Category Archives: sellers and selling homes

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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Rat Pack Reflected Palm Spring’s Devil May Care Attitude

Rat Pack makes Palm Springs their home

In the late 50’s and early 60’s, a group of entertainers and the spots they hung out in came to symbolize the American style of mixing power and pleasure. A group gathered around Frank Sinatra, did movies together in Hollywood, performed on stage with one another in Las Vegas, and relaxed and partied in Palm Springs. They started out staying at the Riviera Resort that they helped christen with gigs in the Chi Chi Room, but many of them such as Dean Martin, Sammy Davis Jr., and Peter Lawford emulated their leader, Sinatra, and bought homes of their own in Palm Springs.

Their camaraderie helped to give them enormous power in the entertainment industry and helped to make Palm Springs a power center of world class renown. Unlike other tony enclaves of the era, Palm Springs was not the least bit restrictive and proved to be open to all. The same could be said of the Rat Pack. They included a members from a wide array of backgrounds. This was at a time when even the two Italians in the group would have had a hard time qualifying for membership at certain country clubs. Not so on the links at Palm Springs.

The men in the Rat Pack had swagger and were often seen as vulgar, but it was seen as a sign of their confidence and disdain of convention. They were not about to be assigned to any second class status imposed by the old guard of American culture. They fashioned their own brand of hip and obviously had a good time doing it.

The openness of the desert suited their style. In Palm Springs, it was possible to party at poolside all through the night and sleep through the heat of the day. Since they had so many friends in town, there were always people to see and places to go.

Bogie’s Wife Gives the Name

In 49, Sinatra moved to a home in Holmby Hills near the house where Humphrey Bogart. The two men became drinking buddies along with several other future members of the Rat Pack. When Bogart’s wife, Lauren Bacall, saw the boisterous crew storming through a Las Vegas casino, she stated, “You look like a @#$% rat pack.” Sinatra seems to have taken the slur as an endearment.

Sinatra enjoyed having a circle of buddies around. The arrangement also had enormous commercial success. Their popularity in Las Vegas was unparalleled. They generated enormous amounts of press coverage just by hanging out at pools in Palm Springs and posing for photos with bikini clad babes.

At first, the press referred to them as the Clan. Sinatra did not like it and snidely remarked, “Just because we get together once a week wearing sheets over our heads is no reason to call us that.” To which, Sammy Davis Jr. added, “Would I belong to an organization called the clan?” This sort of humor was new to America. The Rat Pack managed to demonstrate how ethnic and racial differences could form a basis and not a barrier to friendship.

 

Palm Springs is such an interesting community! Interested with Palm Springs Real Estate? CLICK HERE to speak to Claudine.



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Palm Spring Real Estate – Buyers

Buyer losing opportunity of a great real estate deal in Rancho Mirage

Another buyer suffering for the same disease most buyers are afflicted with,  is now full of remorse and anger. Here the story

  • the property is located in one of the prestigious communities in Rancho Mirage
  • the home is now owned by a bank
  • the listing on the market for way over a year
  • a potential buyer (very interested) writes an offer at 20% under the asking price
  • the seller comes back with a counter at 9.5% under the asking price
  • the buyer “plays” and comes back at 10% under the asking price (just had to “squeeze” a little more)
  • meanwhile another potential buyer (Murphy’s law) shows interest
  • the first buyer is made aware that there is another offer coming
  • the second offer comes back at 4% under the listed price and better conditions all together
  • the seller accepts the second offer

WOW! now the first buyer is panicked and is READY to sign the first counter offer he received from the bank and is ready to be as a back up offer just to have the hope of maybe buying that home that he so much wanted..

It might take another year or more before they find a home that they like that much within their price range.

Buyers in Palm Springs or Rancho Mirage or any other city in the Desert, please be aware that yes when looking at high end properties that you can afford : you are not the only ones in that position. Other people can also afford to buy. By the way this is true for any price range and any kind of property.

As your Realtor I would always tell you , yes it is OK to try but when you get a counter (especially from a bank) look at it seriously and if you like the property enough just take it. Most of the time there is  another offer, always higher  right behind and the seller will of course accept it without even giving a second chance to that first offer.

I call it a disease because it is stronger than what your realtor can tell you, it is stronger than the interest you have for that home, and it will leave you unhappy and frustrated once it is over.

I am so sorry to see it happening again and again. Please trust your Realtor who understand how things works, who generally has inside information that he/she cannot share with you but that they will  use to get you where you want to be. BECOME THE OWNER OF THAT HOME.



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HUMM!!! SELLING YOUR HOME OR NOT SELLING : THAT IS THE QUESTION ?

Are you thinking of putting the home you own in Palm Springs on the market ? Now ? Later ? When is the right time ?

Like for everything else there is no better time than NOW! This is of course if you have a situation and/or difficulties ; why keep that property that costs you $$$$$ each month ? Is the time of postponing the selling justified by the increase we might in Palm Springs Real Estate market in the next few months ?

I don’t know I don’t have the cristal ball, but all the cards showing today lean towards a YES the prices will go up towards next season. BUT would that increase cover and justify your set back for 4 to 5 months ?

Mr. Seller or future Seller, the real buyers are right now in town and will be here all summer to BUY condos, or single family homes in Palm Springs, Rancho Mirage or Palm Desert. They are ready and want to take advantage of the market. Does it make sense for you to wait and sit with 70% of the sellers doing just like you waiting for the season  and be out there with the crowd praying to get showings because of a greater number of homes on the market.

These are my thoughts…let me know yours and let’s talk