Luxury rental/event site SOLD in Indio, CA.
Coachella Valley Short Term Vacation Rental Info. I show alot of property. Most buyers now, whether it’s a residential buyer, Estate buyer, Equestrian property buyer, or investment buyers, want to know if they can use the property as a short term vacation rental. That is not a Yes or no answer! Many issues come into play regarding short term vacation properties. Each City, and the County of Riverside has it’s own rules. For example, the City of Indio short term vacation rental rules differ greatly from La Quintas’! If you are looking to buy or sell a short term vacation rental property or event site, give local realtor Kim Kelly at 760-285-3578.
A Coachella Valley investment property can be a lucrative asset to any real estate portfolio. If you’re thinking about the ROI (Return on Investment) of a particular property, be sure to do your homework before writing that offer! The Coachella Valley can be lucrative for owners renting out their properties. There are several different ways to rent your property. Short Term, which is a contract less than 30 days, and seasonal rentals, which are over 30 days. Then of course there are event sites, corporate sites, wedding sites.
Be sure to check with the City websites, and even give them a call to verify the rules and regulations specific to that community or City with regards to the property you are considering. If you are buying in an HOA controlled community, you must check directly with that HOA as they can dictate their rules pertaining to short term rentals within their boundaries. Believe them and honor their rules! Take a tour of this gorgeous home at the gated Rancho Mirage community, Victoria Falls. No rentals of less than 29 days!
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Buying or selling in the Coachella Valley?
What about this coachella valley market? Here in the Coachella Valley, the bidding wars of 2 years ago have pretty much quieted down. A year ago, you could count on a full price offer if your property was priced right. Now, it’s pretty up and down. The market isn’t bad, but buyers are more cautious. Because interest rates are high right now (6-7% for a conventional loan), compared to I rates of a couple years ago, which were at an all time low of 2-3%, some buyers are finding they can no longer afford that home’s price point, and they are dropping down into a lower tier sales price. If you are considering buying or selling your property here in the Coachella Valley, give Kim Kelly, local realtor, a call at 760-285-3578.
There are several things to remember as a seller in this market. High competition and low inventory can turn into a sellers’ gain. Pricing is important, but also keeping your agents’ on top of the market is imperative. No matter what the comps say, buyers actually set the market. Here in the Coachella Valley, buyers, especially if they are patient, can afford to wait. Sellers on the other hand should be willing to negotiate..even if their neighbors house right next door, which wasn’t as nice, sold for MORE than you are listed at! Believe the market. If you really want to sell your property, respond to all offers; do NOT get insulted.
Especially for sellers of higher priced homes, we are seeing year over year price declines, though not huge. There is less competition, so your house may not sell as fast. Be patient, and be realistic.
Take a tour of this new listing at Victoria Falls in Rancho Mirage, CA. Offered at $1,249,000.
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25 Victoria Falls Dr. at Victoria Falls in Rancho Mirage, CA
Just Listed in Rancho Mirage: Beautifully maintained single family home located at the gated non-golf community of Victoria Falls. Originally built by Peter Soloman, Victoria Falls is centrally located in our desert valley, near the 10 Freeway, at the corner of Bob Hope Dr. and Gerald Ford. The city of Rancho Mirage offers upscale dining, parks and walking paths, a beautiful library, and is right in the middle of our valley. If you are looking to buy or sell in the beautiful Coachella Valley, give Kim Kelly a call at 760-285-3578.
Built in 2002, and coming in at just over 3,000 sf with 4 bedrooms and 3 bathrooms, this Duchess floorplan at 25 Victoria Falls Dr., is the perfect size. The West facing back yard offers great light over the Pool and spa. The rock waterfall cascades into the pool, creating a soothing sound and sparkling light affect; this is resort style living in the desert! The back yard is an oasis of carefully chosen plants, full grown trees, desert scape mixed with grass, multiple walking paths and conversation areas, an in ground fire pit and an outdoor cook station.
Covered outdoor cook station with BBQ, granite countertop!
The covered outdoor cook station includes a built in gas BBQ, granite topped counter, over head heaters, ceiling fan, and an electronic shade for dining as the sun sets.
The home has been remodeled with new flooring throughout and new carpet in the bedrooms, lighting, newer A/C units, pool heater and pump, water heater, and new cabinets in the kitchen and powder room. The kitchen has gorgeous granite counter tops, new refrig., new Bosch dishwasher and direct access to the 2 car garage. There is also a golf cart garage.
Low HOA’s of only $370/month include basic cable, gated entrance, front yard maintenance to the courtyard and basketball, tennis and pickleball court maintenance. Victoria Falls is a lovely community! Call Kim to make your appointment to tour this property today! 760-285-3578. Take the video tour below..
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Coachella Valley real estate is adjusting to a new economic reality.
Coachella Valley real estate update: As everyone knows, the real estate market everywhere is going through a crazy time. After a huge run up in prices over the past 2 years, caused by low inventory and high demand, the sellers were pretty much able to choose between their multiple offers, or accept a full price offer very quickly after list. Times they are a changing here in the Coachella Valley! Properties are still selling..under the right conditions, and if sellers list their properties at the right price.
Inventory is still fairly low, especially for homes that have the desirable South or West orientation that buyers love here in the sunny Coachella Valley. A great floorplan, and a killer location will still create plenty of demand, but pricing is critical. Just because your neighbor got $550/sf. a year ago, does NOT mean your home will garner the same amount.
Land is selling in the Coachella Valley. Interesting that demand has increased in the further Eastern areas of the valley, our more rural cities like Coachella, Thermal, and Mecca are seeing sales, and strong demand. Developers are purchasing land for estate home developments and multiple residential developments. Equestrians are investing in both land and farms, and event sites on multi acre properties are in high demand. Demand remains in our 9 desert cities IF sellers are in tune to the market and price their property correctly! Take a tour of this 108 acre parcel of land on 64/Pierce.
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Our popular Coachella Valley real estate market is shifting..
Coachella Valley market update July. Just in the last 24 hours, I’ve seen a number of price reductions on our local Coachella Valley MLS. There are even some reductions in long and short term rentals! Haven’t seen that in awhile. This article from the New York Times notes the slowing real estate market nationally. If you are looking to buy or sell your Coachella Valley property, give me a call at 760-285-3578.
Here in the Coachella Valley, we are still seeing increasing prices and property values due to low inventory and the fact that we are a destination resort location. Sellers that price their properties right, and are open to negotiating a bit will still sell their properties, but the hot buyers market from 4 months ago is done. Great sun orientation, floorplans and views still demand the top prices in the Coachella Valley, but now there are not multiples for most properties.
Median Sales price: $590,000 down 1.7 % since last month but up 18% from last year.
Days on Market: 34. Up 26% from last month and up 3% from 2021
Active Listings: 1,489 Up 7% from June and up 99% from last year!
Closed Sales: 544 Down 28% from June and down 39% from last year.
Months of Inventory: 2.7 up 50% from June and up 237% from 2021!
If you’re a buyer, it sure feels like the market is switching from a sellers market to more of a buyers market. Mortgage Interest rates seem pretty stable right now at about 5%, which is MUCH higher than last years rates, but still historically very manageable. As rates go up, prices tend to come down..that’s the good news for buyers. Take a tour of this incredible 10 acre equestrian property in Thermal, CA. $2,995,000
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La Quinta, one of the Coachella Valley fabulous cities!
Second Q real estate Coachella Valley: Here we are finishing the second quarter of 2022 and it is definitely slowing down. What a difference a few months makes..even in our resort destination Coachella Valley! Inventory is still low, but buyers do have a bit more power here in the valley, pretty much the same as anywhere else. The price of Land and Equestrian properties remains stable, but remember there are NEVER as many listings, and the buyer pool is much smaller, so it’s a different market than Residential. If you are looking to buy or sell in the Coachella Valley, call Kim Kelly, local Realtor for over 20 years; 760-285-3578
In the first quarter here in the Coachella Valley, we had low inventory, rising prices and really strong demand continuing from the previous 12-18 months. Different deal in the second Q of 2022. Inventory is rising, demand is decreasing. So far prices remain pretty stable, but demand is down, so it’s pretty safe to say prices will be dropping a bit. Sellers are still getting their numbers IF they are a bit more flexible. However as we head into the 3rd Q and the quiet summer months, I expect the sales pace to be a bit slower and the discount from List prices may have to be considered by sellers. I’m counseling my sellers to be realistic. If they want to sell now, they must hear the buyers and consider their offers.
There were 2584 homes sold in the second Q of 2022, a 23% drop from the same Q last year, but a slight uptick from the first Q of 2022. There are still plenty of sales, but compared to last year, or even last Q, the pace is slowing, so we all need to be aware of that when pricing a property. Take a tour through this 10 acre farm at Deer Creek Equestrian Center, Thermal. $2,995,000
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Private Pools are popular in the Coachella Valley
Coachella Valley home prices??? What’s going on here in the Coachella Valley with regards to the end of the second quarter in 2022. While our market has slowed to a more normal pace, it is still going pretty fast. Properties still receive multiple offers, but it’s not a charge. The mortgage rate increases, inflation, and the war in Ukraine are weighing heavy on economics in general, and has slowed our home selling market down.
A large percentage of our Coachella valley home buyers are cash, and our local inventory is still very low. I have seen less activity over the past few months in the 1 to 3 million dollar price point. Most of the homes sold last year were $600,000 or higher, while 35% were sold in that price point last year, the rest were lower. As prices have gone up, cash buyers have continued to pave the way for a large percentage of our valley buyers.
The economic impact on home prices is covered in this breakdown from Corelogic. Take a tour of this amazing 35 acre date farm in Coachella. Three parcels, two homes, date packing facility, great zoning, hard signalized corner location at 52/Van Buren. $8,500,000. If you are looking to buy or sell a home, equestrian property, or land, give me a call at 760-285-3578.
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Land and equestrian properties need curb appeal too!!
What’s ahead for real estate in 2022? So, we’re half way (almost) through the year and the coachella valley real estate is still smokin hot..but are there signs that it’s ending?? I don’t have a crystal ball, and I personally am very aware of the increased Mortgage rates, the increasing Inflation, and hugely fluctuating stock market, BUT I have no insight as to what’s going to happen in the future, so I thought I’d write a blog on exactly that from some different sources. Decide for yourself! Kim Kelly, local realtor for over 20 years 760-285-3578.
It’s been a red hot housing market from East Coast to West Coast. Why? COVID allowed buyers to work remotely, Interest rates were insanely low, and years of more demand than supply in the housing market all helped to create that storm. Fortune reviewed seven industry forecast models to help us PERHAPS see what’s coming..
US home price growth: Since 1980 Fortune calculates average price growth of 4.6%/year. Over the past year price growth (19 % +) is four times that level.
Rising Mortgage Rates: Even though we are still at good MI rates of 3.4-3.6% by the end of the year, it will cut out many buyers.
More or less mobile workers? CoreLogic states that as we head into 2022, moderation in the current flight pattern may be changing. IF corporate America pushes harder to bring staffers back into the office, that may slow buyer demand.
Take a tour of this amazing property, 20 acre working farm for $1,775,000
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Multi acre estates are in high demand in the Coachella Valley!
March real estate update: The Coachella Valley continues, like most of California to notch record breaking sales, and increasingly depleted listing inventories. Sellers continue to be in the drivers seats, especially with residential properties. The land values are continuing to bring increased prices/acre, and developed equestrian properties that can double as event sites are much in demand.
Overall, sales are staying swift, and residential properties are being purchased faster than they can be replaced. Here are some statistics pertaining to our local market..
- Approx. .6 month inventory (stable market is considered at about 6 months inventory)
- 1,079 homes sold in March, 2022, with a sales volume exceeding $677 million
- Sales volume increased 11.6% from last year.
- March saw 1116 new listings, a 9.9% decrease from March last year, but an increase from February of approx. 10%.
- Median sales price increased 23.9% from last year to $607,000
- Average price/sf is $426 a 35% leap from last year.
I rates are rising, that’s true, but here in the Coachella Valley, most property purchases are cash deals, so it remains to be seen how much of an impact I rates will have. Take the tour below of a 9.4 acre estate in Indio..
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The Eastern Coachella Valley city of Thermal has land, ranches & gorgeous homes!
Thermal has some new projects going on. Thermal, CA. is an East Valley city that is generating alot of interest as we head into 2022. There was the Thermal Beach Club that we heard about over a year ago. What’s going on with that? Now, there’s recent talk about a private golf course..very private near the southern tip of Thermal. For local real estate information or a free property consultation, call Kim Kelly at 760-285-3578.
The Thermal Beach Club is proposed to be just south of the Jacqueline Cochran airport and just North of Ave. 66 in a corner of Kohl Ranch. It was to have a surf club, various housing, but..the local residents raised the issue that this club in no way helps the locals. Thermal needs more low income or at least moderate income priced homes. Have a Beach Club wouldn’t be something that the local community feels would benefit many of the locals.
Coachella and the other Eastern cities of our beautiful Coachella Valley..Thermal, Indio, Mecca, are all drawing new interest. I have lived here in the Coachella Valley for about 40 years now, and the East Valley was always considered “way out there!”. Now, Indio is practically central valley, and Coachella and Thermal have become THE cities to invest in. Take a tour of this beautiful farm in Thermal, offered for sale for $1,775,000.
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