner..meaning you owe more than your home’s value, give me a call. Being stressed about your monthly payment can be solved with a Short Sale!
Thinking about a Short Sale?
