La Quinta Cove's crown jewel, La Quinta Hotel
La Quinta Cove is on fire . . . not literally, but properties in this beautiful piece of east valley, wrapped on three sides by stunning mountains ranges, are being snapped up at a very fast clip. Investors and homebuyers, both foreign and local, are grabbing up hot deals in this “best kept little secret” of a community that’s not so secret any more.
So what is the draw, what makes this Cove community such an appealing area of the Palm Springs Valley in which to buy??? Well, it only takes a drive around La Quinta Cove to understand why! For one, the Cove affords the finest Santa Rosa Mountain views around. The Fred Wolff Bear Creek Nature Preserve is tucked away at the western edge of the La Quinta Cove and has trails for hiking, biking, dog walking and jogging. There is also quick access to several city parks.
Fortunately, too, is that La Quinta’s dark sky ordinance ensures that starry nights will shine brightly for all in the Cove. At the foot of the Cove and its Santa Rosa Mountain range, are two unique locations – Old Town La Quinta with its fine dining, coffee shop, boutiques and regular events and the La Quinta Resort and Spa, a world renowned destination resort.
La Quinta Cove residents have access to excellent public schools right in La Quinta, as a part of the award-winning Desert Sands Unified School District. The Cove is also located in the Imperial Irrigation District which offers the lowest electrical utility rates in the Coachella Valley. Home styles here vary from Santa Fe, to southwest style and from mid-century to contemporary to Mediterranean architecture. This area has attracted award winning architects, artists, designers, musicians and chefs who claim the Cove as their home.
So, I ask you, what’s not to love about living in La Quinta Cove??? It’s got everything you could want for an active desert lifestyle . . . and so much more.
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With mortgage rates dropping, La Quinta homebuyers (and buyers all over the country) gain more purchasing power – as buyers with the same amount of monthly payment are able to borrow more money today and therefore purchase a more expensive house with more amenities than just one year earlier. Average 30 year fixed mortgage rates fell by 17.7% in a one year period ending in January 2012 – from 4.76% in Jan. 2011 to 3.91% in Jan. 2012.
The maximum amount a homebuyer can borrow to purchase property depends entirely on the amount of his down payment and the amount he’s qualified to borrow from a lender. His borrowing ability is based on these two factors:
1) current mortgage rates, which are always changing
2) home buyer’s income, which typically changes every year at the rate of inflation
It is known by lenders that on one hand, homebuyers are less likely to default if they are allocating no more than 31% of their monthly gross income to their monthly mortgage payments. Therefore, mortgage lenders are now refusing to lend more money than the buyer can repay at that 31% gross income ration amortized over 30 years based on a fixed interest rate.
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who wouldn't want to own in La Quinta???
I am working with Investors, or Investment groups from Australia, the UK, New Zealand, Canada and France..and that’s just in the first quarter of 2012. Our Real Estate market is benefitting from foreign buyers belief that the US is the best place in the world to park their money. These buyers are helping reduce our inventory and get the housing market back in balance again..come on down!
Foreign clients bought 41 billion worth of stateside houses and apartments during teh 12 month period that ended in March of 2011, according to the NAR. Pretty much the same as last year..BUT add in the $41 billion spent by immigrants who moved here within the past two years and people with visas for longer than 6 months and the total is $82 billion..up from $66 billion just a year ago.
Realtor.com is nov visible internationally and can be viewed from practically anywhere in the world..and in 12 languages. Wow! Talk about checking out real estate while in the comfort of your own home. What states are they buying in????
1. Florida- nearly 55% of all international sales from May to November, 2011 were in Florida.
2. California-appprox. 6% in California
3. Nevada-5 % of all foreign sales were here.
4. Arizona-17% of foreign investor sales were in AZ
Why in these states? Because these states have the most standing inventory! The glut of homes in these 4 states is still considerable and therefore the price/sf is the best buy..more for your international money! It’s not ALL about investment. It’s also about buying a home in a country where you want to live..even if it’s only part time.
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Canada price: $500,000. La Quinta price: $175,000
The Canadian housing Market is on fire..that sounds so much like our housing market reports from 2004-2006. The Market here in the Palm Springs Valley was literally “on fire!” Some areas of La Quinta would increase in value up to 22% in a single year. Where else but houses could you get that kind of return on your money?? La Quinta had the huge majority of New Home Sales. Land was cheap and expansive from La Quinta to the further Eastern areas of the Valley, Coachella and Indio. Thousands of homes were built..most were sold. The irony? Those same homes are still being SOLD..just at 50-60% discounts from the high flying days..and there are still many empty houses.
Statistics Canada says the national average price of NEW houses rose .1% in January from just one month earlier. The main contributors? Why, Calgary and Vancouver of course! The increases in these two fantastic cities offset the decreases in Victoria and St. John’s, N.L.
The NEW HOUSING INDEX saw a year over year price increase of 2.4% with the main contributor to this particular advance being Toronto and Oshawa regions in Southern Ontario.
Victoria posted a monthly price decline of .8% as builders reduced prices to stimulate sales in a slower market.
This sounds so familiar to me..I hope the Canadian market can stabilize and not crash. Banks were and are more conservative than ours so perhaps that will protect them? I know one thing..the Canadian market is encouraging our Canadian snowbirds to pick up a winter retreat at bargain basement prices. Those price/sf homes seem even cheaper to them with their own prices continuing to zoom upwards..Come on down!
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Two Bunch Palms Resort has been sold out of receivership to an investment group of Hollywood people. All of the new owners have been visitors to the Spa/Resort for many years and hopefully understand the uniqueness and sense of spirituality that presides over this magical place.
Two Bunch does need updating..
Any time a Facelift is considered, a doctor will always tell you that the original isn’t “lost, just different..and better.” Hopefully, that’s what will happen here. Two Bunch is a historical site, a draw to our Northern Valley and the mineral hot spas are unique and addictive. Healing waters, calming atmosphere, a touch of Hollywood thrown in, but entirely unique to Desert Hot Springs. Just one of the many venues unique to our Palm Springs Valley.
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Indian Wells is the place for the 2012 BNP Parabis Open
Indian Wells plays host to one of the largest and most recognized Professional Tennis Tournaments in the World from March 5-18, 2012!!! This year’s tournament at the magnificent Indian Wells Tennis Garden is a two week event featuring top men and women tennis players competing for more than $11 million in prize money (for the first time in the history of the tournament).
Ranked No. 1 in the world, defending champion Novak Djokovic had one of the best years in the history of tennis last year, with 41 straight match wins including winning the title in Indian Wells at the BNP Parabis Open. He will be a force to be reckoned with here at the 2012 event.
Defending BNP Parabis Open champion and No. 1 in the world Caroline Wozniacki won 6 titles in 2011 – more than any other WTA players. She is a tough opponent and will no doubt give her all at retaining her title at the 2012 BNP Parabis Open.
The Indian Wells Tennis Garden will also be holding the 19th annual BNP Parabis Open Senior Cup, featuring more than 700 players in a team tennis doubles tournament held from Mar. 19-22.
Come enjoy World Class Tennis in Indian Well’s state-of-the-art facility here in the beautiful City of Indian Wells.
Indian Wells offers many golf options
I used to live in Silver Spur Ranch, so I guess you could say that’s why I’m partial to this quirky and cool established
Stunning views at Silver Spur Ranch
neighborhood tucked up on a hillside just minutes away from El Paseo. Really, you have the best of all worlds living in Silver Spur and here’s why:
1) Its “under the radar” location adjacent to some of the priciest real estate in Southern California like The Vintage, The Reserve and Ironwood Country Club cannot be matched.
2) Its serene and peaceful setting, directly across the street from The Living Desert (though on occasion, I did hear strange animal noises coming from there . . . but mostly it was the coyotes howling out in the open desert that caught my ear)… stunning down-valley views as well.
3) Being within walking distance of trendy El Paseo with all of its fine restaurants, upscale shopping, boutiques, coffee shops, art galleries and more – it’s a good little jaunt up and down Portola, but so worth it. AND
4) It’s history – the cute little covered wagon that sits at its entrance off of Portola harkens to this neighborhood’s early beginnings in the 50s and 60s when Bing Crosby lived here and was involved in Silver Spur’s development.
Silver Spur offers a range of architectural styles ranging from modest cottages and MidCentury homes to contemporary and Spanish style homes. It is eclectic and every home is unique, no cookie cutter here. What’s not to love about living in Silver Spur Ranch??? Honestly, I can’t think of a thing.
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Avondale Golf Club – A Tradition
Avondale's beautiful setting and superbly maintained course
In our society today, it is often times held that “new is better.” Our world is fast and busy and Americans tend to have short spans of attention. We want new… different… now. Yet, these days, tradition seems to speak to people like never before. Older values like longevity, substance and affordability resonate once again.
Avondale Golf Club is one of those traditions. Established and built in 1969, Avondale proudly stands as one of the longest-running private golf clubs in the Palm Springs Valley. For over 40 years, this club has been offering great golf in a breathtaking setting with a superbly maintained course and a very active social setting. It is affordable . . . and most importantly, the golfers at Avondale can play golf under their own terms – as tee times and games are always available to members. Golfers can even walk this course !!!
It’s an amazing place to live… and convenient, as Avondale is central to just about every other desert city. Beautiful custom and semi-custom homes were built here from the early 70s through 2000 – and HOAs are low. Avondale Golf Club members come from all over the country and Canada to enjoy the desert lifestyle here and all that it has to offer. Shouldn’t you think about checking out this very special place too ???
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I often hear from a potential buyer..”I want a deal, you know..a Short Sale..something like that.” Let me make this really clear..the Short Sale “deal” is NOT always the best deal for you.
If you are considering buying a Short Sale, be sure your Agent understands how to handle the deal. It’s not just writing an offer and submitting it. The work starts BEFORE submission.
- Who is the List Agent?
- How many Liens?
- What is the Fair Market Value and what is the home priced at?
- How delinquent is the Seller?
- How accommodating is the Seller?
- Does the List Agent really UNDERSTAND the process?
- Who are the Lenders involved?
- Where in the process is the List Agent?
Even if all the questions are answered positively, there is always the issue of the incompetent negotiator. You have no way of knowing who your deal will be assigned to by the Lender..and that is crucial. A good negotiator can move a file to close within 90 days. A bad one can slow the deal down for many, many months. Are you tough enough for the Short Sale process?
Compare that Short Sale very carefully to the Standard Sales for comparable properties. $5-$10/sf more may be worth paying to know when you will acquire the home and when you can actually move in. Tread carefully when buying a short sale….that “deal” may not be such a good “deal” after all…
How much do you LOVE that short sale???
Is it time to buy in our winter paradise?
Sales continue to rise here in the Palm Springs Valley. The Median keeps moving slightly down, but that is to be expected when the luxury homes are really starting to pop. So..even when the entry level homes price/sf falls slightly, the luxury home sales fall ALOT and that skews the median. Don’t put too much emphasis on the median price..look at the development in the City you are looking to buy in. Check those comps carefully for the past year and that will tell you the true story in a micro level.
This article from today’s Desert Sun emphasizes all our recent Sales. The last Q of 2011 has continued it’s steady sales numbers into the First Q of 2012. Entry level homes are pretty much consistently receiving multiple offers. I often get outbid on investor homes at this level. First Time homebuyers are taking advantage of the “First Look Initiative” for Freddie and also Fannie Foreclosures and usually beat out the Investors! This is probably a good thing for the healing of our communities.
Luxury home Sales have really started popping. PGA West continues to sell rapidly. Buyers from Australia, New Zealand, Asia, Canada, the beach cities, L.A., and many local buyers that are selling and moving up to communities they have been eyeing but were unable to afford..all are pushing luxury home sales up.
I am hearing over and over…”Where else can I put my money to diversify my portfolio and get such a strong return?” Good question…
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