About Me
- The Desert Real Estate Blog
- De gustibus non est disputandum - There's no excuse for good taste. Living Well Begins At Home. As the broker of choice for countless celebrity clients and Fortune 500 CEOs, I take pride in a level of service, experience, and discretion that is without peer in the communities of La Quinta, Rancho Mirage, Indian Wells and Palm Desert. Searching for a residence of uncommon distinction and grace? Share your wishes with me and reap the benefits of an insiders’ knowledge of the upscale desert communities. And if you are planning to place your home on the market, no one is more skilled at providing exposure and finding qualified buyers across the nation and the world. I specialize in luxury homes and fine golf properties within the Coachella Valley.
Monday, October 05, 2009
The Desert is Experiencing a Perfect Storm!
11:51 AM | 
Posted by
The Desert Real Estate Blog
Wednesday, October 7, 2009
By Barry Lotz,J.D.,Ph.D. www.luxurydeserthomes.com
This is the perfect storm for home buyers!
Our summer is officially over and we are getting ready for our 2010 season here in the Palm Desert. The temperatures are in the comfortable high 80’s and the golf courses are being prepped and seeded for our new season and the majority of courses should be open between November 5-10.
A recap of last month sales here in the desert!
The summer of 2009 was one of the best summers I have seen so far in the last 3 years. Of the total sales, 866 were recorded in the Coachella Valley — up 12 percent over September 2008, and slightly up from August of this year.
The median home price paid for a Coachella Valley home or condo was $178,000 in August, slightly down 1.5 percent from July.
Now, in a few local areas like Bermuda Dunes, La Quinta, Palm Desert and one section of Palm Springs — recorded sales that resulted in median home prices in the $200,000 to $275,000 range.
We have seen a small increase of sales in the luxury home market in September versus the same month in 2008. Luxury home sales aren't easy to snare in these times, but they are happening.
Residential inventory in the desert area is down to just over 5,000 units. Take the current housing inventory and divide by the 866 closed sales for August resulting in an inventory of just 6 months…. a number that most would suggest we are reaching a neutral market.
Bank Owned Homes and Short Sales still makes up for the majority of sales here in the desert with the majority of homes being sold for under $500,000.00
It’s the perfect storm for home buyers. Deep discounts on properties, historic low interest rates and great tax incentives are driving home buyers to snap up these great opportunities both for investment and personal use.
To receive a complete list of Bank Owned Homes here in the desert visit: http://www.luxurydeserthomes.com
We are also observing the following:
• An increase of appraisals from banks for distressed homes over 4,000 sq. ft.• Interest rates will stay where they are through next year• Unless extended by Congress, this is the final month to take advantage of the first-time home buyer $8,000 Tax- Credit.• The highest-priced property out of the 866 sales sold $2.2 million. • The Canadian dollar is still very strong. (1 Canadian dollar = 0.93 U.S. dollars)
There are still deals to be made! Don’t miss the opportunity this time!
Please call or e-mail me with any questions .
Barry
By Barry Lotz,J.D.,Ph.D. www.luxurydeserthomes.com
This is the perfect storm for home buyers!
Our summer is officially over and we are getting ready for our 2010 season here in the Palm Desert. The temperatures are in the comfortable high 80’s and the golf courses are being prepped and seeded for our new season and the majority of courses should be open between November 5-10.
A recap of last month sales here in the desert!
The summer of 2009 was one of the best summers I have seen so far in the last 3 years. Of the total sales, 866 were recorded in the Coachella Valley — up 12 percent over September 2008, and slightly up from August of this year.
The median home price paid for a Coachella Valley home or condo was $178,000 in August, slightly down 1.5 percent from July.
Now, in a few local areas like Bermuda Dunes, La Quinta, Palm Desert and one section of Palm Springs — recorded sales that resulted in median home prices in the $200,000 to $275,000 range.
We have seen a small increase of sales in the luxury home market in September versus the same month in 2008. Luxury home sales aren't easy to snare in these times, but they are happening.
Residential inventory in the desert area is down to just over 5,000 units. Take the current housing inventory and divide by the 866 closed sales for August resulting in an inventory of just 6 months…. a number that most would suggest we are reaching a neutral market.
Bank Owned Homes and Short Sales still makes up for the majority of sales here in the desert with the majority of homes being sold for under $500,000.00
It’s the perfect storm for home buyers. Deep discounts on properties, historic low interest rates and great tax incentives are driving home buyers to snap up these great opportunities both for investment and personal use.
To receive a complete list of Bank Owned Homes here in the desert visit: http://www.luxurydeserthomes.com
We are also observing the following:
• An increase of appraisals from banks for distressed homes over 4,000 sq. ft.• Interest rates will stay where they are through next year• Unless extended by Congress, this is the final month to take advantage of the first-time home buyer $8,000 Tax- Credit.• The highest-priced property out of the 866 sales sold $2.2 million. • The Canadian dollar is still very strong. (1 Canadian dollar = 0.93 U.S. dollars)
There are still deals to be made! Don’t miss the opportunity this time!
Please call or e-mail me with any questions .
Barry
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