Category Archives: Palm Desert Real Estate

Palm Springs Heat bringing also Heat to the Real Estate Market?

Bidding on homes in Palm Springs.

It happened again today! I wrote an offer on a house 10% over the listing price and the listing agent comes back to me asking for best and final announcing that he has multiple offers in hand and that I should do much better if I want to be in the game.

OMG! this happening to me again and again…properties are selling fast and faster and if not at asking price then above the asking price.

It is 106 degrees out there, my courageous clients braving the heat , in Palm Springs and trying to beat the market and buy before next season (I believe prices will raise more by then) ,

This is what happens when there is no inventory and when the late bloomers start waking up and want NOT TO MISS the BOTTOM….Well the bad news is that the BOTTOM of the market was hit 6 months ago but the good news is that prices WILL go up and whoever can be brave enough to come during the hot summer months to Palm Springs will still buy real estate at lesser price than the buyers who will be here next season.

 



Bookmark & Share

Real Estate Market Update for Palm Springs and the Desert Cities

This is the market update for the month of April. The market is turning, prices are already showing some increase and by next season it will be a different game. Alvin and myself are here all summer and ready to work with you and get ahead of the flock waiting for Next January to still find the “DEAL” .

To see the charts for the previous months see our webpage : http://www.claudinereal.com/Area_Sales_Statistics.htm

The “Sold” transactions , mean closed transactions for sales that happened traditionally 30 days before hand.

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 you can still buy low and certainly lower that 6 months from now.

Results for April 2012

Total homes sold : 686 month over month a 0.5% increase and 17% year over year

Total homes in “pending” (under contract ready to close) : 522

Total homes in “back up offer” (still under contingencies, mainly short sales waiting for bank’s approval) : 806 A great majority of these 806 might have to wake up in a few months empty handed  and get to choose a different property from an even  smaller inventory at a higher prices.

Median price for condos : $257,900 a slight increase

Median price for single family : $ 440,125 a 10% increase month over month

Total Bank Owned (REO’s) sold in April 2012: 95 a 25% decrease month over month and  that explains the increase in median price an

Total Short Sales sold in April 2012: 5314.5% decrease. Fewer short sales closed because the banks are not working fast enough

Total Bank Owned (REO’s) active in May 2012: 83 a 30% month over month decrease and 69.5% year over year . Less REOs on the market and prices are going up.

Total Short Sales active in May 2012:156, a 20% month over month decrease

Total Inventory for the cities we cover : 2742 10% decrease compared to April . and a 29% decrease year over year. The inventory for short sales + REOs is just about 9% 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

150,000

124.85

150

352,000

195.84

93

243

36

32

RanchoMirage

266,000

136.80

32

412,500

185.13

48

80

10

15

Palm Desert

223,500

151.88

89

300,000

176.45

65

154

22

17

Indian Wells

390,000

171.93

9

806,250

306.82

24

33

1

4

La Quinta

260,000

189.35

31

465,000

200.94

115

146

26

15

Sun City

305,000

165.21

29

30

0

 

We are just a phone call away…and will be happy to answer any of your questions.

 


Bookmark & Share

Snowbirds season ending in Palm Springs..

End of the season for Realtors in Palm Springs

Not only the heat that started quite early this year but the snowbirds flocking out of the area kind , and as a Realtor …I have this kind of relief feel, the tour guide season is over for us REaltors too.

We do love the snowbirds and the full activity and buzz that they bring with them to our area. But as a seasoned Realtor, I know that we have to get in gear for the SERIOUS BUYERS…the people that mean business …the ones that are ready to fly in to look at properties and that are ready to write an  offer.

The numbers we can show for the last 5 to 6 years confirm that our best numbers are reached during the summer…too hot to golf …so they stick with us…and we get the business taken care off.

So yes we are ready for you guys and despite the heat we will get into our cars and take the time to show you around…

I am of those Realtors that stay in for the whole summer and will not complain. Just love Palm Springs in all weather and season



Bookmark & Share

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