Sunday, July 26, 2015

Valley Statistics

Market Watch Statistics

Frequently buyers and sellers ask about how the Coachella Valley is coming back since the downturn. I always find the statistics interesting! See below how percentages of price per square foot in each city relates to the all-time highs of 2006. While some cities are still struggling, you can see that Palm Springs is currently doing the best.

Perhaps this is a direct result of not only the revitalization efforts by the City of Palm Springs, but the fact the increasingly Palm Springs is again becoming one of the 'hip' places to live and visit. I think the popularity of Mid-Century Modern architecture and the vibrant night life in downtown Palm Springs makes it attractive to today's buyers.

With Indian Wells' reputation of being one of the best places to 'live well', and with the popularity of the BNP Paribas Tennis Open at the Indian Wells Tennis Gardens, it is good to see that home values are inching closer to their highs.

Out of the area prospective buyers would do well to investigate what the positives are for each city, what activities each city specializes in and how they meet their needs the best, such as proximity to shopping, golf and tennis opportunities, hiking and outdoor activities, casinos, music, art and cultural events.

Even with home values ever increasing, we still have a bit to go for homeowners to realize their equity if they purchased a home between 2004-2006.

Price per sq. ft. % as compared to all-time highs in 2006:

Desert Hot Springs      54.5%
Coachella                     55.6%
Cathedral City             65.6%
La Quinta                    65.6%
Indio                            66.2%
Rancho Mirage           67.4%
Palm Desert                 69.2%
Indian Wells                74.1%
Palm Springs               87.1%

We did indeed see year over year negative returns in some cities since the spring of 2013, but all indications point to listing prices rising this coming season. Savvy buyers are purchasing this summer and taking advantage of the still good interest rates and the price reductions of some homes.

Source data - MLS.COM

Monday, July 20, 2015

Small Community on the Upswing?

Indian Wells, California: A beautiful desert destination offering vacation resorts, exclusive gated communities, golf, fine restaurants, and a lifestyle most people can only dream of. One of the biggest attractions in March is the BNP Paribas Open Tennis Tournament, which draws tennis players of the highest level and tennis fans from all over the world.

With this in mind, a forward thinking couple from Los Angeles purchased a home in the small enclave of Indian Wells Village, just to the west of the Tennis Gardens. The original 1962 home was completely torn down and rebuilt with eco-efficient and designer features with Mid-Century Modern architecture in mind. Completed in March 2015, the home is currently listed on the MLS for $589,000. There is nothing in the area like it, yet.

Other homes in the community are in the process of being remodeled and/or rebuilt. Hopefully this trend will continue and the face of Indian Wells Village will be filled with other updated eco-friendly homes that will be great for full and part-time homeowners or investors who will see the value in seasonal or long term rentals.

Click on the hyperlink below to see a virtual tour.
77476 Cheyenne Drive