Modernism Week Starts Today

Modernism Week 

Feb. 12-Feb. 22

Visit the website to see the events schedule. There are still tickets available for some of the events.

Humana Challenge Golf Tournament is here!

Major sporting events are here in the Coachella Valley and so are the home buyers. New listings are coming on the market daily in anticipation of buyers ready to purchase either their new primary residence or vacation home. The season has started!

Humana Challenge
January 21-25
La Quinta, CA

Stop by my Open House in The Citrus!

79630 Baya, La Quinta, CA 92253

Saturday Jan. 24th 1:00-4:00

Sunday Jan. 25th 1:00-4:00

List Price: $699,000

Inventory on the rise in Coachella Valley

In the Coachella Valley, inventory jumped up dramatically in October with almost 1200 new listings. Typically there will be more inventory beginning in October where sellers know buyers start coming back into town for the season. This jump is much higher than normal indicating that sellers are now seeing more equity and ready to list their homes for a profit. The number of sold homes has not risen yet, but it might just be too early to tell whether or not the market will improve with more sales as we get deeper into season.

In the city of La Quinta there were 658 listings in October, up from 521 in September, a 26% increase. This time last year there were 613 listings which shows an increase of 7.3%. The number of sold homes however is down 37.3%. My experience so far this month is that buyers are not ready to purchase just yet and are taking a wait and see attitude. Average Sold prices in La Quinta are down from last year, from $680,000 to $544,000. 

I'm looking forward to seeing what November numbers will look like. 

BNP PARIBAS OPEN Economic Impact Tops $373 Million

Photo by Mark Cieslikowski

If you visit the Indian Wells Tennis Garden's website you will read an interesting article regarding the impact that the facility brings to the Coachella Valley. 

There is no question that the tennis garden affects real estate in the local community, not only with home and condo sales, but with seasonal leases. Tennis players and fans worldwide visit the area in March and lease high-end homes in La Quinta and Indian Wells, not to mention other cities here in the valley. 

I think the March 9-22, 2015 BNP Paribas Open event will be a very busy time for local businesses, restaurants and shops. Tickets and packages are available here and I highly recommend a dining outing at Nobu. The food and service are fantastic!

Indian Wells Market Trends

Looking at Indian Wells September sales we can see that listings have gone down slightly from this time last year. The number of sales are up by only one home, from 11 to 12. Average sale prices are down from last year but average sq. ft. price is up by over $100/sq ft. Homes are on the market for more days this year overall indicating sluggish sales. Hopefully buyers will be coming into town for season ready to purchase their dream home in beautiful Indian Wells. 

I have seen quite a bit of activity this year in Mountain Cove, a lovely little enclave south of Hwy 111 and nestled against the hills. The toughest part of selling in there is that it is on leased land. Leaseholders are Ryan Oil and Indian Wells Holding Company. It looks like there will be more opportunities to buy out some land leases soon, which will help sales in there tremendously. There are already a few homeowners that have exercised their option to buy. In November a meeting will be held to discuss options. I'll post an update when we know more. 

La Quinta Market Statistics

Today we are looking at recent sales and market statistics for the city of La Quinta. Inventory has risen since June 2014 and so have median prices. Price per square foot has also risen slightly since 2013. Distressed properties are a very small part of the market now, thankfully. Interest rates are still historically low. Now is a great time to buy!

See charts below (provided by movoto.com)

Art Under The Umbrellas 2014/15 Season Schedule published

It's great to see the upcoming Season event schedules going online. This is an event worth going to.

La Quinta Arts Foundation sponsors Art Under the Umbrellas  in Old Town La Quinta beginning on Saturday October 25, 2014.

2014/15 Season Schedule

Select Saturdays – 10am to 4pm

October 25, 2014
Halloween Weekend

November 15, 2014

November 29, 2014 Thanksgiving Weekend

January 10, 2015
PGA Humana Challenge Begins

January 17, 2015
MLK Holiday Weekend

February 7, 2015

February 14, 2015
Valentine’s Day

March 21, 2015
Spring Break