Palm Springs Real Estate

Home sales, median price on rise in the valley

2011-11-07T08:05:00.000-08:00

Coachella Valley home sales rose 9.4 percent in September compared to September 2010, outpacing Riverside County and Southern California, a new report shows.

The valley's strength as a second-home market continued to help drive sales, desert real estate brokers and agents said.

One positive sign was that the percentage of distressed sales continues to fall, said Greg Berkemer, executive vice president of the California Desert Association of Realtors.

Bank-owned and short sales accounted for half of all single-family home sales in September — down from 62 percent in September 2010, Berkemer said.

The valley's $168,000 median price — half sold for more, half for less — rose $500 more than in August. That price, though, was 7.3 percent lower than in September 2010. The median price in September in the valley was $175,000, according to CDAR.

That compares to a $165,400 national median price for an existing home in September, which marked a 3.5 percent drop from September 2010.

Many potential home-buyers are skittish about the economy and unsure about whether prices have bottomed out, Realtors said. They're willing to making low-ball offers.

Annual home tour offers a sneak peak

2011-02-22T18:03:00.000-08:00

The Desert Sun
Written by
Judith Salkin

With so many fabulous homes here in the desert, many in gated communities, it's rare to have a chance to just walk through a few them.

For the past decade, the owners of a number of those exclusive properties have opened their doors for the Children's Discovery Museum of the Desert annual home tour, which has raised more than $500,000 for museum programs.

The six homes on Sunday's tour encompass a variety of styles, said Assistant Executive Director Judi Miller.
“One of our criteria is to try and show the diversity of architectural and design here in the desert,” she said. Contemporary, California Mediterranean and midcentury modern are all represented.

In selecting the homes, the museum looks for those designed by local architects and interior designers. “We like to show off the work of the talented designers who work in our valley,” said Miller.

In the past, the home tour was one of several public fundraisers the museum held annually. But this year is different, Miller said.
The Children's Discovery Museum is in the midst of a major expansion project, and the home tour is the only public fundraiser it will host in 2011, Miller added.
The funds raised will all be earmarked for scholarships for local children to attend programs and camps.

As of Monday, nearly two-thirds of the 800 tickets for the tour had been purchased.

USA - A Positive Outcome

2010-08-24T22:42:00.000-07:00

The problem:
It feels very shaky in the good ole USA. The economists and elected officials are scratching their heads; running out of stimulus ideas, tax tricks, and money. It feels like the Fed, the Treasury, Congress, etc. are lost - or at least "at a loss" for how to revive the economy. Of course the housing market is still in the headlines and as a busy broker I can confirm that it feels like fewer and fewer people are qualifying as buyers; over 3 years of severe declines and this last month produced some dire statistics. Other markets are even more worrying - like the US Gov't Bond market, which continues to rally to new price highs and yield lows every day. Lots of cash on mega cap balance sheets, but bankruptcy for small and medium sized businesses; which drive growth. More people that I am meeting are genuinely worried about the very near future (economically). State and local government underfunded and overpriced pensions is the main topic of the private sector dismay. I think the new normal may be a harsh reality here. I am reading about a lot of people that are going through what has already happened to millions of others; elimination of entire markets and severely diluted opportunity.

The solution:
Put the brakes on the cascading decline in property prices which will revive entrepreneurs and small business markets everywhere. Millions of Americans that have jobs, decent income, but low credit scores should be allowed to refinance their homes even with lower credit scores. This will help stall and stop the foreclosure and short sale nightmare that is continuing to put downward pressure on prices. The Banking system needs this reprieve to mend personal credit and heal the Banks. Right now someone with good income but not great credit (millions) are being forced to strategically default on their homes because prices have dropped so far and banks refuse to allow them to refinance or borrow because of bogus credit scores. If these people were allowed to refinance at the new rates and prices, it would put a floor under prices and allow the market and economy to grow again (the banks are ending up with the depreciated asset/home anyway). Each new foreclosure and short sale puts tremendous downward pressure on prices and is creating a death spiral. This is not capitalism at work. This death spiral can be stopped if the government would encourage banks to change the way they are approaching this new reality. Right now the banks are applying an old technique to a dramatically different problem and environment. Just allowing people with incomes and low or no credit to refinance across the board would get the economy steaming in the right direction again. It is a much better solution than having the banks continue to take property from people with prospects.

For Sale: Michael Jackson’s Last Residence

2010-08-22T14:30:00.000-07:00

The Holmby Hills, CA home where Michael Jackson died is up for sale. The 7-bedroom, 13-bathroom mansion that superstar entertainer Jackson rented is on the market for $28,995,000 — that’s about $9 million less than the original asking price of $38 million back in 2008. With a price decrease of almost $10 million, this could be a dream-come-true for a wealthy MJ fan. But, don’t get too excited – TMZ mentions that any interested buyers must go through an “extensive pre-qualifying check” before they can even enter the home. In other words, the paparazzi and looky loos are not invited.

The French Chateau estate is located in the prestigious Holmby Hills area of Los Angeles and was leased to Jackson at the time of his death, reportedly for $100,000 per month. However, it is unknown if it was actually Jackson who was on the other end of the rental agreement. Jackson lived here while he rehearsed for his “This Is It” tour.

The mansion is on 1.26 acres and includes a theater, wine cellar with tasting room, an elevator, 14 fireplaces, a spacious spa with gym, a large swimming pool and according to the listing on Zillow, has beautifully landscaped gardens and a guest house.

According to TMZ, the mansion is owned by Roxanne and Hubert Guez (he is the CEO of Ed Hardy fashions). Guez first tried to rent the property for $300,000/month and then listed it for $38 million back in 2008.

Prices up and Coachella Valley home sales rise in early 2010

2010-05-17T11:22:00.000-07:00

Debra Gruszecki • The Desert Sun • May 17, 2010

The California Desert Association of Realtors today reported that the average home price in the Coachella Valley rose 16 percent in the first three months of 2010. Sales rose 17 percent.

Greg Berkemer told The Desert Sun that's a sign the market continues to show a gradual improvement toward recovery.

He believes prices rose because the lowest price houses are selling first, making remaining inventory a little more pricey.

"It means sellers with higher value homes are moving into a better position in the market,'' he said.

The first quarter data shows 2,471 homes and condos sold, compared with 2,111 in the first part of 2009.

The average sale price was $290,952, up from $250,864 in the first part of 2009, according to a report from Real Data Strategies.

The positive news though isn't meant to be construed that prices will sizzle soon.
Berkemer says in a story we'll report Tuesday, "We're on the right path ... but it's still a rocky road."

Prices still are a long way off from where they were in 2008.

While it is an improvement, the average sale price in the first part of 2008 was $486,694.

Building permits on the rise across California

2010-04-26T14:48:00.000-07:00

Debra Gruszecki • The Desert Sun • April 26, 2010

Total housing starts are up for the third month in March across California, signaling that the worst of the housing downturn may be over, the California Building Industry Association said Monday.

Building permit activity in Riverside and San Bernardino counties rose 45 percent. To the California Building Industry Association, the numbers are a sign the worst of the housing downturn may be over.

“We’re off to a great start this year,’’ said Liz Snow, CBIA’s president and chief executive officer. “Housing starts are up in all categories for the first quarter of the year’’ over the same time frame in 2009.

Statistics compiled by the Construction Industry Research Board show that permits were pulled for 3,714 total housing units in March - 4 percent more than March 2009 and 7 percent more than February.

Permits issued for single-family homes - 2,231 - rose across the state by nearly 17 percent, from March 2009 and nearly 24 percent from February.

In Riverside and San Bernardino counties, the 525 single-family home permits issued in March represented a 45 percent increase over activity in March 2009 when 362 permits were issued. The number of permits issued since February also went up 9 percent.

Ben Bartolotto, research director for CIRB, said new housing is clearly on the upswing, although the extent that the gains are sustainable and the magnitude of the gains are uncertain.

CIRB is still forecasting a modest recovery for 2010 with permits being pulled for 52,000 units.

The recently enacted state tax credit for homebuyers should help to sustain the gains in construction, Snow added. “These numbers are a breath of fresh air, and tax credit should help capitalize and build on this momentum,” she said.

Ritz-Carlton Gets Deadline From Rancho Mirage

2010-01-14T21:07:00.000-08:00

By Kate McGinty, The Desert Sun
December 4, 2009

The long-awaited Ritz-Carlton in Rancho Mirage must open for business by June 2011, the City Council decided Thursday.

Under a new operating contract with the hotel, which was approved 4-0, the city laid out details of a modified financing agreement and set a new deadline for the hotel to open for business.

The Ritz-Carlton, in the Santa Rosa Mountains at the top of Frank Sinatra Drive, must open its doors by June 30, 2011.

The hotel — which is “coming back to life”— plans to pick up construction by March to make that happen, project attorney Emily Hemphill said.

“I think finally I can stand here and tell you we are making significant progress,” she said.

The previous hilltop hotel, The Lodge, shut down in August 2006 to be renovated into the Ritz-Carlton. The city estimated it would raise at least $1.2 million in annual transient occupancy tax.

Construction came to an abrupt halt last year, though, after Lehman Brothers Holdings Inc., a major investor, filed for bankruptcy.

That left about 80 percent of the project complete and more than 200 people without jobs.

Now, the hotel is on the cusp of clearing its debt on the project and an equity partner is buying the lender note, Hemphill said.

The hotel will next secure a construction loan, which Hemphill estimated could be about $50 million.

Construction is then expected to take about seven months, City Manager Pat Pratt said.

Hemphill was optimistic the hotel could open ahead of schedule.

“I don't think it would be very long. My guess is if we could get started in the first quarter of the year, that we would be open for the subsequent season,” she said.

Councilman Dana Hobart said Rancho Mirage residents and the rest of the Coachella Valley have eagerly awaited the opening, and its progress is a sign the valley can flourish.

“The completion of this project will be evidence to all of the world that the Palm Springs valley is a tourism destination that is a vibrant destination, regardless of world and national distress,” he said.

Report: California foreclosures drop in December

2010-01-14T19:35:00.000-08:00

from the LA Times:

Notices of default dropped 17.5% compared with November and 32.5% on a daily average basis, according to the report by ForeclosureRadar.com.

The drop in foreclosures appears to reflect an easing in activity by banks and other lenders hoping to avoid delivering disheartening news to troubled buyers and shutting people out of their homes during the holiday season, said the website, which is based in Discovery Bay, Calif.

Mortgage titans Fannie Mae and Freddie Mac suspended foreclosures for part of last month through Jan. 3, and Citigroup Inc. also said it would suspend some foreclosures and evictions for part of last month through Jan. 17.

“The dramatic drop in foreclosure activity may have been a Christmas gift to homeowners,” Sean O’Toole, chief executive of ForeclosureRadar.com, said in a statement. “Given rising mortgage delinquencies, it is becoming increasingly clear that foreclosure activity no longer fully represents market realities.”

Foreclosure sales were canceled at an increasing rate in December, but only by 3.5% on an average daily basis. That was much smaller than anticipated by analysts at ForeclosureRadar.com, given the push by the Obama administration to make trial loan modifications under its Home Affordable Modification Program permanent.

-- Alejandro Lazo

Move Your Money: A New Year's Resolution

2009-12-31T08:34:00.000-08:00

Too-big-to-fail banks are profiting from bailout dollars and government guarantees, and growing bigger.

Last week, over a pre-Christmas dinner, the two of us, along with political strategist Alexis McGill, filmmaker/author Eugene Jarecki, and Nick Penniman of the HuffPost Investigative Fund, began talking about the huge, growing chasm between the fortunes of Wall Street banks and Main Street banks, and started discussing what concrete steps individuals could take to help create a better financial system. Before long, the conversation turned practical, and with some help from friends in the world of bank analysis, a video and website were produced devoted to a simple idea: Move Your Money to a Community Bank.

WestJet to provide year-round service to Palm Springs airport from Canada

2009-12-16T18:20:00.000-08:00

From The Desert Sun; Dec 2009

Canadian airline WestJet announced today it will expand from seasonal to year-round service to Palm Springs International Airport, according to a city news release.

Beginning in June the airline will fly two weekly round trips, on Thursday and Sunday, from its hub in Calgary, Alberta, the release stated.

WestJest provides daily service to Palm Springs from Calgary, Edmonton and Vancouver, it added. The airline has transported some 128,000 passengers to and from the Coachella Valley this year, according to Tom Nolan, Executive Director of the Palm Springs International Airport.

SoCal median home price holds steady

2009-10-17T16:00:00.000-07:00

The median home price in Southern California held steady at $275,000 last month compared with August, as low mortgage rates and other incentives enlivened a normally sleepy season for sales, a tracking firm said Tuesday....

Palm Springs Real Estate - July Home Sales Increase

2009-08-21T10:44:00.000-07:00

The Associated Press reported July home sales surged more than 7 percent. This includes home resales posting the largest monthly increase in at least 10 years. Click Here to read the full article.

Call M1 Properties for Market or Property Information. We are your desert real estate experts.

Jeremy Metz
jmetzm1@gmail.com
www.m1properties.com
760-864-1410

Recovery Signs in Housing Market Stir Some Hope

2009-07-29T09:21:00.000-07:00

An article David Streitfeld of the New York Times details the following:“The long slide in housing prices is continuing to brake, figures released Tuesday indicate. For the fourth consecutive month, there was modest improvement in May in housing prices, according to the Standard & Poor’s/Case-Shiller Home Price Index, a closely watched measure of the market.” Streitfeld points out “The report contained another, more startling piece of data: prices increased in May by a half-percentage point from April, the first positive monthly return for the index in three years.”

“It is very possible that years from now we will say that April 2009 was the trough in home prices,” S.& P.’s vice president for index services, Maureen Maitland, said.

“Recession is over, economy is recovering — let’s look forward and stop the backward-looking focus,” the Wells Fargo chief economist John E. Silvia wrote in a research note.

“For 16 months, beginning in October 2007 and ending in January 2009, the Case-Shiller index posted record annual declines. As recently as February, all of the 20 cities in the index showed a decline from the previous month,” Streitfeld states. “In May, only five of them did. The cities that are still dropping are Las Vegas and Phoenix, the two places where the bubble was the worst, and Miami, Seattle and Los Angeles. Prices improved in 13 cities.”

Although there are still skeptics out there, it is very possible the bottom is behind us and we can look to the future. From what we have seen first hand with the Palm Springs real estate market, today represents an opportunity. The prices have stabilized and the inventory is changing. The best properties are selling quickly. Deals are happening today that we will look back on and be amazed.

Call M1 Properties at 760-864-1410. We are local market experts and can help with your Palm Springs real estate needs. Full story click here.

Jeremy Metz
M1 Properties
Palm Springs Real Estate Sales

Common Palm Springs Real Estate Questions

2009-07-22T09:48:00.000-07:00

What is a short sale?
A short sale is when the owner is attempting to sell the property for an amount lower than what they owe on their mortgage. Until the lien-holding bank approves the sale of the property at a certain price, listing prices of short sales are basically made up. Owners and their agents tend to use low prices to fish for offers, in order to use the offer as leverage on the bank. In a short sale, the bank has to approve the sales price and agree to take a loss on the sale. This is confusing to potential buyers, as they believe they can purchase a home for an unrealistic/unachievable price. Short sales are now more prevalent in the Palm Springs real estate market than ever. We recommend avoiding short sales and focusing on the purchase of bank-owned and non-short properties.

What ongoing fees are involved with owning real estate?
On top of the purchase amount, all real property is lawfully required to pay property taxes. Property tax amounts are dependent on geographical/municipal location, typically 1.125% to 1.5% in the Palm Springs real estate market. This percentage is out of the assessed value of the property, which is the sales price at the time of purchase. Some properties within communities will have monthly homeowner’s association (HOA) dues, which can range from $50-$900/month, depending on the community and amenities included. Mello Roos, or special property tax/assessment, in addition to the normal taxes, are charged to those within certain community facilities districts. Please contact us for additional information; we are your Palm Springs real estate local market experts.

Jeremy Metz
M1 Properties
Palm Springs Real Estate Sales
http://www.m1properties.com/
760-864-1410

Palm Springs Real Estate Sales Heat Up for the Summer

2009-07-13T13:05:00.000-07:00

With days now reaching 114+ degrees, Palm Springs Real Estate has been just as hot. Usually known to be busier in the winter season and quieter during the hot summers, real estates sales have been cooking this summer.

Though the economy may have taken longer than anticipated to stabilize, the Palm Springs real estate market is now showing signs that the bottom may be here, or could even be behind us. The rate of foreclosures seems to be slowing, as many people have already experienced this phenomena. Most bank-owned properties have sold quickly, as the banks have priced properties accurately to sell; a key component that was missing in 2008. The smart buyers have been ready to purchase quickly, realizing that it is nearly impossible to pick the very bottom of the market and knowing that despite nervousness, this is an amazing time to buy.

California will always be California and there will always be a demand for real estate here. The time to invest in Palm Springs real estate is now, as the best deals are selling quickly. There will surely be some potential buyers that miss the boat by waiting too long.

The in-demand sales activity of real estate throughout the Coachella Valley is one fire that should continue to burn brightly. Buy now before the snowbirds get here. Call M1 Properties now at 760-864-1410 to discuss finding the right Palm Springs real estate deal for you. Check out our Featured Listings at http://www.m1properties.com/.

Jeremy Metz
M1 Properties
Palm Springs Real Estate Sales

Increase in Activity and Pricing in Palm Springs and the Desert Cities

2009-06-04T21:38:00.000-07:00

Many many buyers have left the side lines and are committing to real estate. Sales volumes are up dramatically in the past 90 days in Rancho Mirage, Palm Desert, and Indio, and prices are increasing with more properties achieving asking price, and some achieving higher than asking price. The properties that represent the best deals are selling almost immediately; buyers are feeling much more confident. There has never been a better time to be a buyer and invest in our beautiful Desert.

M1 Properties has been involved in all areas of the Coachella Valley real estate market, from entry level to high end. We have been representing buyers and sellers from around the world. Check out our website to see a list of properties we are currently working on and call or email with specific questions. We are here to help.

Coachella Valley real estate sales up 19%

2009-04-19T14:16:00.000-07:00

Debra Gruszecki • The Desert Sun • April 5, 2009
Real estate sales were in the triple-digits in February across areas hit hard by foreclosure and unemployment in 2008, but the median price for Coachella Valley homes held pat at $180,000 for two consecutive months, according to new figures from MDA DataQuick.
Median prices have trended down since the recession began in late 2007.
All told, DataQuick noted 723 sales in February. That represents a 19 percent increase over the year before when atypical foreclosure activity began and the economy hit the skids. Bargain-basement buying activity in February was hottest in: Coachella, where the sale of 52 homes represented an increase in 478 percent over the same time last year. Desert Hot Springs, where 102 transactions in the 92240 ZIP code area represented a sales volume increase of 292 percent and had the largest volume of sales. The median price paid there: $80,250. The highest priced home: $260,000. Other locales noting sales gains of 100 percent or more were Bermuda Dunes, Cathedral City and Thousand Palms.
Statistics also showed double-digit sales decreases in February in Indian Wells, Palm Desert and Rancho Mirage. The median price in Indian Wells and Rancho Mirage dropped 77 percent and 48 percent, respectively, to $340,000 — primarily due to the rise in condo sales there. The $340,000 price was about what a small condo in a great location could fetch valley-wide in February 2006, when the economy was steaming. Anecdotally, real estate agents are saying resale supply in the lower-priced categories is being scooped up at a rapid pace, and that foreclosure resales account for more than 56 percent of February's resale activity.Trend could be a good sign here. Greg Berkemer, executive director of the California Desert Association of Realtors, has pointed out that buyers are taking advantage of the affordable home prices in increasing numbers.
The valley has seen year-over-year sales increases for several consecutive months, he has pointed out. If that trend continues, it could signal a turn in the market and a bottom on prices.

Across Southern California, sales have been rising on a year-to-year basis since last July.
The California Association of Realtors has reported that existing home sales rose 83 percent across the state in February, compared with the same period a year ago while the median price of an existing home declined 40.8 percent. The data does not track new construction or the sale of homes not listed on the MLS. The median number of days it took to sell a single-family home on the MLS was 51.5 days in February, compared with 69 days a year ago. Statewide, the cities with the highest median home prices in California ranged from Santa Barbara, $897,500, to Fountain Valley, $542,000. No one city in the Coachella Valley had a median home price greater than $340,000 in February, according to DataQuick. However, five cities reported million-dollar sales: Indian Wells, with a $2.1 million home; La Quinta, $2.4 million; Palm Desert, $1.1 million; Palm Springs, $2 million; and Rancho Mirage, $2.5 million. DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiller and Associates, which monitors real estate activity nationwide, also noted that the typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,090 last month, down from a revised $1,940 for February one year ago.
That rate makes the typical mortgage payment less than rent in some cases.
http://www.m1properties.com/

Forbes Magazine says - buy a home before the economy recovers

2009-04-06T09:10:00.000-07:00

Ten Things To Buy Before The Economy Improves:
Daniel Indiviglio, 03.31.09, Forbes Magazine
The deals you're seeing on everything from houses and cars to televisions and furniture won't last forever. The reason is simple: no buyers (to compete with).
Personal savings in 2008 were nearly six times greater than in 2005, amounting to $191 billion or 1.8% of the nation's disposable income. In 2009, annualized savings for January and February exceeded $450 billion, or more than 4% of disposable income.
For those feeling bold enough to bargain shop, opportunities abound. Some deals, like housing and automobiles, might be obvious, but others, like diamonds, might not be.
Big Ticket Items At the top of the list: 1.) Housing. This may be the best time in a generation to buy a home. According to the S&P/Case-Shiller U.S. National Home Price Index, fourth-quarter 2008 prices were down 25% from the four quarter of 2006. The stimulus bill Congress passed in February includes an $8,000 credit for first-time home buyers. According to bankrate.com, average interest rates are beginning to dip below 5% for a 30-year, fixed-rate mortgage.
Let M1 Properties help you secure the best big ticket item to buy before the economy recovers further.

Valley sees 70% jump in home sales

2009-03-29T14:49:00.000-07:00

Desert Sun staff and wire reports • March 26, 2009

Area posts third consecutive year-over-year increase; median price at $156,000

“This can be attributed to the under-$500,000 portion of the market, which has experienced larger price declines than the other market segments due to the large share of distressed homes for sale,” she said. “This further contributed to the decline in the statewide median.” The median number of days it took to sell a single-family home statewide declined to 51.5 days in February, compared to 69.3 days during the same month last year, according to CAR. February's results provided some hope that new home sales have finally hit bottom and the worst may be past. Prices, however, are likely to remain weak for months as builders continue to clear out their stock of unsold homes. “We are prepared to hazard the view that the post-Lehman meltdown is now over and the market is stabilizing,” wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics, referring to last fall's collapse of investment bank Lehman Brothers and the subsequent Wall Street plunge. “That's not the same as a recovery, but it is better than continued declines in sales.”

Sales of property priced under $500,000 double in the Coachella Valley

2009-03-15T19:49:00.000-07:00

by Debra GruszeckiThe Desert Sun

Sales of entry-level homes dominated the Coachella Valley real estate scene during the fourth quarter of 2008, while big-ticket properties turned in a disappointing performance, new data shows. “It's almost like the original tale of two markets,” said Patrick Veling, president and founder of Brea-based Real Data Strategies, which provides and analyzes real estate data for The Desert Sun.
“Except, it's flipped: Entry-level home sales are robust” with a 58 percent gain over 2007. “High-priced real estate sales took it on the chin.” The company has tracked real estate trends across the nation for more than 16 years and provides data to The Desert Sun for a comprehensive look at the Multiple Listing Service market. It made its observations from the 1,867 sales tracked in the last three months of 2008: Sales of property priced under $500,000 doubled compared to the fourth quarter of 2007. Real estate activity mushroomed in west Desert Hot Springs, where sales prices averaged $108,247. Sales of mid-range homes dropped nearly 50 percent. Sales in the market between $750,000 and $1million fell by one-third. Homes priced above $1 million declined nearly 56 percent. “I have never seen prices tumble so dramatically in such a short time,” Veling said. “There has never been such a clear indicator that price is driving this sales phenomenon.” Greg Berkemer, executive director of the California Desert Association of Realtors in Palm Desert, has described the market as one that can be unfairly harsh and hugely rewarding at the same time. “It depends on what line you happen to be standing in,” he said. “The line for buyers is better now than the line for sellers. Even so, the non-serious buyer or seller should get out of line to allow those that need and want to sell or buy to meet.”

Here is a great place to find these properties - http://m1properties.com/search/featured/indio
Or alternatively you can check out our website - http://m1properties.com/

Beautiful Terra Lago Indio,CA - Now Bank Owned

2009-01-31T12:37:00.000-08:00

We have been selling homes in Terra Lago to investors at $75 to $85 per sq ft. The community is Golf Club at Terra Lago. These homes were built in 2005 and 2006 by Lennar, Ryland, Woodside, and Ashbrooke. They originally sold for $500,000.00+ but many have been foreclosed by the banks and are now in the $175,000 to $250,000 price range. The best deals per sq/ft for newer builds in a golf community in the desert. The dues in this community are $250/month and include clubhouse, pool, gym, cable, high speed internet access. We can manage the property for you including all aspects of renting and managing. We suggest renting on an annual basis for $1,450 to $1850/month or setting the property up as a weekly/monthly vacation rental. Some of our clients own multiple properties. Click $80 sq/ft - homes for the current homes we are going to sell. We encourage you to bid very close to asking price as the banks have comparables and have priced their listing very competitively. This is the best time to invest in Southern California, and M1 Properties is the company that can handle your business. Please let us know if you want to bid or view these or other homes. http://www.m1properties.com/

The Desert, Homes, Credit, Government Assistance

2008-09-28T19:11:00.000-07:00

It's hard to believe that our credit markets are stuck. So clogged in fact that the government is taking incredible steps to buy troubled assets so that banks can begin lending again. We have been selling the choice properties through the summer and this latest period of stress. We believe it's an amazing time to be a buyer. Soon enough the buyers will begin competing again (prices have corrected far enough) and the governments bail out plan will create a competitive lending environment again. We are experts in the local market and understand the current credit stress. Call us at 760-864-1410 so that we can help you find your dream home, or just answer any questions about real estate or our beautiful desert.

Bank Owned Property (REO) Educational Weekend

2008-08-16T10:25:00.000-07:00

Contact our office for our September seminar on REO property and purchasing property for Canadian buyers. We have organized a very informational 2 1/2 hour presentation here in the desert followed by a property tour of bank owned or REO properties. We have been very successful getting the best deals for our buyers representing their interests by examining all the best deals available and filtering to show our clients the best deals. You have questions and we will have experts on hand to speak with you about title, tax, and ownership issues. Of course as agents our specialization is to find you the best property at the best price. Ever wondered how property taxes are calculated in California? How about the current mortgage market? Need answers on that? No problem, we have arranged to have specialists available and have put together a weekend of reduced rates for great meals, lodging, golf, tennis, and of course we will be taking you out to show you the properties that appeal to you. Call 760-864-1410 or email the office jmetzm1@gmail.com to find about our next weekend and how you can take advantage of this amazing opportunity to visit the desert, learn, and possibly buy your dream home. We look forward to helping you. MP

Former Crosby Estate - Ironwood Country Club

2008-05-26T10:19:00.000-07:00

We are proud to present the most amazing property in Ironwood Country Club and one of the most unique properties in the desert. The former home of Bing Crosby, this property boasts 7 bedrooms, 7.5 bathrooms and 2.5 acres of usable elevated view property. The feeling of privacy, privilege, and history emanates from this property. Please check out the new listing and let us know your thoughts.

Investing in Palm Springs Real Estate

2008-03-26T21:03:00.000-07:00

With increasing inventory, concessions from builders and sellers, and historically low rates, there has never been a better time to invest in desert real estate. We can close your property purchase without needing to have you present at a closing. California is an escrow state and clear title will transfer with the property you purchase. We have extensive experience managing investment money and property purchases for our clients. Consider selecting a property before you arrive - whether for invesment or even a primary residence - you can trust that we will handle your investment with care and professionalism. If you have a currency that is stronger than historical against the US dollar - this might be a great opportunity to own a piece of the desert.

California Real Estate License

2008-03-17T16:27:00.000-07:00

Going through the steps to obtain a Real Estate Salesperson License has proven to be quite the journey. I started by completing the necessary courses online; this was beneficial due to an already busy schedule. I was not exactly thrilled about having to take classes (and pay money for them), but I was extremely impressed with how much structured information the courses provided me. The classes were relatively simple to complete and I was very satisfied by the general and detailed knowledge I had gained by taking them.

Next on the agenda was the real estate exam in Los Angeles. The combination of working in real estate in Palm Springs for just under a year and completing the classes provided me with an irreplaceable amount of information. Knowing the test was just weeks away sure put the pressure on since there were still things I needed to learn. I found using a study guide and DVD to be a great source of information and somewhat entertaining. Night after night watching the DVD and cramming terms made me feel comfortable with most of the items I believed would be on the exam.

On test day, the drive to downtown LA went smooth since traffic was minimal, but parking was interesting due a film crew shooting just a block away from the test center. After obtaining a parking spot, I walked with my study guide to a local park where I was able to cram for another hour, while securing tickets to that night’s Lakers-Clippers game. I arrived early for the test and was surprised to see around 60 other people taking test at the same time. For some reason the exam started 15 minutes late and after waiting, I was very anxious to begin. Being a 150-question test, the first 120 questions seemed to fly by; but the last 30 questions seemed to be tricky. I’m not sure if the questions were increasing in difficulty or if I was just ready to be done. I felt good about my performance after leaving the test center but knew I’d have to wait a long week before hearing the results.

I successfully completed the exam, which is great in its own right, but the whole process was a great educational tool. I believe the knowledge gained about real estate would be useful to anyone interested in buying, selling or investing in real estate. Even if an individual has no desire to obtain a real estate license, the knowledge gained would prove to be useful. It is everyone’s dream to own a home and real estate sales/purchases are big decisions. Real estate is very dynamic and I would encourage anyone to take time to learn more about an industry that could provide new opportunities. Please contact us with questions or for information on the current real estate market in the Palm Springs area.

-Jeremy Metz, M1 Properties
Palm Springs Real Estate Home & Land Listings & Sales

Real Property in Australia

2008-01-17T10:04:00.000-08:00

U.S. real estate prices, particularly Southern California, have adjusted much lower than global real estate prices. I had the opportunity to travel to Australia for the Holidays and - wow, what a great experience. The plane ride was, well let's just say long but hey 15 hours non-stop San Francisco to Sydney was fun? The best part of any long trip is the fact that the destination feels exotic and far from home. Landing in Sydney was no exception and definitely worth the effort.

Southern California has some of the highest priced real estate in the U.S., and I was looking forward to comparing values in a foreign market. Although flying through Sydney, it was not my destination, Port Douglas, Queensland was. The arrival airport for Port Douglas is Cairns - and the landing, scenery, weather, and small town feeling was wonderful. I had a great time exploring and enjoying the tropical location. For anyone who loves the desert like I do, this type of getaway is really appreciated, and the grass really is greener in the rain forest than in the Colorado Desert (Palm Springs). In addition to being the jumping off point for the Northern Great Barrier Reef, Port Douglas was clean, beautiful, and oh what a surprise - expensive!

The real estate prices all over Australia (for the most part) are currently experiencing large amounts of appreciation. Some of the Real Estate in Port Douglas was more expensive than here in beautiful Southern California. Palm Springs real estate is on average $350/ sq ft - with the range being $100 to $1,000 sq ft. Port Douglas seemed to be a bit more expensive than this - I was very surprised, but on the other hand, what a beautiful spot. My experience tells me that there might be an adjustment for our Australian friends, based on the global credit contraction. I would recommend anyone interested in weather, fitness, food, exotic locales and real estate - visit Australia, Port Douglas in particular. My choice as a sister city to the beautiful desert here in Palm Springs - oh and don't forget to buy Real Estate.

Sunshine, Low Density, Great Air

2007-11-22T08:10:00.000-08:00

Now that you are so clever to have identified the Palm Springs area as a place to live, invest and enjoy, you should know where you are going to be...

Palm Springs is sheltered by the Little San Bernardino Mountains to the north, the Santa Rosa Mountains to the south, and the San Jacinto Mountains to the west. This geography gives Palm Springs its famed warm, dry climate, with 354 days of sunshine and less than 6 inches of rain annually. Winter temperatures average in the 70s with nights in the low-to-mid 40s, but the dry desert heat of summer pushes daytime temperatures well above 100, with overnight temperatures in the mid-to-upper 70s. In general, very high temperatures in the summer are made bearable by the dryness of the desert heat. Summer evenings and nights are very pleasant.
Average seasonal temperatures:
January: Daytime highs of 72 °F, with overnight lows of 40°F
April: Daytime highs of 87 °F, with overnight lows of 52°F
July: Daytime highs of 108 °F, with overnight lows of 73°F
October: Daytime highs of 91 °F, with overnight lows of 57°F

Next Time we will go over Air Quality - which is an incredible advantage that the Palm Springs area offers over other southern calif locals....

Measure C fails as more than 60 percent of voters choose "No

2007-11-07T19:36:00.000-08:00

We appreciate the sensitivity to views and environmental issues and density - but property rights must trump oversensitivity. This measure failing ads costs to the development group, the city, and the people who want to "save" this land. Just buy the land - and do as you wish.....

A five star resort in Palm Springs?

2007-11-04T13:48:00.000-08:00

The Saga Unfolds - from The Press Enterprise...

The roots of today's struggle over building in Chino Canyon started with one man's dream. Mark Bragg, the original developer, couldn't find a five-star resort in Palm Springs. In 1984, Bragg began assembling land for an upscale tennis resort. But his plans changed, turning to a golf resort.

Today, Bragg isn't involved in day-to-day activities with Shadowrock, but he retains a financial interest in the project, Castleton said. In 1993, Palm Springs initially approved Bragg's plans for Shadowrock. Over the next decade, the developer and his project faced tough times. Bragg encountered regulatory issues with state and federal agencies and faced lawsuits from environmentalists.

Outcome Pending

With the election nearing, the dueling campaigns are in a battle for every vote.
Both sides plan on winning at the ballot box. But even with a final tally, Shadowrock's fate could end up in court, depending on which side prevails, because of two pending lawsuits, said City Attorney Doug Holland.
"There are loose ends that may need to be resolved in court," he said.

The Ending - isn't coming soon - but we hope that private property, zoning, and land use laws are observed...M1 Properties

Time for better weather and activity

2007-10-18T20:54:00.000-07:00

At M1 Properties, we have celebrated the cooler weather by participating in the the tram road challenge. The tram road is a challenging 6k race in beautiful Palm Springs, CA that feels straight up, and attracts runners and fit minded people from all over southern CA to out beautiful desert. After finishing the race our entire office stayed for the awards ceremony, and watched the first recipient, an 89 year old man receive his division award. It was very inspiring and impressive - he was soo fit, and jumped up cheerfully for his award - Kudos! The real estate market feels like running uphill right now, it's a little more difficult than a flat track, but the view is incredible when you get there. We are recovering from the road and the hill and looking forward to the cooler crisper weather.

Palm Springs Area Real Estate

2007-10-08T19:18:00.000-07:00

The beautiful warm fall weather is upon us - and we hope that you are able to join us in the desert soon. Property sales have been challenging - but still happening with much effort from your hard working agents and broker. The credit market freeze-up has hit the desert along with other real estate markets, but we are a growth community - and once we are able to reduce inventory numbers - we will regain a healthier balance between buyers and sellers motivation. M1 Properties website is a transparent search tool designed to aid buyers - with a quick and efficient way to view - either in the list format - or the live search method - to get great information and a birds-eye view of our desert and real estate market. Send us your comments - and we will be blogging you with news, updates, and thoughts...