Category Archives: Country Clubs in Palm Desert

What is going on with the Foreclosures market in Palm Springs and the Desert Cities

Alvin Fuchs was quoted in the Desert Sun last week for his comments on the topic of foreclosures and prices in Palm Springs Real estate market.

What’s it worth?

Alvin Fuchs, a Realtor with Keller Williams Realty in Rancho Mirage, said just because a property is a foreclosure doesn’t mean it’s a hot deal.

Buyers should work with Realtors to compare other homes in the area and more accurately determine the home’s value

Some banks are looking to recoup the value of a defaulted mortgage, so buyers could end up paying more than the property is worth.

That’s particularly true now that inventories of foreclosed homes — particularly those priced at less than $200,000 — have plummeted in many valley communities.

Of 3,585 homes listed last week on the Desert Area Multiple Listing Service in five cities — Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage — only 187 were low-end, bank-owned properties, Fuchs said.

In some instances, the dearth of foreclosed homes has resulted in aggressive, multiple bidding by competing buyers.

It’s critical to get a good home inspector because, in most cases, “the bank has no clue what happened to that house,” Fuchs said.

Realtors and home inspectors said one of the first steps buyers should take when assessing a distressed property is to simply trust their instincts. If a house exterior looks bad, it’s probably worse than they think.

Before making an offer, buyers should do a thorough title search to uncover past problems that could become future obstacles, Franklin said.

Buyers must determine whether the effects of a poorly maintained home has resulted in structural rather than mere cosmetic problems.

Not only should buyers ask how long a house has been empty, but how long standard repair and maintenance have been on hold, Realtors said.

Distressed properties in the desert that have stood vacant for months or years with utilities shut off can deteriorate fast in triple-digit heat, even having mold problems that warrant expensive repairs.

As many as 20-30 percent of foreclosed properties nationwide are vandalized or cannibalized by frustrated homeowners, said Bill Jacques, president-elect of the American Society of Home Inspectors.

Although many buyers pay inspectors to determine what needs to be fixed, banks are usually reluctant to pay for the repairs.

“But basically, you get a home inspection so when you take the property over you know what you’re going to have to fix.”

When buyers are seriously looking at foreclosures they should  also be “open minded” to other options such as individual sellers. Many of them have dramatically reduced prices and are ready to negotiate.

Taxes and liens

A foreclosure typically wipes out the prior owner’s private debt, but there can also be public debt against a property, such as real estate tax or income tax, Franklin said.

Buyers should work with Realtors and the escrow company to research the land lease, property taxes, mechanics’ liens or lawsuits.

Although most liens are cleared at a foreclosure auction, some liens survive and carry over to new owners.

On tribal land, buyers should watch for illegal land transfers in which the landowner takes out a second mortgage and never reports it to the Bureau of Indian Affairs.

Prospective buyers should also be on the lookout for separate ownership “transfer fees” that can be as much as $4,500 in some valley country clubs.

In short sales, buyers should be sure to review the terms approved by lenders and not be afraid to say “no” later in the process.

Buyers engaged in short sales should be patient and brace themselves for what could be a long process, Fuchs said.

One of his clients spent eight months waiting for a short sale to go through, only to have the bank then foreclose on the property.

It just make sense to work closely with your Realtor who will guide you.

 

 



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Palm Desert Country Club Condos

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Golf Country Clubs in Palm Springs and the Desert Cities

What is happening to memberships in the golf country clubs?

 

The majority of the buyers who want to buy homes or condos in golf country clubs are now pleasantly surprised. The access to golf with NO initiation fees or low initiation membership cost  was until now limiting me when searching for homes for my buyers. Only less than 6 in our whole valley entered that category.
Escena-1

The buyers ready to pay for the homes (affordable today) where staying shy away from the a lot of them because of the membership initiation cost and those prestigious country clubs got into financial trouble : not only they did not get the new memberships but they were losing the potential “spenders” at the restaurants, the golf tees fees etc… It was a LOSS LOSS situation since the beginning of this economy turn.

Finally they GOT it and a good number of great country clubs have not only lowered their membership and  some of them are even waiving them if you  buy a home within the country club. This is great news and opens up a lot of possibilities for the buyers interested in golf country clubs.



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Monterey Country Club in Palm Desert

Condos prices came down significantly in Country Clubs in Palm Desert

If you are not familiar with Monterey Country Club , you should watch this video. Prices for the condos are amazing ranging from 220K up 500K.  Even I am amazed I remember selling those entry price at 350K entry level prices!!



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Palm Springs : who is buying Real Estate in Palm Springs today?

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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What is happening with condos for sale in Palm Desert?

Are buyers more interested in condos or single family homes in Palm Desert today?

The majority of the buyers who contact me and that I take out to show properties are looking for condos for sale in Palm Desert.

 

Why does it make sense for a “snowbird” to buy a condo versus a single family home?

A condo in always located in a gate community offering amenities such as tennis, pools or golf course. Also the maintenance of the grounds : landscaping and such covered by the Home Owners Association, most of the time as well the maintenance of the structure of the condo.

 

Is this attractive to potential buyers of condos ?

Yes while away from here, the owner knows that things are taken care of. Also it is a better product as far as seasonnal rental : Renters are looking for properties offering amenities right on site.

 

So you too look at condos in gated communities in Palm Desert for the best investment and ask about the best deals around



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Mesquite country Club in Palm Springs and Sun City in Palm Desert

Condos in Mesquite Country Club and Homes in SunCity in Palm Desert

Still and again the best deals in town as far as home buys and value for your money in the Desert.

Mesquite Country Club

You can now buy a condo for under 200K in Mesquite Country Club in Palm Springs. The same condo could not be yours for less than 280K  three years ago. So is it time to buy ? or not? Will the prices go even lower ? I don’t think so. As a matter of fact I see them going up by February..so it is time.

Suncity Country Club Palm Desert

In Suncity you can now buy a home for less than 200K too..Is that worth lookin at ? Absolutely can you imagine all what Suncity has to offer and the lowest Home Owners’ Association fees in the valley ?

Go to the MLS pages for both these countryclubs and look at what is available :
www.claudinereal.com