Hot Desert Real Estate Information & News

Get hot information about all the desert communities around the Palm Springs and Palm desert areas. You can get market updates of how the real estate market is fairing in all the areas plus interesting things going on.

July 19, 2017

Foreigners Snap Up Record Number of U.S. Homes

 

Diana Olick writes in CNBC.com’s Realty Check column that foreign purchases of U.S. residential real estate surged to the highest level ever in terms of number of homes sold and dollar volume.

According to the National Association of Realtors®, between April 2016 and March 2017, foreign buyers closed on $153 billion worth of U.S. residential properties, a 49 percent jump from the period a year earlier. Diana writes that this comes as a bit of as surprise because the current strength of the U.S. dollar against most foreign currencies makes U.S. housing even more expensive for foreign buyers. But apparently, the value of a financial safe-haven is outweighing the rising costs.

In this time period, foreign sales accounted for 10 percent of all existing U.S. home sales by dollar volume and 5 percent by number of properties. In total, foreign buyers purchased 284,455 homes, up 32 percent from the previous year. Half of all foreign sales were in just three states: Florida, California and Texas.

In terms of origins of foreign buyers, Chinese buyers led the pack for the fourth straight year, followed by buyers from Canada, the United Kingdom, Mexico and India. Russian buyers made up barely 1 percent of the purchases.

The biggest overall surge in sales in the last year came from Canadian buyers, who scooped up $19 billion worth of properties, mostly in Florida. They are also spending more, with the average price of a Canadian-bought home nearly doubling to $561,000. According to Elli Davis, a Toronto area real estate agent, there are simply more baby boomers downsizing their primary home and cashing out of big city houses worth $2 million-plus, and purchasing a second or third home in Florida.

Nonresident buyers from Mexico nearly doubled their purchases by dollar volume from a year earlier, coming in third behind Chinese and Canadian buyers. In general, Diana notes that Mexican buyers have been buying less expensive homes, with the average purchase price of buyers from Mexico coming in at about $327,000, compared with the $782,000 average among Chinese buyers and $522,000 for Indian buyers. Mexican buyers overwhelmingly favored homes in Texas, while Chinese buyers opted more for California and, increasingly, Texas. This may indicate that Chinese buyers are being priced out of California. In fact, the average price of a home purchased by a buyer from China fell from about $937,000 to $782,000, even as the number of properties purchased jumped to nearly 41,000 from 29,000. The drop in purchasing power likely stems from tightened regulations in China with regards to capital outflow.

While international interest was quite strong in the second half of last year, Diana writes that it may now be weakening due to tighter regulations in China and weakening currencies in some international markets.

Foreign Purchases Of U.S. Domestic Real Estate At A Glance:

To read Diana Olick's article and view the accompanying video, courtesy of CNBC.com, please visit: Foreigners Snap Up Record Number of U.S. Homes

Posted in Market Updates
July 18, 2017

Sellers' Market Challenges


According to the California Association of Realtors® (CAR), even Sellers' Markets can create problems for Sellers.  The biggest challenges facing Sellers today are:
• Almost 66% of Sellers worry that they won't be able to find another home to buy;
• Almost 48% of Sellers feel their homes are worth more than the market reality; and
• Roughly 37% of Sellers are finding that their homes aren't appraising for the contract purchase price.
Posted in Market Updates
July 12, 2017

New Fall Indio Music Festival To Feature Reggae And R&B Music

The Desert Sun’s Bruce Fessier writes that Empire Music Ventures, led by the son of the owner of the Empire Polo Club, will present the Desert Oasis Music Festival Oct. 7-8, the same opening dates as last year’s Desert Trip, with reggae bands Damian “Jr. Gong” Marley and Rebelution as headliners. Also on the two-day bill of more than 20 acts on three stages are hip-hop and R&B artist J-Boog, Latin rockers Los Lobos, the ska punk band Reel Big Fish, rapper Warren G, roots singer-guitarist Janelle Phillips, the desert reggae band Mozaiq and Joshua Tree’s genre-bending Spankshaft.

Tickets go on sale at noon Friday, July 14th at DesertOasisMusicFestival.com. Organizers expect to draw about 10,000 for this first Desert Oasis Music Festival, with hopes that it will grow significantly in subsequent years. Two-day passes range from $175-$550, but, unlike the Goldenvoice festivals, one-day passes will also be available at prices ranging from $99-$300. One-day passes for weekend events have always been popular with desert residents, but Desert Oasis also is offering car and tent camping for $60 plus fees, and RV camping for $180 plus fees.

Desert Oasis Music Festival At A Glance:

  • What: The Desert Oasis Music Festival, presented by Empire Music Ventures
  • When: Oct. 7-8, 1 p.m.-midnight
  • Saturday Artists: Damian “Jr. Gong” Marley, Steel Pulse, Los Lobos, E-40, The Green Murs,Hirie, Quinto Sol, Courtney Chambers and more
  • Sunday Artists: Rebelution, J-Boog, Reel Big Fish, Warren G, Fortunate Youth, Inner Circle, Through the Roots and more
  • Where: Empire Polo Grounds, 81-800 Ave. 51, Indio
  • Ticket Prices: $99-$300 for one-day; $175-$550 for two-day passes; $60-$80 for camping. On sale at noon Friday, July 14th
  • Information: DesertOasisMusicFestival.com

To read Bruce Fessier’s article and view Damian "Jr. Gong" Marley's "Set Up Shop" music video, courtesy of The Desert Sun, please visit: New Music Festival Featuring Reggae And R & B Coming To Indio This Fall

  

July 8, 2017

The Tiny House Movement Comes To Palm Springs

Are you a fan of HGTV’s “Tiny House, Big Living” and “Tiny House Builders” and FYI’s “Tiny House Nation” shows? If so, then you might want to check out a new “micro home” development located inside Palm Canyon Mobile Club on South Canyon Drive in Palm Springs being touted as the first "tiny home" neighborhood in Southern California. 

The Desert Sun’s Xochitl Pena writes in a recent article that Ravinia Communities in conjunction with Goetz Ventures plan to build 100 one and two bedroom micro homes, sized between 600 and 1,000 square feet. Their motto for this development - “go small, live large”.

The homes are being built by Silvercrest out of Corona and are designed to be much craftier than the traditional mobile home so as to maximize space. They also were designed with a modern, mid-century aesthetic in mind, perfect for the Palm Springs area. The homes feature such amenities as 9 foot ceilings, clerestory windows and fenced in yards. They can also come fully furnished and with hot tubs. Unlike some of the tiny homes featured on the aforementioned TV shows, there are no lofts or ladders to climb. Introductory prices start at $115,000 with a monthly rental fee of $650.

To read Xochitl Pena’s article and view the accompanying video, courtesy of The Desert Sun, please visit: Tiny House Movement Comes To Palm Springs

To view Richard Liu’s video, courtesy of The Desert Sun, please visit: Tiny House Palm Springs Video

  

July 7, 2017

June 2017 Coachella Valley Housing Report

Our local real estate market experts, Market Watch LLC, have just released their June 2017 Coachella Valley Housing Report.  Some of their findings:

 

 

The median price for detached homes in the Coachella Valley was $380,000 at the end of June, up 7.8% over June of last year. The median price for attached units was $256,500, up 3% over a year ago.

 

At the city level, Indio, La Quinta, Cathedral City, Desert Hot Springs and Palm Springs showed median price gains for detached homes year-over-year. Rancho Mirage, Indian Wells and Palm Desert showed median price declines year-over-year. Indio had the largest median price gain at 8.3% year-over-year, followed by La Quinta at 6.6% and Cathedral City at 6.1%.

With respect to attached homes, Cathedral City, Rancho Mirage, La Quinta, Palm Desert and Indio all showed gains in median price. Palm Springs, Indian Wells and Desert Hot Springs showed median price declines. Cathedral City had the largest median price gain at 9.7% year-over-year, followed by Rancho Mirage at 8.3% and La Quinta at 7.5%.

On a city by city basis, median prices for detached homes in the Coachella Valley continue to remain significantly lower than the 2006 high median prices, with median prices ranging from 36.8% off the 2006 high median price in Rancho Mirage to 2.5% off in Palm Springs.

Median Prices for attached homes in the Coachella Valley also remain significantly lower than the 2006 high median prices, with median prices ranging from 50.5% off the 2006 high median price in Desert Hot Springs to 31% off in Rancho Mirage.

 

Coachella Valley homes sales continue to expand, with the 3-month average of total sales of detached and attached homes (1,003 per month) up 14.9% year-over-year, the 3-month average of sales of attached homes (364 per month) up 12.7% year-over-year and the 3-month average of sales of detached homes (639 per month) up 16.2% year-over-year.

 

On a city-by-city basis, Bermuda Dunes, Cathedral City, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage had higher 3-month average home sales than at the same time last year. Year-over-year, the 3-month average homes sales increased by 50% in Bermuda Dunes, 46% in Indian Wells, 31% in Cathedral City, 29.7% in Rancho Mirage, 14% in Palm Desert and 11% in Palm Springs. Coachella, Desert Hot Springs and Thousand Palms had lower 3-month average home sales than at the same time last year.

 

Home sales in June increased in every price bracket, with the largest increase in sales from $300k to $400k, up 24.7% year-over-year. Another large increase was in sales over $900k, which increased 20% year-over-year.

 

 

With the consistent increase in sales and the decline in inventory to 3,672 units on July 1st, the “months of sales”, the ratio of inventory to the sales rate, fell to 4.6 months on July 1st versus 6.1 months a year ago. A ratio of 6 months is considered a balanced market; a ratio of less than 6 months indicates a tendency toward a Seller’s market. This strong improvement is confirmed by “days on the market”, which currently stands at 74 days, versus 89 days last June.

The information contained in this article is produced for Coachella Valley real estate agents through the sponsorship and cooperation of the Palm Springs Regional Association of Realtors® and the California Desert Association of Realtors® by Market Watch LLC.

Posted in Market Updates
July 6, 2017

2nd Annual Taste of Summer Rancho Mirage

 

The Rancho Mirage Restaurant Association, the Rancho Mirage Chamber of Commerce and the City of Rancho Mirage have teamed up to kick off the 2nd Annual Taste of Summer Rancho Mirage, an event where participating Rancho Mirage restaurants and resorts offer cool summer specials.

When:

·         Launch Party: July 6, 2017

·         July 7 – 16, 2017

·         August 11 – 20, 2017

·         September 8 – 17, 2017

Where:

Participating Rancho Mirage restaurants and resorts 

How:

Purchase a $10 Taste of Summer wristband to enjoy $4.00 offers at participating Rancho Mirage restaurants and resorts during the promotion. All proceeds from the wristbands go to local charities, including Animal Samaritans, the Braille Institute, Variety, Desert Arc, La Quinta High School Culinary Arts Institute, Desert Aids Project, Assistance League, Christopher’s Clubhouse, American Cancer Society Relay For Life and Les Dames d’Escoffier International.

For more information, please visit: Taste of Summer Rancho Mirage

 

July 3, 2017

Happy Fourth of July - Quotes Celebrating The U.S.A.

A sampling from Goodhousekeeping .com's recent list of 15 quotes that celebrate the U.S.A. To see the complete list, courtesy of Goodhousekeeping.com, please visit: Goodhousekeeping.com's Quotes Celebrating the U.S.A.

July 2, 2017

The Guide July 2017 Edition Now Available

What to know what's happening around the Coachella Valley in July? If so, then check out the July edition of The Guide...available in print at select locations around the Valley or online using the following link, courtesy of Palm Springs Life Magazine: The Guide - July 2017

    

July 1, 2017

Happy Canada Day

Everyone north of the 49th.....

 

June 29, 2017

Villa Portofino - New Detached And Attached Homes In Central Palm Desert

A Quick Look At Villa Portofino

Recently had a chance to tour some of the Model Homes at Villa Portofino. Villa Portofino  is a  premier 55+ active adult community located on 50 scenic acres in the heart of Palm Desert. It offers single-story one to three bedroom luxury detached homes (Positano Models), ranging in size from 1,895 to2,341 sq ft, and attached one to three bedroom homes (Ravello Models), sized from 1,610 sq ft to 1,926 sq ft. The homes are surrounded by panoramic views of the San Jacinto and Santa Rosa Mountains. Villa Portofino offers many amenities and activities, including a luxurious clubhouse with poolside service, fitness center and spa, game room, bistro bar, cantina and private 100-seat movie theater.