If you have been to La Quinta, or have even just seen pictures, you know the obvious reasons this is an amazing place to call home. The idyllic setting when viewed on a map seems almost too good to be true! Whether you are a golf fanatic or someone who just loves a great desert sunset, La Quinta is also a prime location for a second home. The golf, the mild climate, the golf, the mountainous landscape, the golf; need I say more?
But beyond all those somewhat superficial qualities, there are two very substantial reasons why now is a fantastic time to consider La Quinta real estate. With mortgage rates falling below 4% on a 30-year note for the first time in decades and property values still well below bubble year prices, it just might be time for you to create your own version of that jaw-dropping cocktail party ‘I bought my home in La Quinta for (insert dirt cheap value here)’ lore.
For example, a 3 bedroom, 3 bathroom, Rancho La Quinta Country Club home that was listed in 2008 for $749,000 is now listed for $535,000. That’s almost a 30% price break, folks! Going a step further, let’s figure that with strong negotiation you are able to purchase the home for roughly 93% of list price, or $500,000.
Your monthly principal and interest works out to about $2,200 figuring 10% down and a 4% interest rate on a 30-year note. Just a few short years ago, that same house would have cost you nearly double each month, figuring conservatively $700,000 at 5% for 30 years.
I know what you are thinking…even though La Quinta real estate is clearly a good investment right now, you have your current home to sell and face the same issues these sellers do with a lackluster market and soft prices.
What I would ask you to consider is that on a move-up purchase, the percentages work out so you are gaining more on the buy side than you are giving up on the sell side. To illustrate this point, let’s say that what you have to sell is a bottle of water that’s missing 10% of its contents.
Most bottles of water contain 16 ounces, so your bottle of water now has slightly more than 14 ounces available. Visually, it would not even look that different than a full bottle. But let’s say somebody else has a gallon jug of water to sell that is also missing 10% of its contents. Their jug is missing a whopping 13 ounces, almost the total amount of your bottle! That jug looks a lot less full than your bottle, right?
La Quinta homes for sale number in the thousands, ranging from the low-$100s to the several millions. New construction continues to be built as well. In addition to a huge variety of price ranges, there are also several different types of properties to consider, including; golf course or non-golf course, gated and non-gated communities, as well as equestrian properties. There truly is something for everyone.
When you consider the topography; surrounded by mountains and a short drive to the coast, La Quinta is the place to be for outstanding views, a variety of hikes, and some of the best and most prestigious golf California has to offer. Combine that with today’s mortgage rates and deflated prices, and there is really no reason to wait. For all these reasons, La Quinta real estate is now and will always be an outstanding value.