Move Your Money: A New Year's Resolution

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

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

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

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

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

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

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

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%

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

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

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

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.”

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2. Or alternatively you can check out our website - http://m1properties.com/

Beautiful Terra Lago Indio,CA - Now Bank Owned

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/