Music Festivals bring millions to the City of Indio, Calif. The city of Indio has always been known to the Locals as “The City of Festivals.” Before the Coachella Music Festivals, that generally meant The Indio Date Festival and the Tamale Festival! Not any more. The sleepy city of old Indio has now gained acknowledgement as the home of the highest ranked Music Festival in the world! Tickets for the 2016 Coachella Music and Arts Festival sold out in less than an hour. These two festivals, ranked #1, and #3 respectively, brought in more than $106 million for their organizers in 2015. Forbes ranked them first and third on the list of highest grossing music festivals of the year. (Desert Sun) If you’re thinking of buying or selling in the desert, give me a call at 760-285-3578.
How much of that money actually benefits the City of Indio? Each of the tickets sold brings in $5.01 to the city’s general fund per the agreement between Goldenvoice, the events’ organizer and the City of Indio. Last year the City took in almost 2.8 million between the three weekends! Goldenvoice reimburses the city the costs of extra security and traffic control, so those monies help the City of Indio’s bottom line. With this information, it helps my buyers understand why buying an investment property in Indio, La Quinta, or any of the surrounding areas makes sense. PGA West is a favorite amongst investment buyers, because it is relatively simple to lease their property when they are not using it themselves.
This listing just came active yesterday within PGA West, La Quinta, and won’t last long, as it has an extensive Luxury Lease History that goes with it! 56435 Mountain View Dr., La Quinta $1,450,000 TURNKEY. The general rule here in the desert with regards to buying properties that will be serving the dual interests of both the homeowners’ use, and bringing in Lease income, is “the more bedroom & bathrooms..the better!” This home has 4 bedrooms (a bonus room is being used as a 5th sleeping quarters), including a large Casita, and 4.5 bathrooms in over 4,300 sf!
Don’t want to buy used? Prefer to build your own custom home? Another new offering in La Quinta is this outstanding custom estate sized home site, at the ever popular, Hideaway Golf Club. The location of this club doesn’t get any better, as it’s approx. 2 miles from both the Empire and Eldorado Polo Clubs, site of the Music Festivals. The Uber Luxurious, Madison Club is just across the street, and it’s a short 5 minute trip to Old Town La Quinta, with it’s restaurants and boutique shops. This home site is one of the last Premium VIEW sites remaining on an interior location at the Club. Two lots were merged to create this one estate sized parcel of approx. 28,500 sf, with over 100 ft. of frontage South, over the Lake to fairway to mountains. Offered at only $1,199,000. Take the tour below, then call me for your own tour at 760-285-3578.