Category Archives: Palm Springs Area Market Updates

Palm Springs! Palm Springs!

 Some Realtors tuning down for the summer  in Palm Springs – NOT US

 

As we are seeing the snow birds leaving town as a flock of migrating birds, I as a Realtor get in gear for the best of my selling season.

Well would you tell me but most of the buyers are there during the season ? Yes they are but the “lookers” too and some time they get mixed up and a lot of time is lost with those.

On another note the sellers noticing the number of “showings” dropping are also more open to price adjustments and looking closer to offers that come along

I am happy to speak from now on to REAL potential buyers which will visit for a week or so and this is all you need to look at a number of homes , make a decision and get into escrow.

Our number of sales and goals   for the last 5 or 6 years were reached thanks to the number of sales made from July on. So our decision to stay in town and get that business has proven to be right and will this year too if I look at my appointments schedule for the summer months.

I will keep on blogging and tell you what is happening in our market . stay tuned



Bookmark & Share

Real Estate Market Update for Palm Springs, Rancho Mirage,Palm Desert, Indian Wells and La Quinta

Hello I am sending you the monthly Real Estate update for Palm Springs and the Desert Cities we cover including Rancho Mirage, Palm Desert , Indian Well, La Quinta and Sun City only. You can access the charts back to February 2011, month by month by going to http://www.claudinereal.com/Area_Sales_Statistics.htm
The numbers for this month are confirming the fact that our market is changing and the trend is towards a SELLERS’ MARKET. Inventory is shrinking and some buyers are still out there looking for the Deal that they should have made 6 months ago! and sitting on the fence waiting for…WHAT? …Look at the numbers.

Results for March 2012

Total homes sold : 645 month over month a 25% increase

Total homes in “pending” (under contract) : 514

Median price for condos : $255,600 more than 5% increase month over month

Median price for single family : $399,825

Total Bank Owned (REO’s) sold in March 2012: 124 a 37% increase.

Total Short Sales sold in March2012: 62

Total Bank Owned (REO’s) active in April 2012: 123, a 13% month over month decrease. Less REOs on the market.

Total Short Sales active in April 2012:186, a 5% month over month decrease

Total Inventory for the cities we cover : 3040 a 8% decrease compared to March. The inventory for short sales + REOs is just about 10% of the total inventory, compared to the 16% average during the past year.

 

 

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
SFR
Price/sqft
SFR
Total
SFR

Total
sold
Sold REOs Active REOs
Palm Springs 149,000 127.48
79 337,500 178.90 100
179
24 43
RanchoMirage 239,000 139.42 21 450,000
190.00 42 63
12 21
Palm Desert 210,000 139.83
86
288,450 158.13 76
162
45 35
Indian Wells 430,000
183.25 9 710,000 272.93 40 49 8
5
La Quinta 250,000
164.10
19
341,000
181.07 143
162
35 19
Sun City 272,000 143.90
30 30 0



Bookmark & Share

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.

 

 



Bookmark & Share

The Real Estate Market in Palm Springs recovering

Just released the January Market Update from Leslie Appleton Chief Economist for California Association of Realtors

It confirms what we are seeing everyday…the last 3 offers i wrote we were in a bidding position and had to bid over list price to win the deal. I was in that position in 2004 when the market was starting to move and get better.

Listen to what she has to say :

 


Bookmark & Share

Market Update for Palm Springs Real Estate

Tthis is my first market update for the new year. The  numbers for January 2012 reflect the sales activity for December 2011. December is always a slower month due to the holidays though the number of sales increased a little bit, The distressed properties are still available making it WORTH TO BUY NOW.

I am showing you the numbers for November 2011 and January 2012 to compare.

You can also visit the page for market updates for the last months : http://www.claudinereal.com/Area_Sales_Statistics.htm

Looking forward to meet with you this season and become your Realtors of choice for Palm Springs and the area

Deals are out there, we know out to read them , recognize them and negotiate them for you.

January 2012 results
Total homes sold : 396
Median price for condos : $191,650

Median price for single family : $303,357
Total Bank Owned (REO’s) sold : 98 a 20% increase
Total Short Sales sold : 43
Total Bank Owned (REO’s) active in February 2011: 189 a 13% month over month increase
Total Short Sales active in February 2011:246 a 5% month over month increase
Total Inventory for the cities we cover : 3152 approximately the same as in December. The inventory for short sales + REOs is just about 14% of the total inventory.

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
SFR
Price/sqft
SFR
Total
SFR
Total
sold
Sold REOs Active REOs
Palm Springs

134,900

109.59

69

310,000

185.29

49

118

25

61

RanchoMirage

185,000

118.55

19

542,000

197.76

28

47

8

22

Palm Desert

175,000

137.18

47

238,000

139.99

50

97

29

61

Indian Wells

360,000

177.05

5

552,500

264.32

14

19

3

9

La Quinta

295,000

167.67

18

250,000

162.05

79

97

32

35

Sun City

231,000

149.46

18

18

1

1

November 2011 results
Total homes sold : 385
Median price for condos : $222,100

Median price for single family : $497,580
Total Bank Owned (REO’s) sold : 79 a 15% decrease reflecting the fact that less Bank Owned inventory on the market.
Total Short Sales sold : 55
Total Bank Owned (REO’s) active in December 2011: 167 a 9% month over month decrease
Total Short Sales active in December 2011:237 a 9% month over month decrease
Total Inventory for the cities we cover : 3169 a 9% month over month decrease. The inventory for short sales + REOs is just about 13% of the total inventory, this is slightly down compared to last month.The number of distressed properties in the cities we cover has come down. that tells us something about where the prices will go next.

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
SFR
Price/sqft
SFR
Total
SFR
Total
sold
Sold REOs Active REOs
Palm Springs

137,000

116.32

54

365,000

183.57

79

133

30

44

RanchoMirage

285,000

171.96

11

567,500

200.66

26

37

9

22

Palm Desert

212,000

144.84

39

302,500

166.16

54

93

15

52

Indian Wells

297,500

140.34

4

1,175,000

346.26

11

15

1

9

La Quinta

179,000

140.51

9

313,000

161.08

81

90

24

39

Sun City

262,500

154.27

17

17

0

1



Bookmark & Share

Real Estate Market Update in Palm Springs

Market Update for Palm Springs September 2011

The numbers are encouraging (for us and for the economy) because they show some increase in prices, fewer bank owned sold and fewer bank owned on the market. This confirms what we talked about last month regarding the banks shying away from foreclosures. They are trying to help the homeowners by slowing down the process and asking them to try and sell the distressed properties as short sales. This is why we are seeing more short sales on the market and more short sales selling. The banks are making efforts to process them faster. I am showing you, below, the results for the month of September 2011 and comparing month over month with August 2011. As well, I am also giving you the numbers comparing year over year. One thing is sure, properties are selling and prices are not “crashing”.  Let’s talk. So the weather is really cooler at under 85 degrees today and it might be just time to call us and set an appointment to buy a property in Palm Springs before the big seasonal rush .

MONTH OVER MONTH

September 2011 results versus August 2011 as usual green for better results red for worse.
Total homes sold : 390 versus 434 a 10% month over month decrease (normal reflecting the sales for August which is our hottest month)
Median price for condos : $224,600 versus $210,035 almost 7% increase
Median price for single family : $358,750 versus $350,358 a slight increase
Total Median price : $291,675 versus $280,196
Total Bank Owned (REO’s) sold : 95 versus 113 a 16% decrease reflecting the same as total number of sales
Total Short Sales sold : 56 versus 62 a 10% decrease reflecting the same as total sales
Total Bank Owned (REO’s) active in October2011: 188 versus 202 a 7% month over month decrease
Total Short Sales active in October 2011: 281 versus 250 – a 12% month over month increase
Total Inventory for the cities we cover : 3008 versus 2553 last month an 18%
month over month increase. The inventory for short sales + REOs is just about 16% of the total inventory, this is the same month over month. Short sales represent a growing number while the REOs number is shrinking.
YEAR OVER YEAR
Total homes sold in September 2010 : 329 compared to 390 in 2011
Median Price all in all in September 2010 : 296,413 compared to 291,675 in 2011
Total Bank Owned(REO’s) Sold in September 2010 : 107 compared to 95 in 2011
Total Bank Owned (REO’s) Active in October 2010: 304 compared to 188 in 2011



Bookmark & Share

Palm Springs Real Estate Market – what we hear and what is really happening?

Real Estate in Palm Springs ? Is that all what people want to talk about?

 

I am OK to talk about real estate and especially real estate in Palm Springs , all day long, because this is what I do and I know my stuff. But I believe that real estate is in fact what people use to talk about their fears.

Labor Day is one of the strongest week end here in Palm Springs as far as visitors in town. This is our “kick off week end” getting closer to our season.
We are prepared for the thousands of people hitting the area and what else? but take at least 1/2 to visit open houses and go back home and tell everybody else what they have seen and learned.
Yes I like that kind of publicity- this is the real world and they will be reported what kind of homes they have seen and the prices they were on market for.
SO I am ready holding open house tomorrow and ready to educate anyone who is ready to listen about the real estate market in Palm Springs.

&nbs

Bookmark & Share
p;

 

 

 

Is Palm Springs real estate market the same as California Real Estate Market?

Not everything Leslie Appleton Chief Economist for the California Association of Realtors says about California is applicable for Palm Springs Market. It is close but still vive la diferece . The best would be to ask you Realtor about the very specific Palm Springs Real Estate you are looking at. Especially if you are from Canada and are not familiar with Palm Springs and the area.



Bookmark & Share