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Wednesday, March 18, 2015


Valued Friends & Clients!

The middle of March is here, and Spring is in the desert air! Although temperatures are a bit above normal, the Coachella Valley is enjoying warm days and cool evenings. The landscaping is beautiful and there is some snow on the mountains. The Indian Wells BNP Paribas Open Tennis Tournament is in full swing, and it looks like we will see record crowds this year.

The great weather, world-class tennis and golf, a wide variety of events, incredible hiking and a growing 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 continues to experience harsh winters.

The high-end real estate market in the desert continues to be steady, but has not yet shifted into the higher level of activity we expect to see by now. Sales this year have been behind last year's numbers. During January & February there were 72 homes sold above $1 Million, compared to 85 sold last year. Most of these sales in both years were in the $1-$2Million range, but this year we have seen a few more sales above $2 Million. There are 106 homes in escrow priced above $1 Million and there are 750 homes listed for sale, which is almost 10% more than last year at this time.

You might have noticed a bit of a change in the design and color of this month's newsletter, which is reflective of my new website that was recently launched. Take a look and give me any feedback you might have: www.bruceblomgren.com

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

As we all know, the warm winter weather in the desert is a big draw. This Wall Street Journal article discusses how the warmer weather across the west may lead to higher home sales...
The Silicon Valley residential real estate prices are incredibly high, due to the wealth the buyers have. Now, it seems that the companies have so much cash on hand, they are now buying commercial properties at premium prices. Read more...
ResMedia looks at the progress Bitcoin has made in the residential real estate market in the US. I haven't heard of any local transactions using Bitcoin yet. Read the article...
From The Institute of Luxury Home Marketing, this article takes an interesting look at millionaires in the United States. The US has twice as many millionaires as the next top 10 countries combined. Read more...
The 10 Most Expensive Homes Sold in the Desert in February 2015, according to the California Desert MLS: These 10 homes range in price from $1,800,000 for a home at The Hideaway to $4,675,000 for a home at Bighorn. The Tradition leads the list with four closings, while homes at Toscana and PGA West are also in the Top 10. 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

A Housewarming May Be in Store
John Carney - The Wall Street Journal
Balmy weather in some western states could help existing-home sales Despite the arctic air blasting
the central and eastern U.S., the housing market is likely to show signs of a chill rather than a deep freeze. Read the full article...
Cash-Rich Tech Firms Drive New Land Rush
Eliot Brown- The Wall Street Journal
Some of Silicon Valley's biggest companies are on a real-estate buying binge, drawing on stockpiles of cash to pay premium prices now to make sure they have enough space to expand later. Read the article...

Will Bitcoin Buyers Break into the Housing Market?
Suzanne Se Vite - RISMEDIA.COM

Digital currencies continue to take hold in real estate - this time, across the Atlantic. RE/MAX London recently announced a trial program with payment platform GoCoin that will support digital currency payments on property rentals throughout the country. Read More...

LUXURY INSIGHTS - INSTITUTE FOR LUXURY HOME MARKETING
LUXURYHOMEMARKETING.COM
From The Institute of Luxury Home Marketing, this article takes an interesting look at millionaires in the United States. The US has twice as many millionaires as the next top 10 countries combined. Read the article...

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

The 10 Most Expensive Homes Sold in the Desert in February 2015, according to the California Desert MLS: These 10 homes range in price from $1,800,000 for a home at The Hideaway to $4,675,000 for a home at Bighorn. The Tradition leads the list with four closings, while homes at Toscana and PGA West are also in the Top 10. See the complete list...

45940 Paradise Valley Indian Wells, IW $1,785,000
75656 Via Cortona Toscana CC, IW $1,595,000
75323 14th Green Drive Desert Horizons CC, IW $949,000
1 Varsity Circle Ivy League Estates, RM $819,000
26 Sun Ridge Drive Tamarisk Ridge (Vacant Lot) 327,000
74623 Desert Arroyo Trail, The Reserve, IW Priced at: $4,350,000 Furnished
Incredible Tuscan inspired villa offering exceptional design & high quality construction in a private setting with east & south exposure and fabulous mountain views. Situated on just over 2-acres, this 6152 sq ft home features a Great Room plan with 5 bedroom suites (2 of which are in a guest casita with living room + a private patio with fireplace & spa). At the front entrance enjoy a stream-like water feature, as you pass a courtyard patio & fireplace, leading to a double door entry. Once inside you find an extensive use of natural stone surfaces & fireplaces, disappearing pocket doors and wood beamed ceilings. Amazing outdoor living starts with a covered entertainment area with fireplace, misters & cooking, then leads out to spacious patio areas and multi-level waterfalls that seem to come from the canyon, along with a large pool & spa. A lushly landscaped outdoor paradise! The Reserve is 780-acres of low density development, natural landscaping and world class golf and amenities.




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

- Thomas Edison

"Challenges are what make life interesting and overcoming them is what makes life meaningful."

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