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Thursday, February 18, 2016


Valued Friends & Clients,

We have been enjoying temperatures in the mid to upper 80's for the past week, and this trend should continue for another week. This could easily be a March weather report! And, while the Coachella Valley weather has been almost perfect, the East Coast has been suffering in extreme cold. This is what makes the desert area so attractive! The weather and lifestyle!

The middle weeks of February will be very busy. Modernism Week showcases many of the architecturally significant homes in the valley. The National Date Festival is in swing. And, President Obama was in town over this past weekend for golf and the ASEAN Trade Summit, adding to the congestion. The BNP Paribas Open Tennis Tournament at the Indian Wells tennis Gardens begins in early March, and is growing every year.

Desert real estate sales activity in January was off a bit compared to last year. There were 34 closed sales above $1 Million, just down from 37 last year and 45 closing in January 2014. While the numbers of sales are down, the average sales price of these closings jumped almost 3% from last year, due to an $8 Million closing at The Madison Club.

While we are usually in a more active seasonal market by now, the showings have not really picked up as expected. The uncertainty and volatility of the financial markets around the world, added to a most unusual presidential election year, appear to have more potential buyers on the fence than normal. I do expect to see sales activity pick up soon and carry on thru mid-May.

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

This past week I attended a Market Watch presentation that focused on the Coachella Valley Real Estate Market. Our market is much different than the markets we are usually compared with. This is not the California Market, the Southern California Market or the Riverside County Market. There is some very interesting and useful information in this report. See the report...
The desert home of the late television Emmy winner and television producer Jerry Weintraub has been placed on the market for sale. The 12,925 square foot home (according to Bighorn's website) at Bighorn Golf Club is offered for sale at $16 Million. Read the article from Variety...
This Wall Street Journal article describes Developer Mike Meldman as Real Estate's Party Boy. Meldman founded Discovery Land Company, and has developed The Hideaway and The Madison Club in la Quinta. Read the article...
A 535,000-acre Texas ranch is being purchased by LA Rams owner Stan Kroenke, with a listing price of $725 Million, according to The Wall Street Journal. This will set a new record for the highest price paid for a US ranch. Read the article...
The 10 Most Expensive Homes Sold in the Desert in January, 2016, according to the California Desert Area MLS: These 10 homes range in price from $1,900,000 for a home at Andalusia Golf Club to $8,000,000 for a home at The Madison Club. There were 2 homes at Tradition Golf Club & 2 at Toscana Country Club. There were also 2 homes in Palm Springs included. See the complete list...

My Best Regards,
Bruce

72551 Clancy Lane,
Rancho Mirage
$12,000,000

Rancho Manana! Here is the opportunity to own a prime, 7.02-acre private equestrian estate on Clancy Lane, the heart of Rancho Mirage! This Spanish-Hacienda is just under 10,000 square feet & is being sold by the original owner. A gated entry & circular drive lead to this very special space. The home features a welcoming main entry with fireplace, 7 bedrooms and 7 baths, plus a large family room adjacent to the kitchen. Heavy wood beamed ceilings, carved wood columns, tile and oak floors create a unique home. The Master Bedroom wing includes an office, a sitting room, 2 fireplaces and a spacious bath with 2 large, walk-in closets. The property includes a 100-year old, 15+-stall barn, tennis court, sports court & pastures. Large, swimmers pool & spa with waterfalls enjoys wonderful south mountain views, outdoor dining with fireplace & BBQ. The property also includes the largest residential ground mount Solar System in the Coachella Valley. A 1-of-a-kind property in a premium location!

Rancho Manana! A Magnificent 7.02-Acre Estate in the heart of Rancho Mirage!

Coachella Valley Real Estate Market Report
This past week I attended a Market Watch presentation that focused on the Coachella Valley Real Estate Market. Our market is much different than the markets we are usually compared with. This is not the California Market, the Southern California Market or the Riverside County Market. There is some very interesting and useful information in this report. See the report...

Jerry Weintraub's Palm Desert Contemporary Goes Up For Sale
Variety
The desert home of the late television Emmy winner and television producer Jerry Weintraub has been placed on the market for sale. The 12,925 square foot home (according to Bighorn's website) at Bighorn Golf Club is offered for sale at $16 Million. Read the article from Variety...
Developer Mike Meldman Is Real Estate's Party Boy
Wall Street Journal, Nancy Keates
This Wall Street Journal article describes Developer Mike Meldman as Real Estate's Party Boy. Meldman founded Discovery Land Company, and has developed The Hideaway and The Madison Club in la Quinta. Read the article...

Rams Owner to Buy Waggoner Ranch in Texas
Wall Street Journal, Joe Light

A 535,000-acre Texas ranch is being purchased by LA Rams owner Stan Kroenke, with a listing price of $725 Million, according to The Wall Street Journal. This will set a new record for the highest price paid for a US ranch. Read the article...

The 10 Most Expensive Desert Homes Sold in January 2016
Desert Area MLS

The 10 Most Expensive Homes Sold in the Desert in January, 2016, according to the California Desert Area MLS: These 10 homes range in price from $1,900,000 for a home at Andalusia Golf Club to $8,000,000 for a home at The Madison Club. There were 2 homes at Tradition Golf Club & 2 at Toscana Country Club. There were also 2 homes in Palm Springs included. See the complete list...

75403 14th Green Drive Deset Horizons CC, IW $849,000 Furnished
70375 Thunderbird Road Thunderbird Heights, RM $3,395,000 Furnished
74623 Desert Arroyo Trail The Reserve Club $4,350,000
72551 Clancy Lane Clancy Lane, RM $12,000,000



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