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Wednesday, January 20, 2016


Happy New Year to My Friends and Clients!

During the first two weeks of the New Year, we experienced El Nino! Several storms came through with some good rain, but did not cause much trouble. Our local mountains got much needed snow, as did most of the mountains in California. And, the rain was welcomed. A little rain isn't too bad compared to the weather across most of the rest of the country.

The Palm Springs Film Festival has just ended another very successful year! Each year, this event gets larger and receives more attention and recognition. The CareerBuilder Challenge PGA Golf Tournament is just getting under way. Each year this tournament attracts a very competitive field and this year is no exception. We are hoping for perfect weather for the national TV audience.

We are now heading into what is usually the best period of sales activity for our local real estate market. Showing activity has started to pick up, which should carry over into an increase in home sales over the next 3 - 4 months.

The High-End Real Estate Update:

At this time last year, I predicted that the desert's high-end real estate market would show another year of increased sales activity, after a strong 2014. But, sales activity slowed down somewhat.

Sales of homes priced from $1 - $2 Million remained nearly identical with 374 closings in 2015 compared with 373 in 2014. This is still up from 349 in 2013 and 313 in 2012. There are currently 489 homes listed for sale, which is a jump of 17% in inventory from 407 this time last year.

I have included a breakdown below, which compares the sales of homes in 5 price ranges for each city in 2015 to 2014. Palm Springs is the only city showing an increase in the numbers of sales, while sales were down 5% across the valley in homes that sold at $500,000 and above.

The numbers of sales are off more in the highest price ranges, and the number of homes for sale is up 15% - 20%. Our market appears to have started to trend downward in the number of high-end homes sold, but the number of homes that are selling is still significant. The buyers this year will be more cautious, and may be buying less expensive homes than they might have several years ago. As the high-end market continues to move more towards a buyers market, the sellers will need to be prepared to price their homes for today's market.

This month I am including the following items you might find interesting:

Coachella Valley Home Sales - 2015 compared to 2014: This chart breaks down the 5 main cities into 5 price ranges, and reflects the year over year changes. See the chart...
Take a look at the Trends That Will Influence Homes in 2016. This article from Realtor Magazine looks at 12 trends that will be on the forefront this year. Read the article...
Yes, the exchange rate of the Canadian Dollar has really suffered over the past several years, impacting not only our local real estate market, but many other warm climate markets. But, this article from Luxury Daily, takes a look at the strong luxury real estate market in Canada! Read the article...
We have been hearing about the decline in popularity in golf across the country, which is affecting many of our local golf clubs. The Desert Sun's Golf Writer, Larry Bohannan, had an interesting and positive article on spreading the word about Coachella valley golf. Read the article...
'Yo Adrianne' I am a Sylvester Stallone fan all the way back to the original 'Rocky' . He has decided to put his desert home at The Madison Club, in La Quinta, on the market for sale. This article from The LA Times reports on the property. Read the article ...
The 10 Most Expensive Homes Sold in the Desert in 2015, according to the California Desert Area MLS: These homes ranged in price from $4,425,000 for a home at The Vintage Club to $7,950,000 for a home at Bighorn Golf Club. There were 4 homes at Bighorn and 3 homes at The Madison Club. Homes at The Hideaway, Thunderbird Cove and The Vintage are included. See the complete list...

I am expecting this year to be 'Unbelievable!' I hope it is for you!

My Best Regards,
Bruce

49081 Sondgroth Court,
South Palm Desert, Cahuilla Hills
$1,950,000 Furnished
This incredible, private tennis estate home sits on 6.21-acres! Set behind a gated entry & nestled against the Santa Rosa Mtns with city light views over an infinity edge pool & waterfall. The grounds are stunning!. This home was built by a contractor as a personal residence & there is quality throughout. The Great Room plan features 4 BR plus a large office that opens to the outdoors. The chefs kitchen includes granite counters, high quality appliances & walk-in pantry. The Great Room features ledge stone walls, cedar wood & beam ceiling, fireplace and wet bar. The master suite includes a fireplace, ledge stone wall, 2 walk-in closets & an elegant bath. Amazing outdoor living with salt water pool, outdoor kitchen, a new north/south tennis court & gazebo. Hiking trails lead from the property. and, a 17.85KW solar system (leased) w/Tesla charger! Circular drive leads to an oversized 3-car garage, covered parking for 3 more cars. Offered furnished. Minutes from El Paseo.

Coachella Valley Home Sales Chart
Coachella Valley Home Sales - 2015 compared to 2014: This chart breaks down the 5 main cities into 5 price ranges, and reflects the year over year changes. See the chart...

Trends that Will Influence Homes in 2016
Realtor Magazine
Take a look at the Trends That Will Influence Homes in 2016. This article from Realtor Magazine looks at 12 trends that will be on the forefront this year. Read the article...
Weakening Currency Strengthening Economy Bolster Canadian Real Estate
Luxury Daily, Forrest Cardamenis
Yes, the exchange rate of the Canadian Dollar has really suffered over the past several years, impacting not only our local real estate market, but many other warm climate markets. But, this article from Luxury Daily, takes a look at the strong luxury real estate market in Canada! Read the article...

Spreading the Word on Desert Golf
Larry Bohannan, The Desert Sun

We have been hearing about the decline in popularity in golf across the country, which is affecting many of our local golf clubs. The Desert Sun's Golf Writer, Larry Bohannan, had an interesting and positive article on spreading the word about Coachella valley golf. Read the article...

Sylvester Stallone Puts La Quinta Home into the Ring
LATimes
'Yo Adrianne' I am a Sylvester Stallone fan all the way back to the original 'Rocky' . He has decided to put his desert home at The Madison Club, in La Quinta, on the market for sale. This article from The LA Times reports on the property. Read the article...

The 10 Most Expensive Desert Homes Sold in December 2015
Desert Area MLS

The 10 Most Expensive Homes Sold in the Desert in 2015, according to the California Desert Area MLS: These homes ranged in price from $4,425,000 for a home at The Vintage Club to $7,950,000 for a home at Bighorn Golf Club. There were 4 homes at Bighorn and 3 homes at The Madison Club. Homes at The Hideaway, Thunderbird Cove and The Vintage are included. See the complete list...

53990 Del Gato (Lot 2) Tradition Golf Club, LQ $1,395,000
68 Royal Saint Georges Way Westgate, RM $1,975,000
21 Santa Rosa Mountain
(Represented Seller & Buyer)
Mirada Villas, RM $1,895,000 Furnished
49150 Vista Estrella Rancho La Quinta $1,595,000 Furnished
44816 Del Dios Circle Desert Horizons CC, IW $475,000 Furnished



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Even if you are on the right track, you'll get run over if you just sit there.

- Will Rogers


"Try not to become a man of success, but a man of value."

- Albert Einstein

 
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