Is it time to buy in our winter paradise?
Sales continue to rise here in the Palm Springs Valley. The Median keeps moving slightly down, but that is to be expected when the luxury homes are really starting to pop. So..even when the entry level homes price/sf falls slightly, the luxury home sales fall ALOT and that skews the median. Don’t put too much emphasis on the median price..look at the development in the City you are looking to buy in. Check those comps carefully for the past year and that will tell you the true story in a micro level.
This article from today’s Desert Sun emphasizes all our recent Sales. The last Q of 2011 has continued it’s steady sales numbers into the First Q of 2012. Entry level homes are pretty much consistently receiving multiple offers. I often get outbid on investor homes at this level. First Time homebuyers are taking advantage of the “First Look Initiative” for Freddie and also Fannie Foreclosures and usually beat out the Investors! This is probably a good thing for the healing of our communities.
Luxury home Sales have really started popping. PGA West continues to sell rapidly. Buyers from Australia, New Zealand, Asia, Canada, the beach cities, L.A., and many local buyers that are selling and moving up to communities they have been eyeing but were unable to afford..all are pushing luxury home sales up.
I am hearing over and over…”Where else can I put my money to diversify my portfolio and get such a strong return?” Good question…
More
Smiling through hard times
I don’t have children, but of course, I know people who do. And I know some of those children . . . young adults coming up in a tough economy and unstable times. Remember back when you were young – in your late teens and into your twenties – these are heady times . . . sometimes exhilarating as you step out into the big wide world as an “adult” and all the freedoms allowed . . . and often times scary as you learn about the responsibilities that also come with being “of age.”
But life in today’s world !!! So fast, so complicated, so multi-tasking . . . so much information !!! And jobs are hard to come by, it’s hard for many of these young adults to find their place. There is a survey out there that says nearly half of young adults between the ages of 18 and 24 take jobs just to be able to pay their bills; nearly a quarter work without pay to get work experience and more than a third go back to school because they can’t find a job !!! Many are delaying marriage and having babies, and some move back in with mom and dad. Young adults looking to buy their first home need an experienced realtor.
It just wasn’t like that back when I was fresh and green and just starting out. Opportunities were abounding. This same survey says that optimism is high among young adults anyway . . . hmmm, maybe it’s their youth . . . I guess it beats the alternative. Wishing for better times and recovery for us all.
More
Gorgeous Streets of Palm Springs
Well, there seems to be some debate about the color scheme of this renovated Holiday Inn HOtel that is re-opening as The Saguaro, but I think it’s fantastic. Bright, sunny, welcome to Palm Springs and our gorgeous winter sunshine! All the rooms are booked, so they did something right!
New Construction, re-habilitation of old buildings, more Hotel Rooms..all good for Palm Springs and our Valley in general. Welcome to The Saguaro!
More
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!
More
Palm Springs, California is known for it’s history..mostly known for it’s Celebrity History to be more accurate. But there is much more. Nellie Coffman’s Inn was the catalyst for much of Palm Springs original business growth. People came to the desert for both rest and relaxation, and also to try to heal Tuberculosis. It was thought the dry air and warm temperatures would help cure it..and they did appear to help. Our many hot springs added to the healing process.
Back to Palm Springs first bank. None of the big banks wanted to touch Palm Springs due to our seasonal life here..who could make a profit on people that only lived her 6 months a year? Bank of America offered Palm Springs citizens a deal..and they took it!
More
Palm Springs Film Festival helps to keep our Valley on the International map! This year the festival is especially heavy with stars..George Clooney, Brad Pitt & Angelina Jolie, Charlize Theron, Oprah Winfrey..yikes! The Red Carpet was on fire with celebs last night and people come from all over to be a part of the festivity.
http://www.mydesert.com/article/20120108/LIFESTYLES010201/201080362/Oscar-race-begins-Palm-Springs-film-festival-awards-gala?odyssey=tab|topnews|text|Frontpage
As if our amazing weather (80 degrees this week), beautiful views, golf courses, polo games, horse show events, hiking, biking, walking, bird watching, shopping, dining, Theatre, and Museums aren’t enough reason to buy a home in the Palm Springs or La Quinta area???
More
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..
More
Polo Clubs in the Palm Springs Valley
Deer Creek Equestrian Center
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 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
More
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
More
Golf returns to Palm Desert Country Club!
The Palm Desert Country Club in Palm Desert, California is back up again. There had been no golf for a long time due to the club’s being in bankruptcy. It has been purchased by Canadians, and the new owner bought a home there! This is one of our oldest golf clubs in the Valley and I am so glad it’s up. It’s also one of our most reasonable courses to play, and it’s open to the public to “pay as you play.” Golf courses are struggling now here in the Valley. The private clubs that charge huge initiation fees are trying to figure out how to keep attracting new players. At Palm Desert Country Club, they don’t have that problem. They just needed some cash to get the greens and clubhouse updated and they’re off! I see success here…read more here..http://www.mydesert.com/article/20120102/NEWS05/201020315?fb_ref=artsharetop&fb_source=home_multiline
More
