Coachella Valley STVR rules are changing for 2023!
Coachella Valley STVR Update: As most people know, the Vacation Rental business is HUGE pretty much everywhere, but especially in resort locations such as our Coachella Valley. La Quinta Vacation Rental rules are up for a vote! If you’re looking to buy or sell Land, Farms or residential, give local realtor, Kim Kelly a call at 760-285-3578.
La Quinta just voted down the Kelly Slater Wave Park because so many residents did not want it in our Eastern Valley. Now it’s the Prop A vote that will decide whether or not to limit the number of short term rentals in residential neighborhoods, eventually phasing them out, and limiting them to commercial tourist zoned areas.
Cathedral City voters have approved a referendum to limit short term rentals for 2023. The city of Palm Springs is also looking to limit the total number of short term vacation rentals to 2500, and they’re almost there.
Even Riverside County has passed an ordinance that residents of the county must register their properties and abide by rules with regards to number of people allowed on the properties for events.
Coming soon in Thermal, CA.
I have a great new listing on a 2 acre property with a mid-century Pool home and stunning Southern views. A spectacular 6400 sf (permitted) building that could be used for events, large machinery storage, mechanic garage..lots of opportunity. Coming active soon at $1,850,000!
Galloping into 2023 in the Coachella Valley!
Coachella Valley Real Estate; 2023? Well, things are cooking along here in the desert in 2022. We generally see a summer heat lull in sales as we just don’t have as many buyers coming in to look, and sellers often wait to list until October or November. Sales are still happening here of course, and I haven’t seen the price points slipping much..we are still a resort area, so not hit as hard as many other areas. If you are thinking of buying or selling in the Coachella Valley, give local realtor, Kim Kelly a call at 760-285-3578.
Summary from the CDAR August Real Estate report
PRICES: The August’s median price of a detached home in the Coachella Valley fell to $682,000 from $710,000 last month, but it’s
still up 17.4% year over year. We have entered the seasonal period when home prices usually slow, or even decline, so some of
this decline is seasonal but most we believe represents the general corrective turn that is occurring in home prices everywhere.
The median price for attached homes in August was at $467,500, which is down again from the previous month but up 25.1% year
over year. Year-over-year gains in detached homes are still large and range from 45.9% in Indian Wells to 15.6% in the city of
Coachella. In the attached home market, two cities continue to have gains over 40% – Desert Hot Springs and Bermuda Dunes.
SALES: Home sales have been falling dramatically. The three-month average of sales in August was 674 units a month, which is
lower from a year ago by 31%. The largest declines were again in the cities of La Quinta and Palm Desert, where sales were down
42% and 34% respectively. The cities of Bermuda Dunes, Deseret Hot Springs and Indio experienced much smaller sales declines.
Only the cities of Coachella and Thousand Palms had the same or higher sales numbers.
INVENTORY & “MONTHS OF SALES” RATIOS: On September 1st, Valley inventory was 1,593 units, which is 757 units more than
last year. After surging for three months, inventory has stayed around 1,600 units for the last two months. Some of this is
seasonal, and we expect it to stay at this level for another month or so. Then, if seasonal forces continue, it should start to grow
again, possibly reaching 2,500 units by February. The Valley’s current “months of sales” ratio is 1.9 months, which is the same
ratio as last month. The ratio remains considerably below 3.0 to 3.5 months, which is normal for late-summer.
DIM: At the end of August, the median number of “days in the market” in the Valley was 28 days, which is three days more than
last year. We believe we’ve seen the lows in average selling times and expect this metric to rapidly increase back to 50 or 60 days,
which is normal for the region. The city of Desert Hot Springs continues to have the lowest median selling time for detached
homes at 19 days, followed by Rancho Mirage, Cathedral City and Indian Wells at 23 days. In the attached market, Indio has the
shortest selling time at 11 days, followed by Cathedral City at 18 days.
PRICE DISCOUNTS/PREMIUMS: At the end of August, 36.1% of sales occurred above list. This compares to 51.1% a year ago.
We fully expect that, by the end of the year, the ratio will be back to past norms at around 10%. The cities of Coachella and Desert
Hot Springs have the highest average selling premiums for detached homes at 1.4%, followed by Indian Wells at 1.1%.
Take a tour here of a really great 9+ acre gated, private equestrian estate in Deer Creek, Thermal, CA. Asking price of $2,995,000, there is a custom adobe home, gorgeous pastures for turnout, plenty of space to add a barn of your dreams, and direct access to Avenue 61 via a private entry.
Some really nice farms for sale in our eastern Coachella Valley.
Coachella Valley’s priciest sales: Over the past 6 months, we have had some pricey sales. Here is a summary of residential sales of 5 million or more, as well as land sales of 1 million or more. The summer heat always slows down our gross sales in all our desert sales, but we have had some smokin sales! For your free property consultation, give Kim Kelly a call at 760-285-3578.
Coachella Valley’s Priciest Sales: past 6 months, 5 million or above
Palm Springs: (2 sales total)
- 2.5 acre estate in Little Tuscany, 1946 Kaufman Desert House of approx. 3200 sf $13,062,500
- 1.17 acre former Sidney Shelden property in Old Las Palmas sold for $8,025,000
Rancho Mirage: (2 sales total)
- 2 acre estate in Coronado; 2008 home of approx. 10,000sf sold for $7,795,000
- 3 acre estate with a restored 1958 build of approx. 7280 sf in Thunderbird Country Club sold for approx. 14 mil
Indian Wells: (2 sales total)
- The Reserve Country Club has had 4 sales at 5 million or more in past 6 months, 5.3 – 5.9
- The Eldorado Country Club has had 1 sale, which consisted of 2 homes on the fairway for $7,900,000
La Quinta: (15 sales total) WOW!!
- The Hideaway Golf Club had multiple sales over 5 million, while the Tradition also had several.
- The Madison Club on Avenue 52 continues to sell both vacant lots and custom homes for record prices. There were a total of 7 sales over the past 6 months priced from 9.3 million to 24 million.
Indio, Coachella, Thermal: (2 sales total)
- 9+ acre estate in Indio on Zenda Dr. $5,800,000
- 9.4 acre gated estate in Indio within walking/biking distance to the Coachella Festival grounds $7,500,000
**Note that most of these expensive sales are multi acre estates!!**
Land: 13 Land Sales total in the East Valley cities with prices ranging from 1 mil to 8.6 million sale for 97 acres North of the I-10.
Take a tour of this 6 acre turnkey farm for sale in the Deer Creek Equestrian center, Thermal, $1,995,000
9.4 acre Indio Estate SOLD!!
Indio Estate Just SOLD!! This gorgeous private estate property in Indio, California is now off the market, but I have others for sale here in the Coachella Valley. The market for these multi acre estates is still strong here in the Coachella Valley, so if you are interested in buying or selling, give me a call at 760-285-3578.
The famous Coachella Music Festival grounds are just a bike ride, or golf cart ride away from this gorgeous estate. Completely fenced and featuring a main home, a guest home, a 2 bedroom apartment, a custom barn, a caretaker mobile, beautiful orchard, and acres of groomed landscape. A great location always helps, but there are buyers looking for multi acre estates in our Coachella valley!
The gorgeous 35 acre estate featured on the tour below, Leja Farms. Family owned and first time on the market, this incredible estate is offered for $8,500,000, and consists of 3 legal parcels. The farm can be purchased in it’s entirety, or a combination of one or two of the other parcels. And best of all, the seller is very flexible…he could stay and lease back or perhaps just help the new buyers get a feel for producing dates, or ??? Take the tour..
The beautiful Coachella Valley, includes the Salton Sea.
Is Lithium the answer for saving the Salton Sea? For us locals, the Salton Sea is the source of the sulfa smell that sweeps up through our valley a couple times a year..dead algae or something causes it. The Imperial Valley has a new nickname; Lithium Valley, and the governor has called it the Saudi Arabia of lithium! It appears there are vast reserves of the white hot mineral beneath the hot surface of the Salton Sea. (the Desert Sun)
Lithium is a main ingredient in electric vehicle and power grid batteries, and will be jointly produced with clean geothermal steam power. Lithium prices soared to $450,000 for a ton of finished lithium in late April. In China, lithium prices have risen sixfold between Jan. 2020 and May 2020 due to the increased demand for electric vehicles. Lithium the lightest known metal on earth can hold an electric charge for long periods. There are three companies testing or scaling up technologies at the Salton Sea.
Not sure when it’ll happen, but it sounds like within a year, we should be reading about production in the Salton Sea area.
Take a tour of this amazing 9.4 acre estate in Coachella. This incredible property has 4 homes, a 12 stall barn, an organic orchard, 5 hole pitch n putt golf course, a huge reservoir and a waterfall. It is so gorgeous, and walking distance to the Coachella Music Festival grounds.
Coachella Valley properties are in high demand!!
Coachella valley bidding wars. Are we really such an incredible valley that people are moving here in such numbers so as to create bidding wars on our real estate inventory? Record high prices and record low inventory are setting the stage as buyers flow into our desert cities to buy property. Call local realtor, Kim Kelly, to help you in your search..or in listing your property at 760-285-3578.
Normally, when the economy tanks, the housing market sinks also. COVID changed this pattern by creating different work models. Remote working, wanting larger homes with more room to create safety zones, hybrid work and living spaces have allowed buyers to be more flexible in what and where they can buy. Buyers that have come to the desert in the past for vacation are buying homes here and moving here. The price point seeing the most sales is $1 mil to 2 million dollar properties. The city with the most dramatic spike was La Quinta, which was up 27.5% in it’s median sale price to $650,000.
Land and equestrian farms, multi acre potential event sites and large homes with large bedroom counts also saw dramatic increases in sales. Check out this farm, offered for $1,500,000 located a short distance from the famed HITS showgrounds. 20 acres..
Dine inside or out; 10 Acre farm/luxury lease property for sale in Coachella
Current activity in the East Coachella Valley: As is typical for me in the summer months, it has continued to be busy in real estate here in the Coachella Valley. Sellers that are in a position to sell their properties are doing so and killing it on the sale prices! Buyers that are going to capitalize on the really low Interest rates are continuing to jump into the Coachella Valley real estate market. Prices are high, but because money is cheap, buyers are able to buy more house for their dollar. If you are looking to buy or sell in the Coachella Valley real estate market, give Kim Kelly a call at 760-285-3578.
Inventory is low, but growing. If a seller wants to get top dollar, nows the time to sell. But..only the sellers who don’t need a replacement home are able to capitalize on this. I had a great listing at 82211 Crosby, Indio, in the Indian Palms CC. Fabulous location, Southern orientation, double fairway so the price of $699,000 even without a pool, though high for the area, was justified and it was in escrow in 2 days. The seller was moving, so was able to sell it. A perfect situation.
45300 Debbie Dr., La Quinta just listed for $625,000
I just listed two new properties.
A single family home in North La Quinta for $625,000, which has a beautiful pool and spa. 45300 Debbie Dr., La Quinta is a perfect family home due to it’s location near all three school systems. Offering 3 bedrooms/2 baths and a large corner lot.
Another terrific new listing is at 57300 Jackson St. in Coachella. $4,500,000. This is a 9+ acre farm that is an exquisite equestrian property as it is, but would also make an amazing luxury lease or event site. Offering a 5 bedroom/4 bathroom contemporary home, a 7 car garage with an attached 1 bed/1 bath lounge, and multiple paddocks in the back 5 acre portion of the farm. The front 5 acre parcel has the two beautiful barns with a total of 17 stalls in them. The arena has fence mounted sprinklers, and there is also a 3 horse tie rack between the 2 barns. There are several shaded, grassy paddocks, a hay barn, and a 3 bed/2 ba mobile home for the caretaker or groom. Take the tour of this incredible farm here..
Look at this VIEW in a Coachella Valley home!!
Desert Farm, Housing & Equestrian Update: 2020 has proven to be a big year in the real estate world in the Coachella Valley. COVID 19 contributed for sure, in that people who love the desert, but had not committed to owning a desert farm, land, Equestrian and certainly residential properties wanted to get out into the wide open desert spaces! I had buyers that had been interested in buying in our desert, but had been waiting for “the right time.” It seems that 2020 IS the right time! If you’re interested in learning the value of your Coachella Valley, give Kim a call at 760-285-3578.
Our overall inventory is pretty low, for residential properties, in all price points, except the uber luxury properties. If a property is priced correctly, based on it’s location, light, floorplan, and all the other factors of the home in it’s particular community, it WILL sell. I have run into the problem of sellers who think that because the market is “hot”, they can price their property as high as they want. I try to help them understand that the buyers set the market, not sellers. Even in a hot market, the market is set by the buyers..they will always tell you what your product’s market value is. Sellers may accept that or keep their property.
Land and Equestrian properties are selling in the same way. Price/acre is still pretty steady, but smaller farms with stick and mortar (Permanent) homes are in very high demand. Well located parcels of clean land are also in demand. These vacant parcels sell because they are good prospects to add a home on later. The farm featured below, Chocolate Mountain Farm is a beautiful 20 acre, fenced parcel in the East Valley. Featuring it’s own well, approx. 90 date producing palms, a 5 stall barn, and stellar views.
Indoor to outdoor living is is why so many people choose the Coachella Valley for Investments.
Why choose the Eastern Coachella Valley? There are many reasons other than our supurb weather that people choose the Coachella Valley to live in. The outdoorsy way most people live here, the entertainment venues, the incredible hiking options, parks, and fabulous eateries. I find that most people, when they are searching for a home in the desert, have very specific things they want. Some people want to be near the nightlife and museums, galleries and excitement. Others are looking for solice, peace, more of a quiet life. The Eastern Coachella Valley is known for it’s more rural, open feel, less traffic, and less density. Thinking of looking for a house in the Coachella Valley..call local realtor, Kim Kelly at 760-285-3578.
EASTERN COACHELLA VALLEY ASSETS
1. Fantastic VIEWS! The entire Coachella Valley offers views, depending on what you are looking for. The Eastern side of the desert offers spectacular mountain views, Chocolate and Santa Rosa mountains and often over large expanses of open space.
2. Slower pace: Compared to the Western valley which includes Palm Springs, the Eastern Coachella Valley, is slower. Farms, farmers, equestrian people, artists, plus larger pieces of land if you so want it! Less traffic is another perk.
3. Things to do: Unique to the Eastern Valley are some unusual activities, including Polo, HITS Horse show, The Thermal Car Club, hot air ballooning, and the Salton Sea.
..and of course, lots of golf courses, music venues and Art Galleries! The tour below is just a walking tour of part of The Quarry golf course in Eastern La Quinta…
Just Listed in Indio, CA. 2 bed/2ba, $209,000
Just Sold in La Quinta: Well, things have slowed down in the Coachella Valley just like everywhere else due to the Virus, but real estate IS still selling! Realtors have changed our way of operating. We don’t do groups, we don’t do open houses, we DO continue to sell real estate..it’s what we do. There are some great deals to be had, and sellers are more flexible now if they truly want to sell their properties, so now may be the time to present an offer on that house/land/ranch you have been watching. Just SOLD in La Quinta at The Quarry Golf Course, $1,475,000.
Recently SOLD, Recently LISTED
Sold at The Quarry Golf Club, La Quinta: Custom home of approx. 4,100 sf., with an amazing pool, custom finishes and indoor/outdoor living. $1,475,000.
Remodeled Kitchen at this 1350 sf 2 bed/2ba Condo in Summer Breeze, Indio.
Just Listed in Indio, CA. Completely remodeled 2 bedroom/2 bathroom Condo plus a loft at Summer Breeze in Indio, CA. Just active 3 days, this is a deal at $209,000 including good quality appliances, a new stackable washer/dryer unit. HOA is $325/Mo., and includes all maintenance of the common area tennis courts, pools and grassy common areas.