Coachella Valley Equestrian estates, land and farms are in demand!
Coachella Valley real estate update: Everyone wants to know what’s going on in the real estate world here in the Coachella Valley. Well, there are certain areas of the valley desert real estate sales that are doing very well. There are also areas of the valley that have been standing still. Sellers still aren’t feeling driven to sell, unless they are going to leave the area completely. Coachella Valley sellers are not willing to sell their current properties and perhaps move to a different area of the valley, or to a larger home..why would they?? Mortgage rates are still hovering around 7%. My own mortgage is 3%, so why in the world would I sell and trade my great rate for a higher one? If you are looking to buy or sell here in the Coachella Valley, give local Realtor, Kim Kelly a call at 760-285-3578.
Land, ranches and equestrian estates are still in high demand. In fact, I have buyers waiting for their dream ranch type properties to come up for sale!! I’m contacting past buyers to see if they may want to sell. BUT, I also have buyers looking for particular floorplans in a particular development with a particular orientation. Inventory has increased across our 9 desert cities, but it’s still low. Most of my ready buyers are cash buyers, or are paying mostly cash and carrying small loans. Sellers are more willing to carry a note in the hopes that will inspire buyers to write.
CAR housing market update
California home sales remained stagnant in December, according to a report released today by the California Association of Realtors. Existing, single-family home sales totaled 224,000 in December which were flat from November and down 7.1% from December 2022. For the year, statewide home sales were down 24.8%. December home sales remained near the 16-year low reached in November as the sales declined for 2023 and experienced their steepest drop since 2007.
December’s statewide median home price was $819,740, down 0.3% from November and up 6.4% from December 2022.
Orange County median home price in December was $1,300,000, up 14.9% from December 2022.
Riverside County median home price in December was $607,500, up 5.7% from December 2022.
San Diego County median home price in December was $911,500, up 7.2% from December 2022.
“The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand” said 2024 C.A.R. President Melanie Barker. “With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well.”
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Our popular Coachella Valley real estate market is gearing up for 2024.
Happy Holidays in the Coachella Valley! We have alot to be grateful for here in our beautiful desert valley. The insanely beautiful winter weather is here and so are our seasonal residents and visitors. We did get a deluge of rain last week which completely flooded out the Eldorado Polo Club, as well as many local roads and bridges, but two days later, here comes our sun. If you are looking to buy or sell a home, land, equestrian property or investment property, give local realtor, Kim Kelly a call at 760-285-3578.
We actually are finishing the year with good news! The stock market is raging with record highs..good for everyone who has any stocks at all. Inflation has cooled..and without a recession..who knew?? And for potential buyers, Interest rates for mortgages have come down this year, and many are predicting another drop first Q of 2024.
Home buyers have received a gift to end the year in 2023! Happy Holidays in the Coachella Valley! We have seen 6 consecutive weeks of rates dropping and the Fed Meeting this last week decided to pause rate hikes for the 3rd consecutive meeting to end the year. Check out some of the recent stats below. Home buying in 2024 has just become more affordable.
6 – Consecutive weeks of interest rates dropping to end the year.
3 – Consecutive Fed meetings which they have decided to pause rate hikes. This is after seeing 11 rate hikes in the 2022-2023 cycle.
3 – Potential rate cuts in 2024 that the fed hinted at in their December meeting.
1.25 – The percent that mortgage rates have dropped on average over the last 2 months. (Courtesy of Walter Neil with Franklin Loans.)
Inventory is still low, and I suspect that it will remain low until Interest rates do come down nearer to 6%. It’s really hard for sellers to list their homes if they’re thinking of buying again, when they have really low rates in their current properties, so they are choosing to sit. But..our season is just beginning and I am already seeing more listings hit the market, so if you are thinking you might be ready to start looking in our Coachella Valley, 2024 could be the year!
This 20 acre farm just closed, but I have more land and equestrian properties, investment opportunities and residential properties for sale..give me a call!
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Modern horse ranch in Coachella for sale!
Coachella Valley Thanksgiving. The sun is shining, no wind, this day is spectacular. I’m still swimming and my pool is not heated! The desert in the winter is perfection. I always tell my clients that having a winter home here and a summer home anywhere else, that is livin! As our season starts to wind up, expect the number of listings to increase..and I mean in all areas of Coachella Valley real estate. Residential, Land, Equestrian properties, investment opportunities, commercial investments; it’s all ramping up for the 2024 season. If you are looking to buy or sell in the Coachella Valley, give local realtor and desert resident for 35+ years, Kim Kelly a call at 760-285-3578.
A Coachella Valley Thanksgiving in La Quinta offers plenty to do. Here’s a calender of events specific to the City, and if you’re thinking of going out to eat in Palm Springs, check it out here first! If you’re in town and want to check out some property, be sure to reserve a local realtors time as we are all running this weekend. There will be lots of open houses, but if you want to look at a specific type of property, you definitely need a local realtor that knows the ins and outs of what’s available and also local values for that type of property. Using a residential agent from Palm Springs to look at Eastern Coachella Valley Land or equestrian estates, is just not smart! This happened to me two days ago. I was showing one of my farm listings and the agent had been evasive about what their client was looking for. When she got there, it became very apparent that she has no experience in the East Valley at all, never mind about land or development opportunities in the Eastern Coachella Valley! Because the Eastern Coachella Valley is currently drawing lots of interest, you want your agent to be familiar with the area! Selling houses is VERY different than selling land or commercial opportunities. Time to be smart when searching for your Coachella Valley Thanksgiving property! Take a tour of this lovely East Valley 2 acre estate for sale..
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20 acre Thermal equestrian farm; just sold!!
JUST SOLD; 20 acre farm, Thermal, CA. Many times my local farms and owners, whether equestrian or actual farmers, do not want to list their properties on the MLS. They are running businesses, and don’t want the competition to know what’s up, or perhaps an equestrian business is operating out of the farm, and the sellers don’t want to spook their clients and perhaps cause them to move their horses. Hey, not everything sells, and a tidal wave of movement could happen for nothing if it doesn’t close. In this case, this farm was just such a sweet deal. If you are looking to buy or sell your land, equestrian property, entitled or non-entitled land parcel, or even your commercial development opportunity, give local realtor, Kim Kelly a call at 760-285-3578.
The city of Thermal, as well as our better known eastern valley city of Coachella, is becoming more known to people outside of our little Coachella Valley. Often I get interested buyers looking for investment opportunities, development opportunities, equestrian farms and just vacant parcels, and I have to really dig to find something to show them! I’ve been buying and selling land and farms for clients in our Eastern Coachella Valley long before it got “hot.” Consequently, if I can’t find anything listed, sometimes I can located something interesting because I know sellers that may have mentioned they would sell for a certain number, or they’ve mentioned in passing that IF a good buyer came along at “X” amount, they’d let me show the property. That’s what happened here. A polo friend mentioned to me that he’d sell if he could net a certain amount. I brought a buyer, along with my real estate partner, Kate Rust of Wilson-Meade Commercial, and we got the deal done!
If you are looking for a certain special property, and you aren’t familiar with the local market, it pays to contact a local Realtor who works in that area! I’ve been representing buyers and sellers on residential properties, land and farms as well as investment opportunities for 22 years now. I’ve lived in the Coachella Valley for 35+ years. I’ve met alot of people during my years in this valley, and sometimes I can pull a rabbit out of a hat and find something that’s not on the general market. The property in the video below is active on the MLS, just a few days active now, and it’s another interesting opportunity in the Eastern Coachella valley. 2 acres, surrounded by farm land, private and serene, Pineapple Hill Ranch offers a 1968 4 bed/3 ba Pool home on an elevated lot. Spectacular views, and only a short 10 minutes to the Thermal Car Club, and HITS showgrounds, and just 20 minutes to the Eldorado Polo Club. Along with the gorgeous mid century home is a permitted, 6400 sf metal warehouse that is currently used by the sellers as an event site storage warehouse. A buyer could very possibly get the County to issue a CUP and use it for a wide range of uses. Buyers need to check with the County, but at $1,332,000, this property is worth a tour!
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The Eastern Coachella Valley is booming!
Thermal Car Club to host Indy all star race in 2024. Pretty big news for our local car racing club. The Thermal Club is well known here in the eastern Coachella Valley. According to the LA times article, there is 1 million guaranteed to the winner! The eastern Coachella Valley is getting more and more attention. I remember the initial roll out of the Thermal Club. One of the parties was at the La Quinta Hotel to introduce all of the local realtors to the club and it’s potential amenities in the future. None of us could believe that ANYONE would go that far east..and here we are. If you are looking to buy or sell homes, land or farms in the Coachella Valley, give Kim Kelly a call at 760-285-3578.
The million dollar challenge, which is a made for TV exhibition will be held on March 24 and air on NBC. There will be practice and qualifying the previous two days. IndyCar at the start of the year tested at the Thermal Club to gauge interest from membership in eventually hosting a race. The Thermal Club is a 490 acre development that includes four asphalt racetracks located behind an 18 ft. sound wall in the Eastern Coachella Valley. There will be limited tickets so if you’re interested in getting more info, go to this link from local tv station kesq.
Land in the Coachella Valley has been rising in the past couple of years. It is still cheap compared to most areas of the country, but the East Valley has always been the least expensive price/acre available in the entire Coachella Valley. It still is, but it’s gone up. Now is a good time to buy a piece of land whether it’s to land bank or potentially turn it into an estate home, a car collectors dream, or a high end event site. All is possible. Take a tour of this farm that is near the airport. 2 acres w a pool home for just $1,550,000.
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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!
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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.
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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
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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..
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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.
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