I don’t normally post on what to do in La Quinta, but the weather is unbelievable, Buyers are here in droves, and the day AND night life is jumping today!
- Southwest Art Festival: This is an annual art festival and truly supurb. Located at the Empire Polo Club off of Monroe in Indio, the fields are covered in tents and artists display their “Southwest art works.” There will be approx. 250 artists displaying in categories such as Clay, drawing, glass, jewelry, metal works, painting, photography, printmaking and sculpture. www.southwestartsfest.com
- Hot Rod & Custom Car Show: The 6th annual car show will be held today between 11 a.m. and 4 p.m. at the community Park Center at 77-865 Avenida Montezuma in La Quinta. More than 1000 cars and motorcyles will be ondisplay. Music, raffle, food and a beer garden..what could be more fun? And did I mention that it’s FREE? 760-564-3199 for info.
- HITS Horse Show: In Thermal. Classes are beginning, competition will be fierce, lots of booths for food, photography and horsey gifts and equipment. A good time over in Thermal and all the way through March.
- Cantina Party: Tonight. Free and a live band will be there. Casual fun. No Polo due to Quarantine, so everyone will be ready to par-tay! Eldorado Polo Club off of Madison in Indio, CA.
So..don’t say you don’t have anything to do. You can always just enjoy the gorgeous weather with a hike, bird-watching, golf, biking or heading over to Old Town for a cup of coffee and one of those deliscious Muffins!
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Since about the middle of 2011, I have been seeing a small but steady uptick in local prices. The bottom price point of $250,000 and under is saturated with Buyers. Investors and also first time home buyers. The numbers of foreclosures and Short Sales have dropped significantly. This trend will most like go through 2012 with the price/sf increasing a small amount.
Then there is the $500-$800,000 market. Again..I’m seeing lots of buyers. Sellers have priced their homes much more aggressively and they are moving. There is still room to negotiate here, but less inventory than a year ago.
Luxury hoemes are the hot market. The price/sf has dropped over 30% and in some developments as much as 50% from the peak market of 2006. Investors in this price point have increased and I expect this market to continue to see investors and home buyer numbers continue to rise through 2012.
Palm Springs Valley Real Estate Economic Summit Update:
This is great news for those of us that live here year round. It is also an indicator that it might be time for those of you looking to invest or own in our beautiful winter, resort valley to make that offer!
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Palm Springs Valley, saw an overall drop of 13% in the numbers of Foreclosures (month of December). That’s good news, but may be due to several things which could change.
1. There was a moratorium in place for the Holidays. That will end.
2. Loan Mods are being processed much more efficiently. That should continue to keep numbers down.
3. Short Sales are being processed and CLOSED much quicker. Again..should help keep numbers down.
December Foreclosure numbers in our Valley by City: (Realty Inc. source)
La Quinta: 121 total Drop of a huge 30%
Indian Wells: 11 total Drop of 8%
Rancho Mirage: 66 total. Drop of 3%
Palm Desert: 138 total Drop of approx. 15%
Palm Springs: Total of 180 Drop of approx. 23%
Thermal: 37 total Increase of 37%
Coachella Valley Total: 984 Drop of 13% on average.
On the streets every day as I am (in real estate of course!), I am witnessing a ton of buyers. I am being outbid on offers that would have flown through just a year ago. The First time home buyers are now surpassing the Investors in what they will pay/sf and also because they have cash, and loans are available again. Good news for La Quinta and the Palm Springs Valley!
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Critical that homeowners considering listing their home as a Short Sale do it in 2012..and in time to CLOSE by 12/31/2012. Why??? The Debt Forgiveness Act expires then! In California, although you will receive a 1099 for the debt that was forgiven, the debt is wiped out on primary and secondary residences..both first and second PMl’s. This helps you so much if you are not insolvent. Consult your CPA, then get that property listed and CLOSED in 2012.
Will the law be extended? I sure hope so. If not, Palm Springs and the La Quinta area will see more Foreclosures. We are really stabilizing in La Quinta. Prices are actually going up! Investors are finding that First time Buyers are able to beat them out in their bids!
Debt Forgivenss Act explained
If you are underwater on your mortgage and considering a Short Sale, get it listed NOW! Your final closing HUD must be dated no later than 12/31/2012 to qualify for your debt forgiveness. Consult your CPA, then get your property listed and CLOSED in 2012! Don’t wait and take a chance!
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Norman Estates at PGA West, in La Quinta. $1,000,000. There are only 58 semi-custom homes in the Norman Estates at PGA West. The Architect, Frank Stoltz, hit a home run with this Tuscan themed neighborhood with homes set well back from the tree-shaded street. Lots are generous..ranging from approx. 14,000 sf to approx. 20,000 sf., so neighbors are not on top of each other.
This home sits on one of the premier sites of almost 18,000 sf. Elevated and pie-shaped with extensive, lush landscaping including 7 types of citrus trees and spectacular rose gardens. Approx 3200 sf + an additional 200 sf because the golf cart garage has been converted into an office. The main home is 2bd/2.5 baths. The mast er bedroom has Southern light and views, and the 2nd bedroom has extensive built-ins. The home was oriented so that the interior courtyard is North providing year round shade, and the pool/spa and outdoor cook station are at the back with Southwest Mountain and Fairway views..truly the best of all worlds!
Southwest Fairway and Mountain Views
Homes don’t come up in the Norman Estates very often and when they do..they get a ton of activity! Truly special, this gated enclave stands out amongst golf course neighborhoods.
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Leases, rentals and Hotel reservations here in La Quinta, Palm Desert, Indio and all the way to Palm Springs are BOOKED! Why? Everybody knows about the Coachella Music Festival and we all expect everything to be booked at that time, but what is it this weekend? Lacrosse! Yes, you read that correctly.
The Empire Polo Club hosts many different events during the season. Last weekend saw over 3,300 dogs compete at the Dog show. This coming weekend, there will be 130 Lacrossse Teams competing on the polo fields. That’s up from 78 teams last year. With each team comes family members, coaches, friends..my niece is refereeing the games. Everyone needs somewhere to stay so there you go..
Read about the Lacrosse Tournaments here.
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Luxury homes in La Quinta and Palm Springs
Luxury, boutique real estate brokerages are making a comeback. With the number of Real Estate Agents tumbling over 20% in the past 3 years, the industry is seeing many of the remaining agents switching brokers at regular intervals. Hoping to capture something new, or a specific marketing that one Brokerage may offer. This article from the LA Times points out several reasons why the Luxury Brokerages will continue to succeed.
http://www.latimes.com/business/realestate/la-fi-lux-realty-offices-20111229,0,1394779.story
Here in the Palm Springs Valley & La Quinta, I am seeing a huge rise in demand for luxury property viewings. Offers are coming in much closer to List Price, but then again, the List Price is much reduced/sf than they were 2-3 years ago. In our Luxury Real Estate market here in the desret, prices have corrected approx. 30% in most Luxury developments. That’s a huge contrast to the 50-60% drops in many developments here in the desert. That huge drop hit, and they aren’t going any further as evidenced by the mulitple offers that Buyers are submitting on these reduced properties.
One of the fastest areas of recovery appears to be La Quinta and Palm Springs proper. The entry level homes simply are not as numerous and the Buyer numbers have increased, actually driving the price/sf up from the List Prices! Good news for our Valley..not so good for those Buyers and Investors that waited 12 months too long. However, the price/sf is still insanely low..often MUCH less than what it would cost to build a replacement home..
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Palm Springs Valley Boarding Facilities
There are many Boarding and training facilities located in the Palm Springs Valley. If we consider the city of Palm Springs as the Western edge of our Valley, and Thermal as our Eastern edge, here are a few of the boarding facilities available to horse owners who live or visit the Palm Springs area.
Smoke Tree Stables, Palm Springs:
Family owned an operated for over 60 years, this private stable is with the Smoke Tree Ranch. Boarding, training, and guided trail rides are available.
Location:
2500 S. Toledo Ave. Palm Springs, CA. 760-327-1372
Clancy Lane Boarding Stables, Rancho Mirage:
This private stable is ideally located on the prestigious street of Clancy Ln. off of Bob Hope Dr. in Rancho Mirage. A full-service boarding facility with an air-conditioned barn, box stalls and outside corrals. Top level training and riding instruction is also available.
Location:
Clancy Ln., Rancho Mirage 760-773-5080, 909-856-5565
Coyote Ridge Stables, Morongo Valley:
Coyote Ridge Stables has been in business for over 15 years and is owned and operated by Sue Lund and Sally Ellis. All rides through the gorgeous Canyons of the Morongo Valley are accompanies by experienced Guides.
Location:
50639 Panorama Dr., Morongo Valley, CA. 760-363-3380
Rancho Polo Equestrian:
Rancho Polo is a polo and hunter jumper boarding facility in Thermal, CA. Offering on site training, stabling and turn out pastures, this equestrian facility is full-service. A galloping track, polo field, and various sized arenas are available for Boarders. Close to the HITS horseshow, it is a favorite amongst horseshow participants for seasonal boarding.
Location:
Ave. 58, Thermal CA. Mary at 760-250-5707
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Polo is fun to watch too!
Palm Springs Valley Polo Clubs. Palm Springs and La Quinta-actually all the Desert Cities are known for many different things. Golf, of course, is huge in our desert area. Warm Winters in ALL our valley cities. Fine Dining, magnificent hiking, Architectural types such as the Palm Springs modern..but there’s another special thing we are known for..the International Polo Clubs we have in our Valley.
There are two Internationally recognized Polo Clubs in the Palm Springs Valley. Both are located in the Eastern side of the Coachella Valley (Palm Springs Valley and Coachella Valley are synonymous). The City of Palm Springs is the Western side and La Quinta, Indio and Coachella are considered Eastern. The Eastern side of the Valley is much less developed and has a wonderful rural feel. There are many housing developments of course, (See La Quinta, Indio, Thermal and Vista Santa Rosa), but there is also a surreal feel to this side of our Valley.
The two polo clubs, Eldorado and Empire, occupy hundreds of acres of open land. There are approximately 20 playing fields between the two clubs, with each polo field being about the size of 9 football fields! Polo is a huge industry to the Eastern Valley bringing in approx. 1,000 horses each season, some 250 players and their families and grooms. Housing leases and sales occur along with all of our polo visitors..good for our Valley!
The Polo season starts in mid-November and goes through mid-April. Games are played Weds., through Sundays. Practices are Weds., and Thursday, with tournaments being played on Friday, Saturday and Sunday. The game to catch is always the 2 pm game on Sunday. This is the Featured match, complete with announcer, play areas for the kids, champagne half-time divot stomp and sometimes balloon rides! It’s quite a show, and the best thing is that games are often free or perhaps a minimum fee of $5/car for entry.
The Eldorado Polo Club
Eldorado is our older club; 2012 is it’s 55th year of play! The club is open to all, and Sunday tail-gaters are welcome.
Location: 50950 Madison St., Indio
General Information: 760-342-2223
Game Schedule: 760-342-4133
The Empire Polo Club
The Empire Polo Club is adjacent to the Eldorado Polo Club and is owned by the Haagen Family. Started in 1987, new Fields are being added on an annual basis. There are now 9 fields, and a Polo Arena with lights, for night polo games! All games are free and the schedule is the same for both clubs.
The Empire Polo club also hosts many different events. From weddings, to corporate events to sweet 16 celebrations, the club with it’s four different event sites is unique and beautiful. Perhaps the most famous event of the Empire Polo Club is the Coachella Music and Art Festival held for two weekends in April.
Location: Main entrance is on Monroe St. and 51st ave.
General Information: 760-342-2762
Game Schedule: 760-342-9111
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La Quinta Home Sales interest is increasing with the increasing attendance at the International Film Festival. The Film Festival is a yearly event, that is growing every single year. More celebrities of a very high caliber are making the decision to participate and Palm Springs is once again, on the map with regards to Hollywood! 2012 will see the likes of George Clooney, and Brad Pitt walking it’s red carpets. Entertainment TV will be covering their every move and for our Valley, this all points to more interest in Buying a Home here!
La Quinta’s homes for sale have always been popular with Celebrities. The La Quinta Resort & Club is a very popular place to stay during both the Film Festival and also the Coachella Music Festival. Rooms are booked way in advance, and after one season in beautiful, warm, La Quinta, people consider purchasing a second home here. Palm Springs Homes are also very popular. People that want to be right in Palm Springs proper with all it’s History, charm and older estate homes, find Palm Springs perfect for that winter home.
The Film Festival draws a huge crowd and we “desert rats” welcome them all with open arms! Come on out and see what the excitment is all about!
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