Coachella Valley STVR rules are changing for 2023!
Coachella Valley STVR Update: As most people know, the Vacation Rental business is HUGE pretty much everywhere, but especially in resort locations such as our Coachella Valley. La Quinta Vacation Rental rules are up for a vote! If you’re looking to buy or sell Land, Farms or residential, give local realtor, Kim Kelly a call at 760-285-3578.
La Quinta just voted down the Kelly Slater Wave Park because so many residents did not want it in our Eastern Valley. Now it’s the Prop A vote that will decide whether or not to limit the number of short term rentals in residential neighborhoods, eventually phasing them out, and limiting them to commercial tourist zoned areas.
Cathedral City voters have approved a referendum to limit short term rentals for 2023. The city of Palm Springs is also looking to limit the total number of short term vacation rentals to 2500, and they’re almost there.
Even Riverside County has passed an ordinance that residents of the county must register their properties and abide by rules with regards to number of people allowed on the properties for events.
Coming soon in Thermal, CA.
I have a great new listing on a 2 acre property with a mid-century Pool home and stunning Southern views. A spectacular 6400 sf (permitted) building that could be used for events, large machinery storage, mechanic garage..lots of opportunity. Coming active soon at $1,850,000!
Leja Farm in Coachella, just listed. Prime location with 35+ acres.
Just Listed; Leja Farms in Coachella, CA. First time on the market for this family owned 35+ acre date packing facility in a critical location in Coachella. What an opportunity to acquire an investment opportunity in the booming city of Coachella.
Farms and Land are seeing an incredible surge of interest in the entire Coachella Valley, in particular in the Eastern Coachella Valley. If you are looking to buy or sell land, Ranches, or residential in the beautiful Coachella Valley, give me, a local Resident for over 30 years, and a Realtor for 20+, at 760-285-3578.
Not a ton of farms like this one come up for sale. Family owned, first time on the market. I have some other great land and farm listings if that’s what you’re looking for. Residential properties are still smoking hot, and rarely last longer than a week on the market before they’re bid up. This farm has it all. Located in the OPPORTUNITY ZONE, making it a great tax haven for businesses and their employees in case you’re looking for development opportunities. Three parcels, two homes, one built in the 60’s with a pool, and one built in the 90’s. There is a date producing facility and an active date business currently in place if you’d rather continue with that. Offered at $8,500,000, take the tour here…
Multi acre estates are in high demand in the Coachella Valley!
Coachella Valley real estate update. The peak season for the desert real estate market is typically the 4th quarter, and this year has been no different. The Coachella Valley is nobody’s secret any longer! Call Kimberley Kelly, local desert realtor and resident at 760-285-3578.
Inventory is still less than half of what it was a year ago (915 vs. 2,014), and less than a third of what it was in October of 2019 (3,010). Are we going to see the explosion of listings that those in the Real Estate industry have been clamoring for? Or, will we see the normal seasonal increase in listings that would get us just above a thousand? Either way, it’s going to be an interesting season coming up in 2022.
The other current housing market stats remain pretty consistent. Median months of sales remain just under 1.0 (under 3.0 would indicate a sellers market), and the average discount rate is at a premium of 1.1%, meaning the average home is selling for 1.1% above list price. Average total number of sales are down 28% from a year ago (806 vs. 1,120), but still higher than what we experienced years prior. In fact, the number of sales has decreased year over year in every price point except homes above $1 Million. The largest decrease in the number of sale was in homes priced under $400k.
Take the tour of this incredible farm that is offered at $4,500,000 for 9.5 acres, 2 houses, 7 car garage, 2 barns, arena, paddocks..a wow!
PGA West in La Quinta; huge demand!
Coachella Valley real estate update for April 2021. Pretty much the same patterns as the last few months emerged in April as well. Historically low inventory and extremely high demand continue to squeeze the market. Prices are going up, though certainly not sky rocketing here in the Coachella Valley, from Palm Springs proper, through the mid cities to the Eastern valley areas of Vista Santa Rosa, Thermal and Coachella. The sales pace is strong..if you price your home or equestrian estate properly, it WILL sell. Kimberley Kelly, a desert resident for 30 years and a Realtor for 20! 760-285-3578.
Sellers pretty much don’t have to discount their sales prices IF they price the property right. Buyers set the market values, and even though those values have risen, they still want to feel like they’ve gotten a fair shake on their new property..whether it’s vacant land, an equestrian estate, a golf course home, or a non-golf course home. Loans are still cheap, hovering around 3.2%. Anytime loans are that low, coupled with low inventory, buyers are going to have to pay more. I suspect we will see more listings coming on over the summer and into next fall, so if you miss one, don’t give up. Tell your Realtor to keep their eyes open and shoot you anything that fits your requirements.
April was slightly below March of 2021 as far as total closed homes, and yet there was still an increase of 17% in sales numbers from April of 2019. There are 658 active listings in the valley, down 77% from 2020. The average carrying time, days on the market is now 48 days, down 45% from 2020. There were 1228 closed sales, which is up 119% from one year ago, and we only have .5 months of inventory on the market, down 90% from 2020. If you see something you like, jump! If you want to sell and get a very good price, List!
This beautiful 5 acre farm with a custom home built in 2006 + a guest cottage and a 4 stall barn, is located about 35 minutes from Palm Springs, and is offered for $1,295,000.
Contemporary home on 9 Acres for sale in Thermal-always beautiful to show!
Did COVID affect coachella valley sales? The short answer is Yes! The hows and whys are a bit more involved, but it does feel to those local desert dwellers and realtors, such as myself, that it has affected our sales in a positive way. We were on the way to strong sales before it hit due to low inventory in every price point, but when the Virus hit, even more options presented themselves to buyers..thereby influencing sales. For a FREE consultation on your property value, land, equestrian or residential, call local realtor, Kim Kelly at 760-285-3578.
When the virus first hit, the phones quit ringing..for everything, and real estate was no exception. However, after the first 6 months or so, we started seeing an emerging trend..buyers were returning to look. Then they weren’t just looking, but they were buying. Year round homes for those who had always thought about it. Vacation homes for those who love it here in the Coachella Valley, and suddenly were craving more distance between their neighbors. Investment properties. Then the land and equestrian properties because land is still cheap, and again..space.
A year later, inventory has been ravaged in all price points. Residential properties sell almost as soon as they are listed, often with multiples, and this trend is not limited to any one price point..all are selling. Low inventory coupled with historic lows in mortgage rates combined to drive up sales through the Coachella Valley cities. Another factor is that even though our prices did go up, they did not sprint up. Even now with the low inventories, it is still a reasonable price/sf., and price/acre that is helping to drive continuing sales. Summer is a great time to sell your property, and our summer sale numbers traditionally beat the seasonal numbers..contrary to what many people say. Take a look at this beautiful equestrian farm that would also make a great event facility in Thermal, California. Just a couple miles from the Coachella Valley music festival grounds sits Valor Farm..
View from the arena at 10834 Union St., Cherry Valley, CA.
Coachella Valley real estate update: First Quarter, 2021 is over, and the market is still on fire here in the Coachella Valley. It feels quite different to me than the last cycle of real estate here in the Coachella Valley..because it is! I was selling new homes in 2001-2005. Screamed up, then the devastating crash that was felt pretty much everywhere, with our Coachella Valley being no different. What are the differences between then and now? For local real estate information or a free property consultation, give Kim Kelly a call at 760-285-3578.
The Coachella Valley market continues to outperform the same period 12 months earlier. Sales picked up while inventory cratered. Huge difference now than last cycle. In 2005-2007, the peak of the last cycle, sales were mostly driven by people buying home with little to no credit, on loans with little to no down! EEK! Now, fewer home son the market coupled with higher demand has created more competition for what homes are available.
Recent news about life getting closer to normal offers a glimmer of hope as far as inventory numbers. It is anticipated that alot of sellers will be putting their homes up for sale in the coming months. It is pretty much a sellers market right now, BUT, as more homes come on the market, it is going to become even more important to present your home in peak condition to guarantee that it will garner the highest price/sf. amongst it’s competition. Local information is critical!
Take the tour below of this incredible 5 acre equestrian estate in Cherry Valley, CA. Offered at $1,300,000, and with two homes, a barn, RV parking, huge arena and spectacular views..
A perfect Coachella Valley Event site on 9+ acres.
Coachella Valley Event Sites for Sale. What is an event site? What do people use an event site for? What makes a good event site? The Coachella Valley, with all it’s special events, including the Music Festival, is a premier site for Events of all types. The West valley, Palm Springs itself, draws a particular set of events, and the East Valley tends to draw the interest of another set. If you think you might be interested in finding an event site in the Coachella Valley, give local Realtor, Kim Kelly a call at 760-285-3578.
What Types of Events are held at Coachella Valley Event Sites? Events like Weddings, Quincineras’, Fathers’ Day parties, Birthday parties, Retirement parties, Golf Groups, Music Sponsored events, Equestrian participant events, Corporate Sponsored Events..pretty much anything you can dream up a party for!
What Size is a typical Event Site? Event sites vary as much as personal homes do. Typically, an event site that would generate the most money, is one with lots of room. Add to that, location and views, and it becomes even more desirable. Properties of an acre to five acres can be hugely requested.
Do Coachella Valley Cities allow Events? Check with the City you are thinking of buying in. Because it’s so popular here in the valley to rent rooms, or entire homes, for short term rentals, or events. There may very well be permits required for large events.
COACHELLA VALLEY EVENT SITES FOR SALE
52450 Monroe St., Indio, CA: 9.4 acres, gated, secure and private, Three Thumbs Up Estate, is spectacular. A perfect private Equestrian Residence, or a magical event site, including a main home of approx. 5600 sf, guest home of approx. 1200 sf, guest apartment with 2 bedrooms, a 12 stall barn, private orchard, private pitch n putt golf course and a private lake and waterfall.
SOLD! Beautiful Citrus Farm in Thermal, California.
SOLD! Coachella Valley farm. Another Coachella Valley Farm sold! I represented the Buyer on the purchase of this gorgeous Citrus farm in Thermal, CA. What fun! My client had decided to build a family estate that would be his dream desert retreat, and also a place to have family gatherings during the Coachella Music Festival. But first, we had to locate the perfect location. If you are looking to buy or sell in any of the desert cities in the Coachella Valley, call local resident Realtor, Kim Kelly at 760-285-3578.
Homes in our Coachella Valley are finding their footing after the impact of the Corona Virus. Many Sellers have decided to pull their homes off the market and wait to see how the season looks. I’ve had multiple buyers pull back and decide to wait..never sure how things will go, so not sure that’s a good idea. I believe it’s best to base your purchase on what you REALLY want. If it’s not exactly what you’ve been waiting for in terms of location and Sun and views, wait. The homes listed that DO offer those key things, sell very quickly..in all price points.
Coachella Valley Farm Land on the other hand is still moving. My guess there is that there isn’t that much of it left, and the price/acre has not accelerated through the roof as it did in 2005-2006. Price/acre is fairly consistent based on location, nearness to amenities, and projected use by the buyer. My client for this farm wanted to be in ONE area for his Coachella Valley Farm, so inventory is extremely limited. The seller was in a position to sell, and so timing was perfect. Take my little walk tour of this gorgeous 37 acre farm in Thermal. It’s a 5 minute drive to the Coachella Music Festival grounds, so a key location in our incredible Coachella Valley!
La Quinta Golf course communities include PGA West.
La Quinta Golf Course Communities: Here in the Coachella Valley, we are still considered a Vacation destination. True in that so many homeowners are seasonal, choosing to spend the typically cold months elsewhere here in the warm, gorgeous desert. Some seasonal owners prefer gated communities, while many year round owners prefer non-gated communities. There are pros and cons to both, and I am going to focus on gated, golf course communities in this blog. If you are thinking of buying or selling in any of the Desert cities, give Kim Kelly, local resident and realtor a call at 760-285-3578.
La Quinta Golf Course Communities:
Club Name Price Range Membership Deposit & Dues # of homes
The Citrus $600,000-$2,200,000 $30,000 & $1,353/mo. 537
The Hideaway $1,300,000 plus $60,000 & $2,600/mo. 248
PGA West $100,000-$3,000,000 $45,000 & $1,518/mo. 2941
Rancho La Quinta $450,000-$2,500,000 $39,500 & $1,465/mo. 979
Mountain View CC $350,000-$1,600,000 $31,000 & $1,215/mo. 427
The Tradition $1,500,000 plus $110,000 & $3,100/mo. 215
Andalusia $950,000 – $3,000,000 $39,500 & $1,392/mo. 160
The Palms $600,000 – $1,500,000 $20,000 & $820/mo. 92
The Quarry $950,000 – $5,000,000 $60,000 & $2,000/mo.
Take this short walking video tour of The Quarry in La Quinta. Mind blowingly beautiful..
Modern Equestrian Estate for Sale in Thermal.
Coachella Valley Land & Farm Recent Activity: Anything going on in the desert? Anybody still buying? Alot and Yes!! The Virus has definitely slowed us down as it has everybody. Less calls, less showings, and less numbers of buyers looking, and Sellers selling. Still..Farms, Equestrian properties, vacant land AND residential sales are continuing.
As every Equestrian and farm owner here in the Coachella Valley already knows, the HITS Thermal showgrounds was sold last year and is now called Desert Horse Park. The changing of the guards in the Equestrian show jumping is just one sign of the continuing growth in the Eastern Coachella Valley. Land is still fairly inexpensive compared to anywhere else in Southern California.
Three farms are in escrow over the past few months. We are having to re-negotiate land contracts sometimes due to the virus and it’s affects on the world. We are changing contracts from Cash to Seller Carry, and also extending closes..smart sellers are being flexible, but smart buyers can also see opportunity.
- 10 acre Equestrian farm with a 1992 custom pool home in Thermal. In escrow to seasonal Equestrian people.
- 37 acre Orchard in escrow to an L.A. family who will be building a custom family estate amongst the groves.
- 10 Acres of farm land in Thermal. Thenew buyer has future development plans.
Two large vacant land parcels on Avenue 50 have recently closed. Both had Tract maps on them and will probably be developed in the future. Check out this beautiful 77 acre farm on the border of La Quinta and Indio.