Tuesday, June 12, 2012
Magnesia Falls cove combines midcentury looks, affordability in Rancho Mirage
RANCHO MIRAGE — Turning south on to Magnesia Falls Drive from Highway 111 in Rancho Mirage is equivalent to a quick spin in a fun time machine.
Magnesia Falls Cove is a non-gated collection of about 70 homes on three streets. Most of the homes are midcentury modern; many homeowners have restored their properties to reflect the aesthetic of the 1950s and 1960s, when the homes were built.
The low roof lines, pops of color, simple landscaping and occasional sunburst- shaped porch light, embody the very essence of the midcentury style.
What they say...
“My plan was to live in it eventually,” she said. “But someone made me an offer to buy it that I couldn't refuse.”
The neighborhood is flanked on the east side by the low ranges popular with hikers; there is easy access to the Bump and Grind Trail.
“We love being so close to hiking trails,” said Kate Gray, 33.
Gray moved into her husband's Magnesia Falls Cove home about five years ago, she said.
“Most people look for a pool view or a mountain view,” Gray said. “We're lucky enough to have both.”
Features
People who purchase in the neighborhood do so specifically because they're drawn to the architecture and throw-back feel, Kashkawol said.
Many of the homes have large lots — common for older parcels — and private pools.
Background
While there are newer homes in the Magnesia Falls Cove, the majority were built in the 1950s and 1960s.
Individual homeowners purchased lots and built them out, as opposed to homes that are now built in large quantities by residential developers.
Nearby
The River, hiking and restaurants on Restaurant Row are all within walking distance of the community.
Westfield Palm Desert mall, grocery stores and El Paseo are all approximately two miles east of the neighborhood. Interstate 10 is six miles away.
Monday, November 7, 2011
Home sales, median price on rise in the valley
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.
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.
Tuesday, February 22, 2011
Annual home tour offers a sneak peak
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.
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.
Tuesday, August 24, 2010
USA - A Positive Outcome
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.
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.
Sunday, August 22, 2010
For Sale: Michael Jackson’s Last Residence
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.
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.
Monday, May 17, 2010
Prices up and Coachella Valley home sales rise in early 2010
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.
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.
Monday, April 26, 2010
Building permits on the rise across California
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.
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.
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