Category Archives: Palm Springs Area Market Updates

Sitting On The Fence

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Hello : for all of you sitting on the fence and NOT SURE about the direction of Real Estate in Palm Springs, these are my thoughts :

What we can see, in the last few weeks, is price reductions for the homes where the sellers, “pushed” and “encouraged” by their agents, just did not have the right indication of the market and were riding the same train we rode in 2013. Sellers ( in price range over 500K) are getting more realistic and coming down from their expectations.

Yes! Prices went up but inventory is still a little larger than earlier in season and buyers have more choices.
Yes! Prices will go up but not as fast as they did last year.
Last year we were coming back from way down the hill. This year it is another story.
Yes! Prices will go up compared to end of season 2013 where there was an increase of almost 30% across the board in the valley. We do not expect more than a 12% and up to 15% increase (on the lower end up to $400,000) for 2014.
The selling prices in comparison to the listing prices are still between 97% and 103%.
I am not the eternal optimist but facts are facts and I can refer you to a long list of people that wish they did not sit on that fence for that long, they would be in a better place today.

Really how is the market doing in Palm Springs?

Thinking face

A headache you say? Yes in a way. For the last few months we keep on hearing how well the market is doing and how WE THE REALTORS are excited about the prices increasing , the low inventory, the season picking up and how easy it is going to be sell homes in Palm Springs, and the Desert Cities : Rancho Mirage, Palm Desert, Indian Wells and La Quinta which are the cities I cover. No matter if located in Country Clubs or just free standing homes.

Yes prices came up and because of the lack of inventory, when we meet with sellers and take a listing we have tendency to be optimistic and naturally want to make our sellers happy : that is take listings at higher prices (higher than the last one sold – this would be the “comp” ). Next thing you know the buyers come along and when they are ready to write an offer, by the same token “no Comps” so they want to go with the last one sold and even lower. This take us to a “dead end” situation that hard for us Realtors to make buyers and sellers meet and get the sale done.

If we look a the numbers for the last 14 days covering the cities of Palm Springs , Rancho Mirage, Palm Desert, Indian Wells and La Quinta for condos as well as single family residences we see 418 price reductions on a total of 3530 Active listings. That is 12% of the prices got reviewed and the sellers are listening, after all we are in “season” that is a few months only ahead of us to get it done.

I believe that both buyers and sellers will have to adjust their expectations and the next month will tell us the story.

Palm Springs Real Estate Market Update

Novemberstats

 

Numbers/Results for November 2012
The inventory, at the beginning of December, for the cities we cover, is 2788 which is a 13% drop year over year. This includes 96 REO’s (bank owned ) and 107 Short Sales: representing 7% of the inventory for distressed properties compared to 13% year over year. (so the number of distressed properties has dropped significantly). This is bringing a raise in prices of about 5% year over year. The homes have sold on average of 95% TO 104% of the asking price. We are far from the times where we presented offers at 10 to 15% under the asking price!!!

 


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2012 Palm Springs Veterans Day Parade

Every year on November 11, the United States commemorates those brave men and women who have served and are still serving in our country’s military with what is officially known as Veteran’s Day (note: the difference between Veteran’s Day and Memorial Day, celebrated in May, is that Memorial Day is for remembering those who died while serving and Veteran’s Day acknowledges all service members, dead or alive).

November 11 is a popular holiday around the world, as well, as it is known elsewhere as Armistice Day or Remembrance Day, marking the anniversary of the signing of the Armistice that ended the First World War. (World War I was formally ended at the 11th hour of the 11th day of the 11th month in 1918 when the Germans signed the Armistice).

The holiday has seen several incarnations, names, and even dates, but the first recognition was under President Woodrow Wilson on November 11, 1919, and it only acknowledged those veterans of World War I. In 1938, Congress made it an official federal holiday and called it Armistice Day.

In 1945, World War II veteran hatched the idea that November 11 should recognize veterans of all wars, not just those of World War I. In that form, recognizing all veterans, dead or alive, of all wars, Congress formalized the holiday on May 26, 1954. Less than a week later, Congress amended the holiday to its current name of Veterans Day.

From 1971 until 1978, Veterans Day was recognized on the fourth Monday of November, but was then moved back to its original, and still current, date of November 11.

Being a federal holiday, most schools and many businesses are closed in observance of the holiday. When the holiday falls on a Sunday, as it does in 2012, there will be many festivities and parades on that Sunday, but the holiday will be on Monday, November 12. Federal workers will be given that Monday as a paid day off, no mail will be delivered, and most non-essential federal government offices will be closed. Free meals will be offered to veterans at many restaurants and fast food chains.

And, of course, a great many cities and towns across the country commemorate the day with a parade and other gala events.

Palm Springs Veterans Day Parade

Since 1988, the City of Palm Springs has proudly presented the Palm Springs Veterans Day Parade. As has been the case for years, Palm Springs is a Regional Site for the Observance of Veterans Day, as designated by the Department of Veteran Affairs.

Assisting in this year’s Veterans Day Parade is Roadshows, Inc., as they have been doing since 2008. The parade will consist of all branches of the United States Military. There will be more than 80 entries and 2,000 participants in the parade, and a crowd in excess of 40,000 is expected to turn out and honor the veterans.

Military bands, veterans organizations, color guards, and area high school marching bands will take part in the parade, which will begin at 3:30 pm in downtown Palm Springs. There will be pre-parade static exhibits as well as a post-parade concert featuring the 1st Marine Division Band from nearby Camp Pendleton. Following the concert will be a fireworks finale downtown at the intersection of Palm Canyon Drive and Amado Road.

 



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Palm Springs, CA 92264 Market Report for the Week of October 8, 2012

The median list price in PALM SPRINGS, CA 92264 this week is $699,000.

Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer’s market to a Seller’s market.

Price

Again this week in this zip code we see a downward notch for prices. We continue to pull back from the market’s highs. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.

CLICK HERE to download the full Palm Springs, CA 92264 market report!

For more information regarding luxury homes in Palm Springs, CA, contact Claudine Messika.



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Palm Springs, Market Report for the Week of August 27, 2012

The median list price in PALM SPRINGS, CA 92262 this week is $319,900.

Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.

Price

We continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.

Click Here to download the full Palm Springs, CA, market report!

For more information regarding luxury homes in Palm Springs, CA, contact Claudine Messika.



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Masters of Post Modern Architecture – Palm Springs

Masters-of-Post-Modern-Architecture-–-Palm-Springs-300x196Recently, the Palm Springs Museum has obtained the former Santa Fe Federal Saving and Loan building and it firstly expressed its intention to transform the location into a new type of museum. This was going to be centered on architecture and art. The idea received unexpected support from both the public and the media at a national level.

At the moment, it is raising funds in order to rehabilitate the historic building. After it will be renewed it is going to be transformed into a state of the art architectural museum. This would be the first museum of this kind in the country and it intends to amaze the public with the pieces exhibited. Imaginative, unique pieces will be presented and they are hoped to serve as source of inspiration for many future architects. Until now, no less than 30 famous entrepreneurs and famous leaders have shown their support for the project. The museum needs one hundred founding members that must commit to pay a certain sum for the next three years to keep the institution running, until it begins to produce its own profit.

Furthermore, the modern architect E. Stewart Williams will be in charge with the esthetic rehabilitation of the structure and also he will gather the pieces and the collections that will be exhibited. Also, the name of a great pavilion inside it, the Edward Harris pavilion comes from a great architectural historian, Beth Edwards Harris, who with her husband, Brent are thought to have been responsible for the revival of the Mid-Century Modernism, an important step in architecture. Their most important vision was to create community and commercial space. This way the local organizations were going to be supported and therefore, now the first level of the museum will be transformed into a public library with special cabinets for the architectural blueprints.

In addition, the plans of the museums involve the existence of an elevator, as well as walls made entirely of aluminum, glass panels, and decorations based on original blueprints. All must be as creative and as unique as possible, and visitors must not be disappointed by what will see. Also, the dividers from the former offices have already been removed and a larger open space has been created. This way, the original Terrazzo floor can now be completely admired and the overall look is much more impressive.

Moreover, the plan includes various decorations with black and white photos made by the famous photographer, Julius Shulman. These will be the perfect additions to the place and they will blend perfectly with the general style. The overall area will have different looks, to present as many unique ideas as possible, but in some way they are all going to match and come into a harmonious flow that will surprise and enchant the visitors. The architecture and design of the museum will surely be well received on the market and it will represent a fabulous source of inspiration for many architects. With its history and esthetic beauty it will be a pleasure to visit it.


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Palm Springs, CA Housing Market Report for the week of July 30th, 2012

The median list price in PALM SPRINGS, CA 92262 this week is $325,000.

Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer’s market to a Seller’s market.

Prices

Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading
indicator for a trough in prices.

 

Looking for a home or condo in Palm Springs? Claudine is available to help with all Palm Springs Real Estate concerns. Call CLAUDINE TODAY @ (760) 799 5308!



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HOW IS THE MARKET?? Question we are being asked day in and day out

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So 2538 Realtors spent 3 and 1/2 days at the Tom Ferry Coaching Seminar for Real Estate Professionnals- why so many this year the largest ever…because we all understand that the market IS CHANGING and that we need to learn how to make it work for US for mainly for our clients and how to bring them the best information and help them the best way in this new reality.

The Market has changed no matter if you are in Palm Springs or on the California Coast, Florida, Nevada.. and I am prepared, fully knowledgeable and here in my market in Palm Springs and the Desert Cities to answer your questions and guide you.



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Palm Springs, CA Market Report for the week of July 23, 2012

The median list price in PALM SPRINGS PROPER, CA 92264 this week is $711,000.

Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s Market.

Price

Price trends in this zip code continued their recent uptrend this week. While still below the market’s high point, we’ve seen a nice run recently.

For additional information regarding Palm Springs single family homes, CLICK HERE.  Interested with Palm Springs Real Estate & Its prestigious Golf golf communities? Search for Palm Springs Homes OR Just call Claudine @ (760) 799 5308  or Email  her @ info@claudinereal.com

 



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