We are right in the middle of the season and what is the real estate market in Palm Springs telling us?
Just comparing with my last years numbers and sales I must say it is exactly the same pattern. The buyers who came here to spend a month or so have been driving me creasy.
Canadians are frustrated with Palm Springs Real Estate Market
The potential buyers coming from Canada and looking at condos to buy are just plain surprised and kind of not trusting what we tell them. We have to go out of our way just to prove that what we are saying is true : THE MARKET IS STABILIIZING and certainly not where it was a year or six months ago.
Canadians cannot get loans for US properties- Canadians need to pay cash
This is one of the set back we are encountering this season, the lack and difficulty of obtaining financing when buying second homes in Palm Springs. The numer of foreclosures coming drastically down is also another factor in buyers frustration.
Finally getting to terms with the market and if it makes sense buying a condo in Palm Springs
So different this season, 5 out of 6 buyers spend until the very last week of their stay to look at a large amount of properties, deep inside believing that they will find THE DEAL, and 2 days before they leave after they have lost one or two good opportunities, they just write an offer.
HARD WORK! I am telling you selling real estate in 2010 in not as fun as it used to be.
We are just lucky that our weather is putting everybody in a good mood when comparing to the rest of the country. Also as a professional realtor and doing this day in and day out, I am getting imune and also laid back building a ton of patience with my clients which I respect and love very much.
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The Sun is back in Palm Springs! Great help for our real estate market!
I was honestly concerned and feeling bad for all our snowbirds having to deal with bad weather in Palm Springs. They could not golf or enjoy the pools but I guess I had my Californian eyes because the ones I talked to (my potential buyers and clients) laughed at me and were just hangging out with shorts and sandals.
Did the bad weather affect our sales of condos or homes in country clubs?
Not really, as a matter of fact because they could not golf they took the opportunity to look at properties. I took them around in various country clubs to show them what they had to offer and help them understand the real estate market today.
Now the sun is back and everybody is on the golf course but the buyers are here.
I am in town everyday and available, what a pleasure it is to show properties under the sun , when we have golf course views condos we need the sun to enhance the quality of the unit.
Palm Springs, 80 Degres and sunshine , mid february in the US! this is half way to heaven
Palm Springs for me also includes Rancho Mirage, Palm Desert, Indian Wells and La Quinta. I am really blessed to live here and as realtor to show beautiful homes in country clubs day in and day out. I count my blessings!
Let me help you find a home and enjoy Palm Springs Lifestyle!
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Who are the buyers I took out to look at properties in Palm Springs this week?
I was out with 3 different buyers this week interested in buying real estate (condos) in Palm Springs. All three Canadians, all three cash buyers, all three looking to spend no more than 300K.
Why this is happening and how as a Realtor I can help them find the perfect investment and second home at the same time?
Canadians and in general foreign nationals cannot find financing for homes they buy in the US unless they can fulfill certain conditions (most of them do not). They do understand that IT IS TIME TO BUY NOW! and the only way they can do it is by taking an equity loan on the property(ies) they own in Canada and bring in cash to buy real estate in Palm Springs.
What are the properties that work for this specific group of buyers?
They want or need to be in a gated community, mainly country clubs which will give them the opportunity to find tenants during season when they do not use the unit. Condos in Palm Springs, Rancho Mirage, Palm Desert or La Quinta are easy to find within that price range and generally after looking at 10 or 15 condos we are ready to write an offer.
Let me know if you want to get details on where and what to find in Palm Springs
I am thanksfull for this business and hope that it will continue, working hard to find the best real estate deal and the one that makes the more sense for them.
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Economy or weather conditions : no reason to complain in Palm Springs
So what if we have some rain here and there? Still better than 3 feet of snow and 20 degrees below. And yes prices of real estate -condos in country clubs- have come down but the buyers are here just for that same reason the mild winter and affordable prices for real estate in Palm Springs and the area.
What is the reality for us Realtors in Palm Springs?
Talking to other Realtors nationwide (social media and networking enable that easy nowadays) I can say that we are blessed. Our inventory is high, but the proportion of shortsales and bank owned properties is much smaller than the retail sales which means that the median price is not down as low as other areas and which means we can earn a decent living if we work hard enough.
The buyers from Canada are making the difference.
Yes thanks to the buyers from the west coast of Canada, for whom the Palm Springs Real Estate market is as attractive as it has ever been or will be, we are making our numbers.
No bitching in Palm Springs!
I will say it again, between our sunshine and the endless numbers of affordable condos for sale in the country clubs, we are making it through this downfall of the economy. So contact me to hear more about the real estate opportunities in Palm Springs and share your thoughts
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The season in officially open in Palm Springs and Real Estate is the center of all talks!
The International Film Festival is on its way out. The Last day tomorrow and the city of Palm Springs was rocking for the last 10 days.
People talking abouth real estate while in line to get into the theatres .
I was there (saw over 10 movies) and as you know if you want to secure a good sitting (first come first serve) you better get in line and wait sometimes for 30 or 45 minutes. And what were people talking about (and I was listening intentionally) is about real estate : places they rented , open houses they visited, prices and areas they liked best.
Palm Springs is a destination for resort – golf – sunshine – and cheaper real estate .
I am excited going into season because of all the clients I have already set to come visit and buy condos or free standing homes in Palm Springs and the whole area.
Let me know what information would interest you best on a daily basis and I will be happy to provide it to you via the blog.
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