What??? This doesn’t make sense when you read the Palm Springs Valley Foreclosure numbers. Since October of 2010, Foreclosure Filings in the Palm Springs Valley and La Quinta area have actually declined approximately 32%. So, why would two of the most expensive cities in the desert show increases in their Foreclosure numbers?
Actually, it makes sense. The pricier, more stable, built-out areas have held up better than the newer cities that saw so much building during the building craze that hit 2002-2006. Therefore..the older, settled, and yes, wealthy cities of Rancho Mirage and Indian Wells were the only 2 cities that showed increased Foreclosure numbers.
Indian Wells: Foreclosure filings were UP 85%. But, that means only 13 homes total.
Rancho Mirage: Foreclosure filings were UP 36%. A total of 64 homes total.
La Quinta filings were down 35%, Indio was down 10%, Palm Desert down 24% and Palm Springs down 50% in total Foreclosure filings.
Reduced Foreclosures, but…an increase in NOD’s (Notice of Defaualts}. That means that Short Sales and Foreclosures will most likely be around for a few more years, despite the 12 month declind of about 32% from last years numbers. Still great buys in all the Palm Springs Valley!
image: garrigusrealestate.net
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The Canadians are here..the Canadians are here! That’s what we locals say every Winter now..it’s changed from “The Snowbirds are here..” As a largely Resort Community, we are very happy every winter season when out of towners flock to our warm, winter weather. As a local, I love the slower pace of life, the lesser levels of traffic and the “local” feel to dining and dancing during the hot summers. But..I also LOVE the winter influx of our seasonal friends.
Vancouver, and Calgary, Canada, seem to be sending droves of Buyers to our extremely affordable Valley. The harsh Canadian winters become a distant memory once they step off the plane, and the warm temperatures welcome them to the Palm Springs Valley. With average winter temperatures of approx. 80 degrees and nightly lows of only 40-50 degrees, it’s a perfect place to spent your winter months, vacation, or retire in. Many of us live here year round and I for one, find that my blood is thinner than my Canadian friends! I’ll bundle up in a sweatshirt, but my Canadian clients will be sporting golf shirts or a light cotton tee!
Along with Canadians, who know a deal when they see one, we are seeing a huge increase in International Investors. Buyers from China, Asia, France, England..pretty much everywhere are ending up in the Desert. Our Real Estate Values have never been so good, and with golf, tennis, hiking, equestrian events, dining and dancing..there just isn’t much to miss!
The building mania of 2002-2006 hit our valley hard. We were a perfect storm, with land relatively inexpensive and lots of it, developers saw an opportunity and took it. That means that when the downtown hit..2007-2010, prices fell to 30-50% below the peak. It doesn’t make much sense any more to build a home..even an extremely custom one, when you can buy a resale with ALL the bells and whistles for a lower price/sf than a builder can build it for! What???
If you are waiting for a great time to invest in our Palm Springs Valley real estate, now is it. Luxury homes are selling like crazy and are expected to move even faster during 2012. Why? People that buy Luxury homes are able to buy up to 3x as much house than they can at home..whether it’s Canada or China. Plus..where else to park some money where you can actually enjoy it?
Come on out and visit..you will most likely stay for a long while!
image: photoshelter.com
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Rancho Santana in La Quinta
Buyers are always asking me if there is any new home construction going on in La Quinta. The answer is “yes!”. During the boom days of 2002-2006, there was a new Housing Development Grand Opening every weekend. Now..not so much. There is plenty of standing inventory, and the price/sf to build often prices the new homes construction right out of the market. However..there are some brave builders with strong bottom lines that have been able to weather the construction slow down and continue to put sticks in the ground.
- The Grove at The Citrus: This was a new homes development that came to a stand still for a couple years as it was re-organized. Prime location within the gated Citrus golf course, but with it’s own entry gate, this enclave of semi-custom homes has started up again. With models open 5 days a week, The Grove offers 3 floor plans ranging in size from approx. 2900 sf to approx. 3600 sf. Spanish style, with just about everything included, these homes start in price from approx. $600,000 and go up to approx. $700,000. These are not Fairway homes, but membership at the Citrus is available.
- Codorniz: RJT is the builder of these townhomes located just South of the roundabout on Jefferson St.. The Entry is just North of The Hideaway Golf Club. These are lovely homes, with 4 floor plans available to choose from. Prices start at approx. $275,000 to approx. $400,000. There is an onsite Sales office open 5 days a week.
- Rancho Santana: Lennar built out their section of this development and now Desert Elite is finishing out their part of this project. Located on Avenue 52 and Monroe, Rancho Santa is a gated community with walking and biking paths, a dog park and a central park. There are several different floor plans, with and without pools and the prices start at approx. $500,000.
Can the new Home Communities compete with the Resales? Not if you just judge by price/sf, but if you want a particular home with certain amenities and upgrades and most importantly, you love NEW HOMES, then the price differential may be worth it to you!
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HAFA short sale CLOSED. North La Quinta, CA.
Just closed another Short Sale in North La Quinta yesterday. This one was approved for a HAFA Short Sale. HAFA short sales are not easy because they require such extreme documentation from the Sellers, but if the Seller has already tried to do a Loan Mod, then it’s relatively straight forward.
HAFA is the government backed Short Sale program. It is for Primary Residences only with Purchase Money Loans. One loan or two loans..both may qualify. The requirements for the Seller are stringent to be sure, but less so than they were before this year! The Sellers income to expense ratio is no longer calculated, against their % of Mortgage payment. It used to be that the Seller had to be spending 31% or more of their monthly income to their mortgage. No longer. There must be a true hardship to qualify, but it is a good program because there are time lines and the Seller receives a Relocation fee of $3,000 to help them move on with their lives.
This particular home in the Topaz development of North La Quinta is gorgeous! Built in 1994, it has 3 bds/2.5 baths, a large yard with pool/spa/BBQ and outdoor shower, and is located on a dul-de-sac in a great school district. North La Quinta is preferred by families because it has great Kindergarden, middle and high schools within walking and biking distance for the kids. North La Quinta is also about 5 minutes from Hwy 111 with it’s shops and public transportation. The parks and common green belts located throughout the North La Quinta developments encourage outdoor living for all family members. A friendly, neighborly community of home owners.
Wells Fargo held the note for this home. Value of $350,000. I listed and CLOSED this Short Sale in approximately 90 days for the price I listed it at..$228,000. Seller received $3,000 in relocation fees and the Buyers purchased a highly upgraded home for a very good price. HAFA short sales are tricky, but with an experienced Listing Agent, they DO close!
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