Locals and the Music Festival!! As with all relationships,there is a yin and a yang to the three weekends of the Coachella Music Festivals. The first two bring in current superstars, future hopefuls, and recent New Musical discoveries in the Coachella Music Festival. The only difference this season was the SIZE of the Festival..the city approved a newly enhanced limit of 125,000 people. The grounds themselves were larger too. All this was FANTASTIC! But…increased traffic, increased litter, long waits, detours to stay away from the busy streets..some inconveniences for us locals.
As a local Realtor for the past 17 years, I LOVE the Music Festival..all of it, even the traffic! I’ve lived in this beautiful desert valley for 35+ years, and watching it grow has been a kick. When I was playing polo, I wasn’t particularly interested in property values, which cities in the valley were booming, what the difference was between the East and West Valley. Now I am immersed, and these Festivals have changed the Coachella Valley since their inception 14 years ago. The high season for us desert dwellers start in about mid-October, and runs through about mid-May, and this season has been very strong.
According to the NAR (National Association of Realtors), sales of existing homes in the month of March reached it’s highest level in over 10 years. Properties are spending less time on the market from List to Close. Approximately 63% of Loans are closing, up 10% since January, and the time to close a loan continues to drop with loan closings, taking approximately 43 days. Here in the desert, inventory is stable, BUT, at any price point, the homes with the killer locations definitely garner a higher price/sf., no matter what desert city you are looking at.
My Equestrian properties continue to draw multiple showings, with my 5 acre farm in North Indio, opening escrow this past week, after only 50 days on the market! Vacant land anywhere near the Polo Grounds is in demand, and the most frequently requested property???? Anything with 5 bedrooms or more! They lease REALLY well during the Festivals! That’s another blog entirely….for more information, give me a call at 760-285-3578. Take a look at this latest sale..it’s a fun property!