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Tuesday, March 15, 2016


Valued Friends & Clients,

The middle of March is here, and Spring is in the desert air! Although temperatures have been a bit above normal, the Coachella Valley is enjoying warm days and cool evenings! The landscaping is beautiful and there is snow on the mountains. The Indian Wells BNP Paribas Open Tennis Tournament is in full swing, and has been improved & enlarged and will draw record crowds again!

The great weather, world-class tennis and golf, a wide variety of events, incredible hiking and a large number of great restaurants have created a lifestyle here that is hard to beat! And, our desert area enjoys all of this while much of the rest of the country (and Canada) continue to experience extreme winter weather.

The high-end real estate market in the desert communities continues to be steady, but has not yet shifted into the higher level of activity we expect by the middle of March. Sales numbers so far this year are mixed when compared to last year. During January & February this year compared to last year:


2016 2015
Number of homes sold above $1 Million: 74 72 + 3%
Number of homes sold above $2 Million: 13 18 -27%
$1 Million+ homes 'In Escrow': 87 105 -17%
$1 Million+ homes Listed For Sale: 898 750 +20%

The uncertainty and volatility of the financial markets here and around the world, along with this being a presidential election year, continues to keep potential high-end homebuyers on the fence. But, with the high inventory of homes for sale, we are now trending into a buyers market, and I expect to see sales pick up this month and continue thru May.

This month I have included the following items you might find interesting:

There is a home at The Reserve Club in Indian Wells listed for sale at $5,990,000 that is being sold at auction on March 29th. This is a No-Reserve Auction, which means this home will be sold to the highest bidder! Auctions have not been too successful in the Coachella Valley in the past, so I will be interested to see how this one goes. If you are interested in registering for the auction, please let me know and I will get the information. Link to the auction...
The Madison Club in La Quinta is becoming one of the premier developments for high-end luxury homes in the desert. This Desert Sun article shows the most expensive desert home on the market. Take a look...
This article from Realtor Magazine discusses how the Treasury Department is starting to track luxury homebuyers who have been using shell companies, LLC's and other entities to hide their identities. Read the article...
As part of Luxury Portfolio International, all of the Bennion Deville Homes' listings above $1 Million gain international exposure. We also have access to the research done into the Luxury Market. They have recently published a White Paper on The New Rules of Luxury Living, which is an interesting read. The White Paper...
The 10 Most Expensive Homes Sold in the Desert in February 2016, according to the California Desert Area MLS: These 10 homes range in price from $1,815,000 for a newly constructed home at Andalusia Golf Club to $7,300,000 for a home at The Madison Club. This month's list includes homes at 6 golf communities, as well as 3 homes that are not. See the complete list...

As usual, I hope you enjoy receiving this monthly update on the high-end desert real estate market. If you have any comments or input, please let me know!

Thanks,
Bruce

70375 Thunderbird Road
Thunderbird Heights, RM
$3,395,000 Furnished

Incredible home on 3/4-acre view lot high in Thunderbird Heights! A very secure property with 2 gated entrances and landscaped to insure privacy. Brick paver driveway leads to a large Porte Cochere, and to the entry of this warm and inviting home. A gated entry courtyard with fireplace leads to double door entry. Once inside, you immediately enjoy the views across the valley. Travertine and wood flooring, crown molding & baseboards plus granite countertops! 3 Massive stone fireplaces. Gourmet kitchen with high quality appliances, a large center island w/sink, granite countertops and a large walk-in pantry with 2nd frig. One bedroom is used as great office with custom built-ins & wood paneling. The master suite offers his & hers baths, very large closets with built-ins and sitting areas, etc. Outdoor living at it's finest, with travertine decking, built-in BBQ w/sit down eating, mister system, pool & spa and great down valley views! The casita has a BR, LR & kitchenette.

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

Coachella Valley Real Estate Market Report
There is a home at The Reserve Club in Indian Wells listed for sale at $5,990,000 that is being sold at auction on March 29th. This is a No-Reserve Auction, which means this home will be sold to the highest bidder! Auctions have not been too successful in the Coachella Valley in the past, so I will be interested to see how this one goes. If you are interested in registering for the auction, please let me know and I will get the information. Link to the auction...

Desert's most expensive home on the market in La Quinta
Desert Sun - Rosalie Murphy
The Madison Club in La Quinta is becoming one of the premier developments for high-end luxury homes in the desert. This Desert Sun article shows the most expensive desert home on the market. Take a look...
U.S. to Start Tracking 'Secret' Luxury Buyers
Realtor Magazine
This article from Realtor Magazine discusses how the Treasury Department is starting to track luxury homebuyers who have been using shell companies, LLC's and other entities to hide their identities. Read the article...

The New Rules of Luxury Living
Luxury Portfolio International

As part of Luxury Portfolio International, all of the Bennion Deville Homes' listings above $1 Million gain international exposure. We also have access to the research done into the Luxury Market. They have recently published a White Paper on The New Rules of Luxury Living, which is an interesting read. The White Paper...

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

The 10 Most Expensive Homes Sold in the Desert in February 2016, according to the California Desert Area MLS: These 10 homes range in price from $1,815,000 for a newly constructed home at Andalusia Golf Club to $7,300,000 for a home at The Madison Club. This month's list includes homes at 6 golf communities, as well as 3 homes that are not. See the complete list...

45656 Verba Santa South Palm Desert $569,000 Furnished
49360 Sunrose Lane Ironwood CC, PD $2,525,000
75355 St. Andrews Court DHCC, IW $845,000 Furnished
75325 St. Andrews Court DHCC, IW $869,000 Furnished
75583 Desert Horizons DHCC, IW $379,000
68 Royal Saint Georges Mission Hills CC
Westgate - RM
$1,975,000



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"I am a great believer in luck, and I find that the harder I work, the more I have of it."

- Thomas Jefferson


"Many of life's failures are people who do not realize how close they were to success when they gave up."

- Thomas Edison

 
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