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SilverRock Development Update

SilverRock Resort in La Quinta

Owned by the City of La Quinta and Managed by Landmark Golf Management, SilverRock Resort's Arnold Palmer Classic Course is a challenging 7,239 yards sprawling over 200 acres with massive native bunkers and stunning water features. Set against the backdrop and natural beauty of the Santa Rosa Mountains, SilverRock is a former home course of the PGA Tour’s Bob Hope Classic from 2008-2011.

Development Overview

The City, in conjunction with SilverRock Development Company, LLC, has created a development program for SilverRock Resort. The program includes a luxury hotel with branded luxury residential, a lifestyle hotel with branded lifestyle residential, a conference and shared services facility, a mixed-use village, resort residential village, renovation of the existing Ahmanson Ranch House, construction of a permanent golf clubhouse, and associated road and utility infrastructure. This $420 million dollar project specifically encompasses:

A 140-room, 5-star quality luxury hotel and spa and a 200-room, 4-star quality lifestyle hotel;
A 71,000 square foot conference center and shared services facility shared by the luxury and lifestyle hotels;
A resort village with 150,000 square feet of resort residential units and up to 40,000 square feet of retail space with recreation areas;
35 luxury and 60 lifestyle branded residential homes that are associated with their respective hotels;
160 resort style homes for private ownership with the option for owners to offer as short-term rentals;
Renovation of the Ahmanson Ranch House facility as a public event center and to serve as an amenity to the resort; and
5,000 square feet of temperature controlled space with large outdoor patios and event lawn.

To keep up to date visit:
http://www.laquintaca.gov/our-city/city-departments/facilities/silverrock-golf/silverrock-frequently-asked-questions

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Buying - Info For Buyers, Buying – Info For Canadian Buyers, Dining Around The Desert, Golf Communities, Lifestyles & Things To Do, Real Estate Market Updates

New Hotel Complex in Development for Indian Wells

A new hotel development that marries homes, condos and conventional hotel rooms is planned for Indian Wells.

Developers announced a proposal to build roughly 300 units – in the form of multi-bedroom villas as well as hotel rooms – in a project aimed at attracting multi-generational travelers who are looking for the space and privacy offered by a short-term rental with the careful standards seen in hotels.

The project, located near the Indian Wells Tennis Garden, is also planning the development of 60 to 80 condos, which can be managed by the hotel as vacation rentals.

“When we look at the way people are traveling, when we look at the evolution of the travel space, when we look at the rise of multi-generational travel, we think we’re on the cusp of another change in hospitality,” Phil Bates, a partner with TMC Group, a real estate development firm from Irvine, told residents in Indian Wells on Tuesday.

RELATED HOTEL DEVELOPMENT COVERAGE: Montage breaks ground on luxury resort in La Quinta

An architect's rendering of a new development planned for the corner of Highway 111 and Miles Avenue in Indian Wells. The project would build roughly 300 hotel rooms, along with condos and villas. (Photo: Submitted photo: TMC Group)

TMC Group officials, along with representatives from Fogelson Group, a Chicago-based real estate development firm, held a community meeting Tuesday at the Indian Wells Golf Resort to unveil the plans for the development proposed for the corner of Highway 111 and Miles Avenue near the Indian Wells Tennis Garden. The project would occupy about 10 acres.

The development team anticipates construction beginning early next year, with completion in 2019 or 2020.

The hotel building with its 300 rooms could be up to 85 feet tall, and is proposed for the back of the site away from Highway 111. Its height was of a concern to some of the roughly 100 residents attending the forum Tuesday.

HISTORY: First airport in Palm Springs was built for El Mirador Hotel guests

“I have a problem with 85 feet,” remarked Andy Elchuck, who lives nearby.

When asked about views of Eisenhower Mountain and other areas, Bates said, “some will be compromised.”

Development plans for the site go back more than a decade when the Fogelson Group proposed building 129 residences and villas. The Fogelson Group is headed by Jerry Fogelson, well-known for his local philanthropy and generous contributions to the Palm Springs Art Museum. He also serves on the board for the Desert Town Hall speaker series.

The property's future was put into question again in 2014 when Phoenix developer Denny Ryerson was unable to finalize an agreement with YAM Capital that would have provided the money he needed to buy out Fogelson and meet critical deadlines connected to his proposed condo development in Indian Wells.

The project announcement comes as officials in La Quinta broke ground Monday at SilverRock, marking the start of development on a luxury resort that brings the Montage brand to the Coachella Valley. The project includes two luxury hotels which are scheduled to open simultaneously in October 2019.

Skip Descant is The Desert Sun’s tourism reporter. He can be reached at [email protected] and @TDSskip

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Buying - Info For Buyers, Buying – Info For Canadian Buyers, Lifestyles & Things To Do, Real Estate Market Updates

Number 1 Across All Real Estate Brands 2016

We are here to serve your real estate needs!

From Sheri Dettman
In Recent Sales, Sheri's Palm Springs Area Blog, Buying - Info For Buyers, Buying – Info For Canadian Buyers, Real Estate Market Updates, Selling - Info For Sellers, Sheri Dettman & Associates

Existing Homes Sales Continue Sales Growth

The Financial news website CNBC reported this week that resales of homes in the U.S. rose to the highest level in nearly 8-1/2 years. On an annual basis, existing home sales increased 3.2% to the highest level since 2007.

These numbers seem to indicate that the U.S. economy is looking pretty good despite a drop in retail sales, and a slowdown in job growth during June.

Remember, Palm Springs Real Estate Is Local

This national real estate data is interesting and important, but as I always say, real estate is local, right down to the Palm Springs area golf & country club neighborhoods. For desert area homebuyers here’s what’s important right now:

The Price Segment
The Location
Finance
Community Or Property Back Stories

Golf Course Luxury Home At Andalusia, La Quinta

Price Segment

Every price segment in the Palm Springs area real estate market can be different. The sales comps for $400,000 condos in the desert have little significance on the buyer or seller of a $1 million country club property. And frankly, similar homes in different developments can often be worlds apart in sales trends.

Locations

A home or luxury condo in golf community “A” could be trending up in sales and value. By comparison, a similar property in another golf community just down the road can be trending in the opposite direction. We see this almost daily, and this makes real estate here in the desert local.

Finance

Cash is always king for buyers. The second best thing is having your finance ducks in a row before you discover you place in the sun here in the desert. Get pre-approved (not pre-qualified) by a local mortgage provider. Lot’s of mortgage providers including big national banks can make promises they can’t keep. Local specialists know the market and generally won’t deliver unwelcome surprises just days before closing.

Back Stories

Most every property, including our own Featured Properties, and certainly every development in the Palm Springs real estate market will have what I call a backstory. Backstories can include the owners reason for selling (lots of moving up this year), and information about adjacent listings and recent sales.

Top agents network with other top agents to research backstories. Knowing today’s sales comps is great, but it’s important to discover the real estate backstory for every home and community as well.

Backstories are much more unique to a large portion of the Palm Springs real estate market than most metro areas because this market has a so many niche developments. The Palm Springs area has a high concentration of master-planed, gated communities. Two of these communities in the same price range, and within the same city can have two entirely different backstories (and different sales and pricing trends) even though they are just blocks apart.

Busy & Experienced Is Also Important

At the end of the day, the most experienced, busiest, and thus, most successful Realtors likely know the comps and backstories that can best help their buyer clients find their home in the desert sun. Our Sheri Dettman & Associates team of specialists completes 10 times more transactions than the average Palm Springs area real estate.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Buying - Info For Buyers, Real Estate Market Updates

Vacation Home Sales Up 57% Over Previous Year

Palm Springs Area Second Home Sales Update

Sales of second homes or vacation homes rose 57% in the U.S. last year compared to 2013 according to The National Association of Realtors (NAR). During 2014, 1.3 million vacation homes were sold which is a new record.

And according to this NAR survey, vacation homes accounted for 27% of all real estate transactions last year. The survey also found that 85% of vacation homebuyers think that now is a good time to invest in real estate.

These trends appear to parallel what we are experiencing here in the Palm Springs real estate market. 2014 was a record year for Sheri Dettman & Associates, and so far 2015 is tracking well ahead of last year.

Several Reasons Second Home Sales Are Strong

Palmilla Luxury Homes in La Quinta

Baby boomers remain a driving force behind second home sales. Many boomers have enjoyed a six-year market rally, and some of these boomers are now taking some of those gains out of the market and investing in second homes.

Desert Buyers Taking Advantage Of Today's Low Interest Rates

In past years, we saw a mix of about 50/50 cash versus loan purchases. This year however we’re seeing more buyers taking advantage of today's low-interest rates and conserving cash. That said, many mortgage experts expect interest rates to start rising sooner rather than later.

Canadian Buyers Coming Back Into The Palm Springs Market

As the Canadian Dollar retreated against the U.S. dollar last year, we experienced a pullback in second home purchases by Canadians. U.S. homebuyers, especially from within the State of California stepped up in large numbers to keep our market growing.

Now however we’re starting to see a lot of Canadian buyers jumping back into the Palm Springs area market, and in all price segments from affordable to luxury. We have also seen quite a few Canadians with existing Palm Springs area homes trading up this year.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Buying - Info For Buyers, Buying – Info For Canadian Buyers, Real Estate Market Updates

Palm Springs Real Estate Market Update

Sorry About Our Warm Palm Springs Weather This Week!

Our Palm Springs weather this week is one major reason so many people choose to spend part of or all winter here and to invest in Palm Springs Real Estate. My husband Bill took the photo above just yesterday at Rancho La Quinta Country Club.

Daily sunshine this week, with high temperatures averaging about 82º F (27.7 º F) are certainly being enjoyed by locals and visitors alike. Seeing people enjoying our Palm Springs area golf courses, tennis courts, bike paths and of course thousands of pools testament to our sunny days.

As you can imagine, we have clients that have primary homes and businesses located throughout the United States and Canada. And over the last few weeks I’ve been getting tons of weather updates from many wet, cold and snowy parts of North America. Several of these clients have recently purchased Palm Springs area homes and are looking forward to returning to the desert later this month.

To Warm For Canadians?

Just yesterday, Carol, one of my Canadian homebuyers at Hideaway Golf Club in La Quinta was telling me that she’d prefer cooler weather. She'd prefer our February temps to be in the 70’s rather than the low to mid 80’s. I’m curious. Do other Canadian’s feel the same way or are you good to go with the 80’s?

How’s The Palm Springs Real Estate Market?

Personally, our Sheri Dettman & Associates team of specialists is busy. Our 2014 sales were up about sixteen percent over the previous year, and we are forecasting double-digit growth again this year. As we examine our local golf and country club community sales trends each month, we again see that Palm Springs real estate is local. And when I say local, I’m talking about right down to the neighborhood level.

Keep in mind that the national and even local news outlets usually report Palm Springs real estate sales on a city-by-city comparison level. They also reference the median priced home. But if you’re buying or selling in a gated luxury golf or country club community that information often has little or no bearing.

Before Buying Or Selling, Information Is Knowledge

Information is knowledge. And our goal is to help our buyer and seller clients be some of the best-informed buyers and sellers in the Palm Springs real estate market. A little extra knowledge can often result in a smoother and more profitable real estate transaction.

For our homebuyer clients, we develop community-by-community proprietary sales data down to a micro level before you make an offer. For our home seller clients, our community data can help price your home correctly while your home’s competition could be priced over or worse, under the market price.

Why Not Contact Sheri Dettman Today!

If you're considering buying or selling a Palm Springs area home or luxury condo, then contacting Sheri Dettman is a good thing. Why not do so today?

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Buying - Info For Buyers, Buying – Info For Canadian Buyers, Real Estate Market Updates, Selling - Info For Sellers

Stonefield Estates Next Phase Of New Homes Announced

Excitement is building, and so is the next phase of new luxury homes at Stonefield Estates in Southwest Indio.

Two new south facing plan-5M homes, a plan-3 and plan-1 home are now being built. Additional homes will also be available on several other lots located on this newly developed private cul-de-sac street.

Completion Scheduled First Quarter 2015

Scheduled for completion in the first quarter of 2015, pricing and details for these homes will be shared first with those registered on our Stonefield Estates VIP interest list before being released to the public the following week.

One south-facing plan-5M home will become Stonefield Estates new model home, and the developer will be offering an attractive builder lease back exclusively on that home.

Newly Updated Plan-5M Home

Based on buyer feedback, the developer is making several improvements to Stonefield Estates plan-5 homes. These plan-5M (modified) homes offer even more living space being expanded from 4,290 to over 4,800 square feet. You'll want to see these new open floor plans.

Impressive Amenities Included

Each Stonefield Estates luxury home features a distinctive one of a kind elevation and includes an impressive list of standard luxury features. Amenities include front and rear landscape, custom pool/spa and built-in grill, crown molding, wood beam in most great rooms as well as a sensational chef's kitchen featuring Wolf and Sub-Zero professional appliances.

Are You Connected?

Keep in mind that our VIP priority interest list gets information and details first, so please don’t hesitate to contact us. Email Sheri Dettman

Please Note: In a continuing effort to meet consumer expectations, the developer of Stonefield Estates at Santa Rosa (seller) reserves the right to modify maps, plans, specifications, materials, features, prices and colors without notice or obligation. Prices are subject to change. All square footages are approximate.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Non-Golf Communities, Real Estate Market Updates

Palm Springs Area Real Estate Prices Rise Again Year Over Year

Andalusia La Quinta New Home Bath

Buyers of Palm Springs area homes and condos continue to find good values in most desert cities. That said, rising prices for properties sold during May 2014 have slowed overall unit sales a bit in some market segments. Foreclosure and short sale property sales during May dropped 50% compared with May 2013.

May 2014 Average Single Family Home Prices By City

Indian Wells: $1,684,000 (was $1,057,000 in May ’13)
Indio: $275,000 (was $258,000 in May ’13)
La Quinta: $726,000 (was $581,000 in May ’13)
Palm Desert: $597,000 (was $457,000 in May ‘13)
Palm Springs: $605,000 (was $525,000 in May ’13)
Rancho Mirage: $814,000 (was $773,000 in May ’13)

May 2014 Average Condo & Attached Home Prices By City

Indian Wells: $373,000 (was $373,000 in May ’13 - Unchanged)
Indio: $118,000 (was $104,000 in May ’13)
La Quinta: $405,000 (was $322,000 in May ’13)
Palm Desert: $305,000 (was $257,000 in May ‘13)
Palm Springs: $234,000 (was $199,000 in May ’13)
Rancho Mirage: $368,000 (was $201,000 in May ’13)

Palm Springs Area Foreclosure & Short-Sale Sales Plummet

Foreclosure and short sales accounted for just 9% of single-family home sales during May ’14; a 50% drop from May ’13 when distressed properties accounted for 18% of sales. Distressed condo sales also dropped 50% during May accounting for just 6% of May ’14 sales compared with 12% in May ’13.

Remember That Real Estate Is Local

Consider that the data I shared here is for entire cities. And while that’s pretty local information, we’ll work with you in comparing neighborhood to neighborhood in finding your best location and value. And before you know it you’ll be enjoying your new home in the desert sun!
The master bath pictured above is from a luxury home at Andalusia at Coral Mountain in La Quinta.

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

What Buyers Should Know About Declining Palm Springs Area Inventory

The available inventory of homes for sale in the Palm Springs real estate market declined from 3,000 available homes in January to just 2,000 units by the end of August. Looking for a nice condo? 1,228 condo units were available for sale in January, but by August 30th the available condo inventory was down to 863 units.

Today’s Home & Condo Buyers Need To Strategize To Win

The combination of declining Palm Springs area inventory and strong buyer demand have resulted in some buyers losing out on the property they wanted to buy. Despite declining inventory, our Sheri Dettman & Associates team completed a record 80 real estate transactionsduring the last 12 months, and we’ve discovered a few things that could help you as a buyer in gaining a slight edge over other buyers.

How To Gain An Advantage Over Competing Homebuyers

Hire Smart
Set Realistic Goals
Be Prepared To Pounce
Your Own Customized MLS Portal
Financing? Thou Shalt Be Pre-Approved

Hire Smart

Even though the Internet gives today’s buyer’s unprecedented access to home listings, homebuyers can often gain an advantage over other buyers by working with a busy and successful Palm Springs area real estate agent. Top agents usually have better inventory knowledge; they network with other top agents and they can often know about new listings before they appear on the MLS.

Set Realistic Goals

If you expect to buy a home in today’s real estate market at a large discount from the listing price, you may be unrealistic in your goals. Case in point: La Quinta is the top market for home sales in the Palm Springs area. The average La Quinta home in zip code 92253 sold for 94.7% of the listing price during a recent 12-month period. Homes located in Indio’s 92201 zip code sold for 97.9% of list. Homes in Palm Desert's 92260 zip code sold for 94.6% of list price, and in Palm Springs 92262 that figure was 96.9%.

Be Prepared To Pounce

Palm Springs real estate is, many times, about timing. For some buyers, finding the right property can take months. Other buyers take days. But when you discover the right Palm Springs home, you’ll want to be prepared to pounce. You can tie up that favorite home during a 14-day due diligence period giving you ample time to do your homework.

Your Own Customized MLS Portal

There are a variety of ways to research and view online property listings, but did you know that your realtor can help you to supercharge your real estate research by connecting you directly to their local Desert Area MLS? This can give you a timing advantage over buyers using many of the big national real estate sites where listings can take days or even weeks to appear online. Email Sheri today to supercharge your home search.

Financing? Thou Shalt Be Pre-Approved

Having sold hundreds of homes in all price ranges, I’ve learned there are Palm Springs area mortgage professionals who can get a transaction completed and dozens of others who specialize in foot dragging. Get pre-approved before you start your search and see step one (Hire Smart). My team and I are happy to provide a list of mortgage providers that we’ve worked with over the years.