Category Archives: Palm Springs Real Estate

NEW LISTING! 72390 Ridgecrest Ln Palm Desert, CA 92260- $161,000

Great South Palm Desert location high up on Hwy 74 on a quiet cul de sac. This is the largest model at Sommerset with 3 bedrooms, 2 bathrooms and an open floor plan. Handy for El Paseo shopping and restaurants. Perfect as a vacation home or for year-round living. Property is being sold subject to 24 CFR 206.125.

View Larger Map

For more information about this property and other Claudine Messika homes, click here to make an exclusive property consultation today,



Bookmark & Share

Sellers Making More Price Adjustments

It’s no secret that buyers are at an advantage right now when it comes to purchasing homes, and sellers are definitely starting to take note of this. Two recent surveys indicate that sellers are starting to gain more confidence in their properties; these surveys also show that sellers are also withdrawing from the market.

This results in very low home inventories, which limits the choices that buyers have when they’re looking for a new home, especially in prime buying season, which is in the spring. A national survey also confirmed that housing inventory had dropped 1.3 percent by the end of March. Listed inventory is also 21.8 percent lower than it was a year ago.

However, another study indicates that the number of people who affirmed that now is an ideal time to sell a home increased from 10 to 15 percent for the fourth month in a row. While this isn’t an overwhelming increase, realtors do believe this is a step in a positive direction.

As far as neighborhoods go, only about one in five adults agreed that now is a perfect time for someone in their community to sell a home, while 63 percent disagree with this sentiment. The prices that people are expected to pay for home is also directly linked to changing mindsets among home sellers.

Generally, Americans are expecting home prices to increase about 1.3 percent in the next year. This is due to the fact that people are generally optimistic about the positive turn the economy is taking, and are willing to pay for homes that are a little higher priced. Confidence in the home buying market rose two percent from March to April, so home purchases are expected to increase.

This presents good news for both sellers and buyers, and will increase the chances that individuals will get into new homes they are satisfied with, in terms of both home specifications and price.



Bookmark & Share
</a

IT'S ALL ABOUT THE INVENTORY IN PALM SPRINGS !!! TAKE A LOOK AT THIS CHART THEN AT THE NUMBERS BELOW

Here is the monthly update with our sales, median prices and inventory  for June 2012 covering the cities of: Palm Springs Proper; Rancho Mirage; Palm Desert; Indian Wells; La Quinta and the community of Sun City (Palm Desert

LESS Bank Owned inventory
and less inventory all together (just above 4 months worth). Properties are sold in average between 94% and 101% of the asking price.

If you are serious about Palm Springs and Real Estate in Palm Springs NOW is the TIME!

The average median price is UP and the numbers are showing the number of distressed properties shrinking (very specific to our second homes market and not necessarily true for the rest of California) . The numbers are more or less comparable to last month except for the inventory, which has significantly reduced. Still, our summer is bringing lots of “real buyers” into town despite the heat. Although there is less competition, there are still multiple offers on many of the properties.

Results for June 2012
Total homes sold : 584 month over month a 15% decrease but this is our summer!
Total homes in “pending” (under contract ready to close) : 513
Total homes in “back up offer”(mainly short sales waiting for bank’s approval) : 738 a 10% drop from last month
Median price for condos : $265,650 a slight increase year over year and month over month- because of our short inventory
Median price for single family : $ 393,750
Total Bank Owned (REO’s) sold in June 2012: 78 against 154 year over year because less REO inventory
Total Short Sales sold in June 2012: 87 some improvement on the banks side to close the shortsales
Total Bank Owned (REO’s) active in July 2012: 74 against 214 year over year. Less REO’s inventory
Total Short Sales active in July 2012:129, a 20% month over month decrease
Total Inventory for the cities we cover : 2227 another 20% decrease compared to May and 30% decrease year over year. The inventory for short sales + REOs is just about 9% 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

145,250

120.90

82

375,000

189.79

94

176

25

21

RanchoMirage

285,000

152.52

39

450,000

191.26

33

72

6

7

Palm   Desert

222,000

150.26

63

292,500

157.87

70

133

24

22

Indian   Wells

370,000

181.76

6

615,000

277.57

20

26

1

4

La   Quinta

306,000

189.35

19

379,000

184.58

130

149

21

20

Sun   City

251,000

154.40

28

28

1

 

Alvin and myself will be in town all summer except for short day trips here and there. Call us to schedule time to purchase your home. If you are serious about Palm Springs and Real Estate in Palm Springs NOW is the TIME!


Bookmark & Share

Palm Springs Modernism Week – Feb 14-24, 2013

Palm Springs Modernism Week

 

Palm Springs California, one of the most attractive destinations for celebrities during Hollywood’s Golden Age, now hosts Palm Springs Modernism Week. Palm Springs is home to the Horizon Hotel, which was a popular lodging choice for Frank Sinatra and the members of the Rat Pack and Marilyn Monroe. The hotel has recently been restored to give guests the feel of timeless luxury, with state-of-the-art materials that make amenities like the saline pools and Jacuzzis even more inviting.

A number of homes in the Palm Springs area still have touches of modern mid-century architecture, and some Palm Spring residents are even having their homes built or remodeled in this style as an ode to one of the classiest eras in architectural history. Those with an affinity for the construction associated with this period in history are encouraged to attend Modernism Week.

Modernism Week is an 11-day celebration of modern architecture in the mid-century, as well of the culture of Palm Springs. Mid-century modern design was originates in the 1940s, 50s and 60s, and was characterized by aesthetically pleasing traits like simple, clean lines, which are also the mark of desert modernism.

Those who attend Modernism Week can take advantage of a variety of activities and events, including architectural tours through some of Palm Springs’ most impressive buildings. Guests can also attend architectural lectures and films; Modernism Week also features an architectural symposium and a number of other educational events. And of course, there are a number of chic, fun parties for attendees to enjoy—in mid-century modern homes.

Tickets for Modernism Week 2013 will be on sale in September. Modernism Week is made possible by a host of volunteers, media professionals and sponsors. The money that is raised for the event goes toward the Modernism Week Scholarship Fund. The scholarship is for Palm Springs high school students who want to pursue a college education in the design field. This year, the Modernism Week committee will offer four renewable scholarships, as well as a double-decker architectural bus tour for the students and faculty.  The staff for Modernism Week will also provide a four-year donation to go toward the developmental phase the of the Palm Springs Art Museum Edwards Harris Center, and will continue to lend its support to like-minded architectural and preservation committees.

For more information about Palm Springs or  Palm Springs Luxury Homes, click here for an exclusive property consultation with Claudine Messika.


Bookmark & Share

Summer Salsa Mambo Festival in Palm Springs – July 26, 2012

Are you ready to dance?! Then head to Palm Springs this summer for the Salsa Mambo Festival. Located at the beautiful Doral Princess Resort, the festival is scheduled to begin on July 26, 2012.

Just what is the Salsa Mambo Festival, you ask? It is a fun-filled four days of over 60 dance workshops taught by world famous artists! All aspects of Salsa, Mambo and Bachata are focused on, as well as Afro-Cuban, Afro-Samba, Cha-Cha-Cha, Argentine Tango, Tango Nuevo, Latin Motion and even Salsa Aerobics!

The weekend starts with an opening party on Thursday, July 26th and the madness doesn’t end until Monday afternoon. Workshops begin in the morning until early afternoon and are available in a variety of topics including Salsa Footwork, Couple’s Styling, Cool Salsa Moves, Social Cha-Cha-Cha, Tango Swing, Musicality and Ear Training, Urban Bachata and Fusion Tango.

Afternoons consist of pool and jacuzzi time at the resort’s beautiful outdoor oasis. The evenings are where the real fun begins, with dance parties being held until 4am. Friday is theme night with togas being the costume of choice. Saturday night is the Gala Dinner with exclusive dinner shows and exhibition dancing. This year’s theme for the Gala Dinner is Palladium Night! Bust out your best West Side Story outfit – colorful dresses, shark-skin suits, skinny slacks and ties. It’s a night to dress to impress!

Later that night ring in the “new year”. Grab your champagne glass, get ready for the countdown and dance the night away. Recover with Sunday nights’ Pajama Night – kick back and dance in your most comfortable (or sexy!) pajamas.

Some of the top dancers in the industry will be performing and teaching at the 2012 Salsa Mambo Festival including Miquel Aguirre, Violeta Anderson, Rolando Bonilla, Keith Givens, Cynthia Howell, Cristian Oviedo, Vince Torres, Latin Motion Dance Co, Salsa in Wonderland and Jazz fusion.

The best part about it all – all you Salseros out there will have the resort to yourselves! The Salsa Mambo Festival promoters have made sure that festival attendees are the only guests that weekend at the Doral Desert Princess Resort. This resort has everything you can hope for on a dancing vacation including 10 tennis courts, a 5,000 square foot pool area with Olympic size pools, 2 whirlpools, executive gym, racquet club, spa facility, fitness center, golf pro shop and clubhouse, 27 holes of PGA Championship gold, a tennis pro shop and more. All rooms include high speed internet access, hair dryer, refrigerator and HBO.

The Salsa Mambo Festival is sponsored by Dance Sport California. DSCA is a dynamic dance organization providing dancers resources for training and education in the Social Latin Dances. DSCA offers a variety of programs in their studio in Signal Hill, CA and multiple festivals in Palm Springs and Los Angeles, CA.



Bookmark & Share

Palm Springs, CA – the Summer fest

Starting from June, Palm Springs is will be hosting an engaging community event called VillageFest. The festivity will end in September and it will be organized on Thursdays from 7 p.m. till 10 p.m. VillageFest features various smells, sounds and sights, and is expected to offer a delightful experience. This festival is a must – see for tourists all around the world because they will get in touch with the local culture. Also, they are going to see some foreign traditions and artisans. VillageFest is annually visited by thousands of people. They come here to relax, to learn more about Palm Springs and buy souvenirs for their friends and family.

This year, there will be countless booths featuring personal and unique creations that are hand crafted by local artisans. These products can make the perfect gifts because they are original and beautifully crafted. VillageFest can also be a great opportunity to visit Palm Springs and its surroundings. Visitors can accommodate in one of the numerous hotels and inns, and they can indulge themselves in delicious local dishes prepared by the restaurants.

This event is designed for friends and families and its intention is to use splendid art to bring people together. The artists are going to create extraordinary crafts out of nothing and are going to amaze the audience. It is a festival for individuals of all ages who can safely and comfortably walk into a world of crafts, food and rich art. So, it’s not only the works of art that are tempting. The food is also extremely alluring for all visitors. Dishes vary in nationality and content, and can offer a great culinary experience.

Eco-friendly tourists will love the farmers’ market stalls, because they will find natural and delicious vegetables and fruits. Healthy food can be quite expensive, but at the VillageFest everything’s affordable. Thus, the event promotes a healthy and a friendly atmosphere, and every year it manages to wow its visitors. The crowd will gather around at 6 p.m. By 7 p.m. the Palm Canyon Drive will be full of vendors and spectators. The entertainment venues, shops, clubs and restaurants will also be open late. Tourists will have the chance to take full advantage of their visit to Palm Springs.

There will be more than 150 booths and countless purveyors, entertainers and artists that will promote a wide array of objects and products such as paintings, fresh fruits, sculptures, vegetables, handmade pottery, flowers, organic soap, jewelry, sweets and snacks. Sitting at one of the outdoor cafés and enjoying this crowded street of California can be the best thing you can do during his vacation in Palm Springs.


Bookmark & Share
</a

Winter in Palm Springs, a Wonderland to Canadians

Harsh Winters at Home Can Be Hard to Take

Shoveling snow can make one long for warmer weather, but that’s not likely to happen any time soon when winter begins in Edmonton or Montreal or just about any place in Canada. The only recourse that is real is to relocate. When searching for a sunnier site, many Canadians settle on Palm Springs. This renowned resort region typically has highs in the 70’s all through the winter months.

When Canadians come to check Palm Springs out, they are often astonished to be able to wear short pants and T-shirts while Christmas carols are playing in local stores. It is easier to relax here outdoors than it would be up north where staying outside can be a struggle for survival.

Cold weather can be especially hard on seniors who may feel the chill in their bones. While it is important to stay active as one ages, this can be tough when it’s frigid, and the sidewalks are invisible beneath a blanket of snow.

Flying South for the Winter Now Common for Canadians

It has long been a custom among many Canadians to head south in winter. Their travels often take them to Palm Springs. Realizing that this will be an annual occurrence, a lot of them are now taking the plunge and purchasing a place to reside in. This gives them the security of knowing where they will stay and that it will always be open and available.

Purchasing property in Palm Springs is also an excellent investment. Value here is high, and property appreciates considerably over the years. This is due to the lure the desert has over travelers. The region has long been a magnet for people wishing to relax and enjoy the warmth and hospitality the area has to offer. Palm Springs is also freeway close to Los Angels, a metropolitan region with millions of residents.

The Canadian consulate in Los Angeles reports that they get large numbers of inquiries from Canadians regarding the Palm Springs area. Recent unrest south of the border has made Mexico a less attractive destination and so Palm Springs has become a better option for tourists.

Time is Right for Buying into the Good Life

Favorable exchange rates make this a strategic time for Canadians to buy. The Canadian dollar is currently strong compared to the dollar so prices are lower than one might expect to pay. This can be particularly true when it comes to housing which has suffered from price drops of late. While the market has stabilized and has begun to show signs of an upswing, there are still many bargains to be had.

Some Palm Springs realtors have begun placing ads in Canadian newspapers seeking a share in a growing market. Canadians who move to Palm Springs find that more and more of their countrymen are calling the place home as well. They understand the value that having a place in the sun can bring. It makes no sense to suffer through another winter of discontent.



Bookmark & Share

Canadian Baby Boomers Buying in Palm Springs

Value a Lure along with the Weather

Realtors in the Palm Springs area are taking note of the fact that there is a growing trend for Canadian baby boomers to purchase homes in and around Palm Springs.  Several report that they are seeing such clients come in on a regular basis with the frequency greatest around Rancho Mirage, but running high throughout the Coachella Valley.

The big selling season in the region begins in November when cold weather elsewhere causes clients to flock in.  While the evidence is anecdotal and not yet fully assembled into a statistical form, multiple agents have reported a doubling in the number of Canadian boomers this season over the expected norm.  The strong position of the Canadian dollar coupled to the large number of listings is believed to be the reason behind the upsurge.

Many of the Canadian baby boomers see the Palm Springs real estate market as a safer place to put their money than the stock market would be.  Not only is it more likely to retain and appreciate in value, it affords them a place to stay as well.  Protecting their assets becomes a more critical concern as boomers approach retirement age.

Vacation Visits Lengthen in Term

The first time that Canadians visit Palm Springs, their stays may be short and combined with travel elsewhere.  They are on a vacation that includes visit to Los Angeles and other spots in California and surrounding states.  Once they become aware of the region’s attractions, they tend to stay longer

Canadian baby boomers have generally been here before.  They know what to expect weather wise and come here in great numbers every winter.  Many now marvel at the great prices to be found in the real estate market.  They are savvy investors and recognize a bargain when they see one.  The exchange rates are great, and it’s a buyers market with all the property available for sale.

Primary Residence Converts to Twin Homes

With their children grown and gone from homes, many boomers find they no longer have need for the large houses they have.  In the case of Canadian baby boomers, this often leads to a move to a smaller primary house and the purchase of a second home as a place to vacation in. Palm Springs turns out to be the perfect place for them to do this.

Canadian baby boomers can escape the harsh winter weather at home and luxuriate in the warm winter weather in Palm Springs and adjacent communities.  They can still enjoy life in the homeland, but may now opt only to do so in the warmer months.  As winter approaches, they pack up their gear and head south.  In this fashion, they can enjoy the best of both worlds.


Bookmark & Share

Why Canadians Are Buying Homes in Palm Springs

Canadians Have Clout in Today’s Market

Canadians now comprise the largest percentage of foreign nationals buying property in the U.S.  The figures are especially true in the Palm Springs Region where Realtors report record numbers of inquiries from Canadians wishing to buy in the region.

Experts suggest this is a result of the strength of the Canadian currency along with diminishment of the price structure of property in the U.S.  While prices have ceased slipping in Palm Springs, they remain well below the peak reached several years back.

The housing crisis has led to a glut of homes now on the market with plenty of bargains to be had.  Several Realtors in the Palm Springs area specialize in foreclosures and short sales where homes can be purchased for a fraction of their former worth.  Care must be taken to determine the home’s condition in these cases as owners may have neglected repairs and maintenance once foreclosure proceedings began.

Palm Springs and adjacent communities have been expanding for decades, and there is plenty of room in the Coachella Valley for expansion.  With the downturn in housing, there are now substantial listings of properties for sale.  These range from condos in town and along golf courses, and single family homes in both settings.  In addition, there are many homes scattered throughout the desert that offer solitary splendor.

Tax Codes Differ in Canada and U.S.

Buying property in Palm Springs is a pretty straight forward procedure for Canadian citizens.  Property taxes and fees are the same for all buyers regardless of place of origin.  The implications such purchases have on the income taxes Canadians pay can very so it is important to consult an expert in this area before filing tax returns.  It can be confusing what sorts of expenses are deductible and how loans should be structured to gain the best possible advantage.

Different tax standards can apply depending on whether a Canadian comes to live in Palm Springs permanently year round or just winters in the region occasionally.  There are also variations depending on whether one has retired or is still working.  If still working, there are differences if the work is done in Canada or the U.S.or if work is done in both places.  These days with so much work done on line, it can be difficult to determine exactly what is done where.

Renting Out Property Can Provide Income

Since many Canadians only live in Palm Springs for part of the year, it is possible for them to rent their places out for the rest of the year.  Such a strategy can allow a property to pay for itself.  Several agencies provide services devoted to this, and area realtors will be able to suggest firms to use.

Many Canadians are buying property around Palm Springs to rent out year round.  Homes and condos in the Coachella Valley offer excellent investment opportunities with long term prospects for appreciation in value virtually certain.  This is due to the region’s popularity as a resort destination with acclaimed winter weather, numerous golf courses, and chic shopping districts.



Bookmark & Share

Palm Springs Real Estate Market Can it be compared? assimilated in any way to the Canadian Real Estate Market

On of my potential buyer from Canada shared with me this morning his fears and thoughts and reasons why he is not “jumping off the fence and buying NOW in Palm Springs”

His argument is that the inventory in Alberta (where he is from) is growing and particularlyin  their resort areas “The Rockys”. His concern is now that they have more inventory in their resort area, that would bring more canadians buyers there, their prices will go down…less Canadians will buy here and we are going to see another “DIP”

Here is my answer to him : In the last three years, YES, over 60% of our inventory was purchased by Canadians compared to 20% in all the previous years. The reasons are:

  1. Canadians love Palm Springs because of its climate in the winter with no rain, sun and golf.
  2. Conveniently, the Canadian currency came to par with the US Dollar and stayed there until now
  3. Our prices came down significantly

All of the reasons above, made our resort area most attractive to Canadian buyers from all over Canada. We’ve had clients from as far away as Nova Scotia.

Comparing your resort market to our resort market is not the way to go. Yes! You have a bubble in parts of Canada. Quite  a few of our clients buy in Palm Springs because they cannot afford to buy art home. They are still investing but most come here to afford it.

The excess of inventory in your Rockies will NOT affect the Palm Springs market.  We are past the bottom.   You are free to wait for the next cycle.  History has proven that the cycles are about 10 years.  You can certainly wait until  this happens. Where will your dollar be compared to the US dollar at that time.?

SO!. Do you purchase and enjoy now or continue waiting?   Your choice.

 



Bookmark & Share