La Quinta Real Estate, 2012..a good year?? A good year..that is going to be very different for each person asking the question. La Quinta Real Estate in general has withstood the decline in property prices, and in many areas and specific developments is actually seeing a slight increase in the price/sf! What??
1. Entry Level Homes: 2012 will see a continuance of high volumne sales in this market. Entry Level in La Quinta is approximately $200,000 and under. Homes in this price point moved heavily all through 2011 and should continue the trend through 2012. With a great school district, solid City management and reserves, proximity to upscale Hotels, Golf Courses, Resort amenities and Old Town La Quinta, there isn’t much not to like. Just add in the views, and you can see why this market is sizzling. Investors, Flippers, first time home buyers and families that have been waiting to purchase when prices dropped will continue to jump into this market.
2. Gated Communities: Gated Communities in La Quinta are very popular. La Quinta is, for many Residents, a resort destination. Canadians, Asians, Europeans, Northern Californians and Beach Owners, prefer to purchase their second homes, and vacation homes in gated communities, which do offer more security for the months the Residents are not in town. Prices in the mid-tier pertain to these communities at about $350,000 – $550,000. There are some less and many more expensive. However, the mid-tier price range of homes will most like move laterally..not going up or down and should continue to sell fairly well.
3. Golf Communities: In the La Quinta and Palm Springs Valley, there are approx. 120 Golf Courses! That means, ALOT of inventory. I believe we will continue to see Private Golf Clubs, changing their pricing structures to encourage part timers and beginning golfers. PGA West has already done this by adding a non-refundable Premier Membership opportunity at $40,000, and The Citrus offers the same at $30,000. This only came into being in 2011, but I believe there will be MANY private Golf Clubs trying to figure out how to entice more golfers to join the Clubs, in a more reasonable way. Home on Golf Courses are selling very well and should continue to do so. Average prices are now at approx. 50% less than they were at the housing peak in 2006.
4. Luxury Properties in La Quinta: I have seen a large increse in the interest and also the Sales numbers in Luxury residences across the Valley. These magnificent homes, in Golf and non-golf communities are selling. I think the Sellers will continue to adjust their prices to attract Buyers and the Luxury home market (1 mil – 3 mil) and the Luxury Market High End, (3.5 mil to 40 mil) will see sales increases in 2012.
I am not a psychic. I am a Realtor that is interacting with Clients on a daily basis and reading every real estate prediction I can find. None of us KNOW what is going to happen. These are my feelings for 2012 La Quinta and Palm Springs Valley real estate trends for 2012.
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Delinquent Mortgage numbers are on the rise here in California. This should not surprise anyone based on the Lenders giving a Christmas Holiday to their Eviction departments. Remember also that the Robo-signing scandal slowed the Foreclosure pipeline down to a crawl. In La Quinta, we could actually use some more Foreclsures! What I mean by that is there are many Buyers waiting in the wing for distressed properties..whether they be Foreclosures or Short Sales, so bring them on! I hate that people are losing their homes. I like that Buyers are snapping them up in the Palm Sprins Valley. We cannot get to the bottom of this Foreclosure Trend if we do not have Buyers ready to buy.
This is from the California Association of Realtors…
“The number of delinquent mortgages in November rose to 8.15 percent from 7.93 percent in October, according to a report from Lender Processing Services.
That delinquency rate as a percentage of the LPS database of 40 million mortgages declined nearly 10 percent from a year earlier. About 4.14 million homes were 30 or more days past due in November, with about 1.81 million properties more than 90 days past due.
LPS considers a mortgage delinquent when it’s at least 30 days in arrears but not in foreclosure. The company recorded 6.26 million homes either delinquent or in foreclosure last month.”
Keep in mind that this is the entire State of California. Buyers must stay focused on particular areas they are interested in. Better yet..stay focused on a development within that area. Look at the SOLD comps, the PENDING, and also the EXPIRED comps as those will tell you the true story of that development. These reports are very general..very similar to the Median Sales Price, which is virtually worthless.
There is always some truth to these Statistics however, so I’m sure we’ll have more Foreclosures in La Quinta and the Palm Springs Valley throughout 2012.
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La Quinta view on Eisenhower Dr.
La Quinta Real Estate is moving..and fast. I’ve been listing, and closing Short Sales for almost 5 years now and the beautiful thing about the not so beautiful world of the Short Sale is that I keep my finger on the pulse of the market. Where’s the “bottom?” The bottom is where the Buyers set it..nothing mysterious about that. It’s still very much a Buyers’ market in La Quinta as it is in the majority of California. Palm Spring and Palm Desert are also seeing a tremendous amount of closed sales. What’s going on?
Smart money is being invested in La Quinta real estate again. Where else to put it if you want positive cash flow, want to have a tangible asset, or simply have the wherewithal to finally buy that resort home in a warm winter location for retirement or as a vacation home? Canadians are investing in our Valley heavily..even so much so as to put together investment groups to purchase golf course projects, commercial sites as well as residential short sales, foreclosures or equity homes that make sense in the price/sf comparison.
La Quinta entry level homes can be purchased for $100,000 – $150,000. Fixers are less and prime locations are more, BUT these homes are Killer! I’m watching one now in La Quinta that will come on as a Foreclosure within the next week or so for one of my European investors. It will be put into a Rental program for the next 3 years or so, then sold. These are lovely homes that cannot be replaced for what they are being sold for! Newer (2002-2007) built homes, or remodeled older homes with views, location, good school districts and you just can’t beat La Quinta for it’s beauty.
La Quinta real estate has always been attractive…now it’s even more so.
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Captivate your buyers with your entrance
When a Buyer first sets sight on your property, they need to REMEMBER it! How do you do that? Here’s the trick..and it’s a simple one.
Put on your Buyers shoes, walk out your front door, close the door, walk to the sidewalk, stop and turn around. There, that’s it. Answer this question honestly, “What do I see?” Really see. Look at your front entry, your front door..everything. Look at it with your Buyer’s glasses…not as you see it, but as a Buyer will see it. Be honest.
Are there cracks in the walkway? Is the mailbox tilted or are numbers missing? How about your front entry or porch? What about the front door? Is it freshly painted, doorknob fresh and shiny, does it open easily? A Buyer will SEE this. Continue into the house with your Buyers glasses firmly in place. Now add the smell..is it fresh? Does it smell stale, like last night’s dinner, cats, dogs..what? Be honest with yourself!
Don’t convince yourself that it’s no big deal..it IS a big deal. Try to get into your Buyers’ head..see it through their eyes, smell it through their nose and you just might get into their check book too!
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Houses or Horses..shiny is good!
Comparing selling houses and horses..nuts, right? Not entirely. First impressions are first impressions. Therefore, appearance DOES make a difference!
Selling your house? Pay attention to the following..
1. Curb appeal: Make it pop! Clean, freshly painted front door. Flowers and color. Treat cracks in walkway and driveway. New mailbox. New door mats..use your imagination here.
2. Smells: HUGE. Clean and fresh means you care..
3. Appliances: Consider replacing them..stainless sells! Again..it translates for Buyers to “you care, and it’s maintained.”
4. Paint: Cheapest way to change the appearance and freshen up your home.
5. Stage it! Consider this as Buyers can imagine their own things in the home much easier this way.
Selling your horse? Let’s compare points…
1. Coat appeal: Make it shiny! Translation..a healthy horse.
2. Smells: HUGE. Be sure your horses’ teeth are taken care of, no illness or infections in mouth or feet or body.
3. Tack: As with appliances, clean, shiny tack (bridles & saddles) means you care and are invested in your property.
4. Paint??? No, but do be sure the overall picture is one of health, happiness, calm demeaner, shiny coat, clean equipment.
5. Stage it! Absolutely! New shoes, freshly clipped manes and tails, shiny tack..make your pony pop!
See..you can see the commonalities now, right??? Sales are sales..
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This custom home is a stunner! Every detail is meticulous, from the custom carved, wooden, courtyard entry gates, to the custom interior doors and fixtures, custom paint, custom and NEW carpets in bedrooms and media room. Best of all…TURNKEY furnished! Bring your golf clubs, your polo mallets and party clothes and stay! All this for $1,595,000….
Infinity pool to lake to mountains..spectacular!
This gorgeous home, built in 2003 sits on a huge (approx. 23,000 sf) corner lot on one of the premier streets at PGA West..Pebble Beach on the Stadium course. Mesmerizing lake and mountain views from the pocket doors which allow easy interior to exterior flow..what an entertainment home. Enter the gated courtyard with it’s fountain, lush landscape and detached Casita. The main home has approx. 4600 sf with 3 bedrooms/3.5 baths and a media room. The garage is so large, (1400 sf for 4-cars) that it has it’s own dedicated driveway..plenty of off-street parking for your guests, family or party goers..very unusual in a golf course home.
The HOA’s when you own on the lake at PGA West Stadium are $225/month..much lower than on the fairway side of the street and beste of all?? No golf balls or mowers early in the morning to deal with!
Take a look..this one will go fast!
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La Quinta Cove originality
The La Quinta Cove area of La Quinta is no longer a secret. Located in one of the absolutely most gorgeous coves in our desert, it’s comprised of approximately 1200 single family homes. Very eclectic in nature, non-gated, no HOA’s, different from street to street, the Cove offers something for everyone..including Investors! Canadians, Europeans, Southern California Beach owners, Northern California summer dwellers..all are heading to La Quinta to try and buy a slice of winter warmth.
The La Quinta Cove has a variety of home styles..from Spanish, to contemporary, to Tuscan, to Santa Fe, to 1950’s remodels to original Casitas from 1928-1932. When the market was hot, in 2002-2006, people were buying older homes, tearing them down or remodeling them and moving in. The market turned, alot of these homes were put back on the market as Short Sales and Foreclosures and the Buyers found them! The Cove offers some of the best price/sf of any neighborhood in our beautiful desert. Tear downs, to extreme Fixers may be found for $60/sf, while new homes on double and triple lots can still command $500-700,000..depending on their location.
The La Quinta Cove’s most Southern end and also most Western side border the hiking trails. Four trail heads are at the base of the Cove, and Bighorn Sheep still graze the steep mountain sides. There is a 7.2 mile bike/walking trail encircling the entire cove and connecting it to Old Town La Quinta..perfect for casual riders or bikers in training. The La Quinta Cove is a perfect place for Investors..first time home owners and carpenters that are looking for a project to fix and flip.
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Neither of these Listings that I took were Short Sales or Foreclosure properties. Both Sellers just wanted them SOLD, and quick! Mission accomplished.
Property 1: 81731 Revoir Pl., Indio, Calif. Listed at $620,000. I brought the Buyer also. Cash..very close to List Price. In Escrow in 5 days. Set up to record by 12/2. How did it happen so fast? I had spoken with the Seller the previous year about my evaluation of the property and what it should list at. I took her an offer of $650,000. She disagreed and listed it at $750,000. A year later, she called me again. The property value had dropped a bit and my Buyer at $650,000 was gone. She agreed to my price, I contacted my suitable database of potential Buyers, wrote up a cash offer and she accepted. That idle year of “thought” cost her over $30,000 + carrrying costs. Listen to your List Agent if they are on top of your area..I KNOW what is selling.
Property 2: 82243 Waring Wy., Indian Palms Country Club. I took this listing after the Seller called me out of desperation. The Condo had been listed for over 200 days with 2 different Realtors. Why hadn’t she received even ONE written offer? I walked the property after the Listing expired, and told her it was not in a condition to sell and I was not surprised she hadn’t received an offer. The List Price was correct, but the property did not present itself in a manner that would induce offers. She listened. It only cost her $588 and I arranged all the “fixing”. A large tree was trimmed that had been cutting off the light into the condo. Furniture was removed, a couch replaced. I re-hung pictures, and bought brightly colored throw pillows, towels, hand towels, table centerpiece. Lastly, a HUGELY necessary deep cleaning by my cleaning crew. Then, and only then did I put my sign in the ground and list it. I had 2 full-price offers within 3 days! Did I reduce the price??? NO! The price was right/sq. foot. The presentation was wrong..and we fixed that. Cash offer to close in 3 weeks or sooner.
Standard, Equity Sales DO sell..if the Seller hears their experienced List Agent. It may cost you a little out of pocket, but the money going back into your pocket and the relief of no more monthly carrying costs is worth it!
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Buyer’s Agent; What does it mean? A buyer’s Agent represents the BUYER. There are Agents who ONLY represent Buyers, and there are Agents that represent both buyers and sellers. Not usually at the same time, although in California “dual Agency”, is legal and in certain circumstances is just fine.
When a Buyer is considering a Short Sale OR a standard, equity sale, they need an Agent looking out for their own interests. I don’t take my Buyer’s to just any property. It is a process to find a property that matches a buyer. It takes homework on the Buyer’s Agent side. We need to interview our Buyers to try to suss out exactly what their list of “I wants” is vs. their list of “I will not live withouts.” Very different.
If a Buyer is looking at a Short Sale or a Foreclosure, they are probably more interested in price/sf. This Buyer may very well give up many of their “wants” and certainly some of their “I will not live withouts”. In a Short Sale, the Buyer has to LOVE that home so much, they are willing to ride the short sale cycle all the way to the end. In a Foreclosure, the Buyer has to look past the condition to the potential..
The Buyer’s Agent has to LISTEN. Really hear what the Buyer is looking for. Really see how they respond to a property. Sometimes, the Buyers list of “I will not live without”, becomes very different as we go through the process of home searching. Look for a Buyer’s Agent that suits your personality, and listens to what you want…you’ll be working together for a long time!
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Touches of color; sparkling clean!
Whether you are considering selling your property as a Short Sale or you are in the stellar position of selling your property as a standard, equity sale, the right List Agent is crucial to getting your deal CLOSED! A good List Agent is not just out trying to get more listings, stick more signs in the ground and claim bragging right to “X” number of active Listings. A good List Agent should be trying to nail down not only the right price, but also to nail down HOW to get your property sold.
It is not just a marketing technique..although marketing is HUGE in today’s Buyer’s market. Sellers also need to be open to hearing what their Agent is saying..and why.
I just took a listing that has sat on the market for over 200 days!!! Why??? It wasn’t the price..I checked that out and know the neighborhood well. No, it’s priced to sell. I walked in the front door and understood exactly why it has not sold…not even a written offer.
Dark, not fresh, closed up smell, no pops of color and light, mis-matched pieces. Nothing was awful. Everything was “off”. $600 from the Seller later, and we had a new property! Listed 2 days, and our first offer came in. Most interesting to note..the price was never changed. The property appearance was. Suddenly, this property became a great buy at the very same List Price!
Ask your Listing Agent pertinent questions, listen to their answers and if they make suggestions as to how to get it sold quicker..listen.
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