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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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/

The Desert, Homes, Credit, Government Assistance

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

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

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

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

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