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First Quarter 2011 Desert Real Estate Update

madison clubhouse 700 Palm Springs Real Estate

Clubhouse and pool at Madison Club, La Quinta

Our first quarter sales this year were very strong and continue to track well ahead of last year. Our sales breakdown so far this year is 50% traditional (regular) sales, 7% bank owned properties, and 43% short sales. Short sales currently outpace bank owned sales since banks and lenders now seem to prefer completing short sales versus more costly foreclosures.

Our buyer’s market continues, since all properties need to compete on price with short sales and bank owned properties. That said we are seeing some major tightening up of inventory in a number of popular desert communities where up to 80% of homes in a given community have resold at highly discounted prices over the last three years.

During the past 12 months we’ve assisted 59 clients find their perfect desert homes, satisfying both full-time and part-time lifestyles. Much of our success is due to the fact that our team visits hundreds of homes in dozens of desert communities every month, allowing us to have current, first-hand knowledge of the changing desert home inventory and the communities themselves. This will continue to benefit you whether you are interested in buying or selling property here in our beautiful desert.

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