La Quinta Real Estate, 2012..a good year?? A good year..that is going to be very different for each person asking the question. La Quinta Real Estate in general has withstood the decline in property prices, and in many areas and specific developments is actually seeing a slight increase in the price/sf! What??
1. Entry Level Homes: 2012 will see a continuance of high volumne sales in this market. Entry Level in La Quinta is approximately $200,000 and under. Homes in this price point moved heavily all through 2011 and should continue the trend through 2012. With a great school district, solid City management and reserves, proximity to upscale Hotels, Golf Courses, Resort amenities and Old Town La Quinta, there isn’t much not to like. Just add in the views, and you can see why this market is sizzling. Investors, Flippers, first time home buyers and families that have been waiting to purchase when prices dropped will continue to jump into this market.
2. Gated Communities: Gated Communities in La Quinta are very popular. La Quinta is, for many Residents, a resort destination. Canadians, Asians, Europeans, Northern Californians and Beach Owners, prefer to purchase their second homes, and vacation homes in gated communities, which do offer more security for the months the Residents are not in town. Prices in the mid-tier pertain to these communities at about $350,000 – $550,000. There are some less and many more expensive. However, the mid-tier price range of homes will most like move laterally..not going up or down and should continue to sell fairly well.
3. Golf Communities: In the La Quinta and Palm Springs Valley, there are approx. 120 Golf Courses! That means, ALOT of inventory. I believe we will continue to see Private Golf Clubs, changing their pricing structures to encourage part timers and beginning golfers. PGA West has already done this by adding a non-refundable Premier Membership opportunity at $40,000, and The Citrus offers the same at $30,000. This only came into being in 2011, but I believe there will be MANY private Golf Clubs trying to figure out how to entice more golfers to join the Clubs, in a more reasonable way. Home on Golf Courses are selling very well and should continue to do so. Average prices are now at approx. 50% less than they were at the housing peak in 2006.
4. Luxury Properties in La Quinta: I have seen a large increse in the interest and also the Sales numbers in Luxury residences across the Valley. These magnificent homes, in Golf and non-golf communities are selling. I think the Sellers will continue to adjust their prices to attract Buyers and the Luxury home market (1 mil – 3 mil) and the Luxury Market High End, (3.5 mil to 40 mil) will see sales increases in 2012.
I am not a psychic. I am a Realtor that is interacting with Clients on a daily basis and reading every real estate prediction I can find. None of us KNOW what is going to happen. These are my feelings for 2012 La Quinta and Palm Springs Valley real estate trends for 2012.