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Sheri’s Palm Springs Area Blog

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Price Increases Offset Lower August 2010 Sales

Price Increases Offset Lower August 2010 Sales

A PGA West Community Pool

After several months of city-by-city Palm Springs area sales increases, the August MLS numbers finally show some slowing when comparing August 2010 with August ‘09. Our impression is that continued double-digit price increases in many valley cities could be starting to ‘price out’ some local buyers or at least put some prospective buyers on the sidelines.

As an example, La Quinta recorded an average price increase of 12% in July 2010 and then 13% in August 2010 compared to the same months in ’09. To date, many buyers that invested during the summer of ’09 have seen some nice appreciation over the last year.

As usual, Sheri will be publishing the city-by-city August sales and price results in her upcoming monthly real estate newsletter. Click here to subscribe now. 

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates

Dining Around The Desert: The Crab Pot, La Quinta

One of the great things about The Crab Pot in Old Town La Quinta is the large family friendly patio for dining. Crab Pot also features a newly remodeled bar area inside with large flat screen TV’s for the sports crowd.

On our recent visit Bill and I shared a half BBQ Chicken and a large order of King Crab legs. We seem to hit Crab Pot about once a year. The food is decent but not special enough to warrant frequent visits. That said Crab Pot is a good choice for the kids or large parties as they offer lot of fun finger food.

The Crab Pot's specialty is their Seafeast for two or more. It includes a variety of fresh seafood, steamed with a variety of spices. They poor it out on your table on butcher paper, give you a bib and “let you go at it.”

Say hello to Melissa who serves at the bar five nights a week. Melissa is one of the most engaging and customer focused servers in the desert. While we were dining quite a few locals came and went and she addressed each patron by name. Happy hour is Monday – Friday from 4PM to 7PM and includes food and drink specials.

The Crab Pot is located at 78121 Avenida La Fonda in Old Town La Quinta (760) 564-7333

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Dining Around The Desert
Luxury Home Sales Increase

Luxury Home Sales Increase

Sales of higher-end homes are up this year in several desert cities. In Indian Wells, 23 homes priced at more than $1 million sold during the April - June second quarter, up from five homes during the same period last year. In La Quinta, 83 homes priced above $750,000 sold April - June, up from 53 during the second quarter of ‘09.

Sale activity in La Quinta and Rancho Mirage at selling prices greater than $1 million rebounded during the April to June quarter beyond a typical seasonal bounce. That said, these markets are still showing price weakness, as owners must compete with distressed properties in order to sell. This continues to create purchase opportunities for buyers desiring to enjoy the amenities of the desert’s upscale communities.

Palmilla Luxury Home, La Quinta

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates

Hot Community Update: Legacy Villas, La Quinta

When the price is right buyers respond! 50 Legacy Villas condos and luxury Town Homes have re-sold during the past 12 months including 20 during the last six months. Legacy Villas continues to be a sought after ‘lock n’ leave’ vacation community.

Inventory continues to get a little tighter month-by-month as buyers continue to take advantage of 40%, 50% and even 60% discounts from original sales prices. Over the last six month the average time it takes to sell a Legacy Villas home is only 82 days!

There is currently a 4.2 month supply of active inventory at Legacy compared to the national average of 12.5 months supply of re-sale homes.


Legacy Villas Town Home

Go to Legacy Villas page

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates

Local Inventory Betters National Averages

If you’re like me you do a lot of research before investing in any large purchase. And if you’ve been reading our Blog or subscribing to our email newsletter you likely know that we’ve been reporting on differences in our desert property sales and inventory levels compared to the national real estate statistics.

In sharp contrast to national real estate inventory there has been a fairly consistent drop in local resale home inventory this year in a number of popular developments. In fact several communities now have resale inventories between 4.2 and 6.8 months supply, compared to the national average of 12.5 months.


Rancho La Quinta Country Club

Is Now The Time To Buy?
Is now is a great time for you to invest in the desert? If you’re interested in one of the many communities with shrinking inventory that’s also priced correctly, then yes, now is a great time to contact me and get started – especially if you plan to hold and enjoy or rent your new property for two or more years.

You and I will work as a team discovering your likes and dislikes and then I’ll help to identify a number of great opportunities when they come along.

Source: The national press reported on September 15th that “existing home inventory had moved up to a 12.5 month supply in July,” according to the National Association of Realtors®. Local inventory numbers from the Desert Area MLS®.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates

June Real Estate Quick Facts For The Palm Springs Area

  • The city of Palm Springs led the valley with 192 homes sold in June, followed by Palm Desert with 169 and La Quinta with 148
  • The valley's median sales price of $207,000 was above the national median sales price, which rose 2.3 percent to $183,700 in June from the previous month and 1 percent from a year ago.
  • Recently there were seven upper-end sales ranging from $1.2 million to $6 million in the Coachella Valley. There was a $7.8 million home sale recorded in May and a $4.7 million sale in June. 

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates
Good News For Buyers From $200,000 to $350,000

Good News For Buyers From $200,000 to $350,000

As many of you know, we keep a close watch on our local market stats. Trends develop which many times help us spot opportunities early. As you may know, the first time homebuyer tax credit expired recently. The federal tax credit had spurred sales of entry-level homes and we were seeing a lot of competition for properties in the $200,000 to $350,000 segment.

With that tax credit gone, there are enhanced opportunities for entry-level buyers in several valley communities. We don’t know how long this window will last as cooler weather approaches many parts of the country. Fall usually brings a sizeable increase in buyer traffic in our desert, so, if you are interested in the $200,000 to $350,000 price segment, please take note of this opportunity.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates
Question of The Month – HOA Rental Rules

Question of The Month – HOA Rental Rules

Enclave Mountain Estates, La Quinta

Question) Do most communities allow short or long term rentals in the desert?

Answer) Each community HOA has their own rules and regulations including rules regarding renting your property. Some HOA’s allow short-term daily and weekly rentals, while others allow only longer-term rentals of one month or more.

We can guide you on the rental policies governing most popular desert communities. You are also entitled to receive a copy of an HOA’s CC&R’s and rules during escrow and before committing to a property purchase.

Communities without an HOA generally have no rental restrictions although city regulations may be in place.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Buying - Info For Buyers, Buying – Info For Canadian Buyers, Owning - Homeowner Tips & Resources

$360 Million in La Quinta Sales Last 6 Months

During the last six months in La Quinta, 594 homes and condos were sold totaling over $360 million. This puts the average La Quinta sale so far this year at $606,322.

Of the total, $55 million were bank owned property sales and $38 million were short sales. The ratio of regular sales versus bank owned and short sales continues to grow at a brisk pace over last year. 

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates
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