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.
Thursday, January 14, 2010
Ritz-Carlton Gets Deadline From Rancho Mirage
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.
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
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
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
Thursday, December 31, 2009
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.
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.
Wednesday, December 16, 2009
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.
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.
Saturday, October 17, 2009
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....
Friday, August 21, 2009
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
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
Wednesday, July 29, 2009
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
“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
Wednesday, July 22, 2009
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
Monday, July 13, 2009
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
Thursday, June 4, 2009
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.
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.
Sunday, April 19, 2009
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/
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/
Monday, April 6, 2009
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.
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.
Sunday, March 29, 2009
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.”
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.”
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