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Wednesday, April 18, 2018


Valued Friends and Clients,

As we move past the middle of April here in the Coachella Valley, another successful ANA Inspiration LPGA Golf Tournament was held several weeks ago, and the 1st Coachella Music Festival weekend has come & gone. The 2nd Coachella weekend is April 20-22, followed by Stagecoach, the Country Music Weekend Festival. These music festivals create lot of traffic in the east valley and bring an enormous amount of money into the local economy. They also have a huge impact on short-term rentals, and we are seeing more and more impact on home sales. The number of homes sold to be used as 'festival houses' or short-term rentals continues to increase, mostly in the lower price range. But, some large estate homes and properties also sell to be used for short-term rentals.

During the 1st Quarter this year, the desert real estate market above $500,000 has shown continued improvement from previous years. Sales of homes between $500,000 & $1 Million enjoys the largest share of the high-end sales, while the above $1 Million home sales also show ongoing improvement.

Closings on homes sold above $1 Million in the 1st Quarter of 2018 were at 185, up from 168 last year & 133 in 2016. This is about a 10% increase from last year. Above $2 Million there were 54 closings in the 1st Quarter, compared to 37 closings last year and 20 in 2016. This is a big improvement! Up 54%! There were 8 homes priced above $5 Million that sold, compared to just 2 last year and 3 the year before! There are 727 homes for sale in the desert priced at $1 Million and above, down from 755 last year at this time.

According to many of the high-end brokers and agents, even with the stronger sales we have seen this year, sales are stronger in some areas than other areas. And, new or newer construction homes remain in higher demand. And, in most areas of the desert, there is a relatively high number of high-end homes on the market for sale.

Here are a few items you might find interesting:

Blomgren & Blomgren's Featured Home of the Month: 79435 Brookville, at the residential community of The Estancias in La Quinta. This 5100 square foot home sits on a 31,000 sq ft lot with dramatic south mountain views. The entire home and grounds have been highly upgraded. It is being offered at $2,950,000. View this home...
The Desert Housing Report for March 2018. This report shows some very interesting statistics regarding the desert's housing market. The valley's Median Home Price is now $392,000. All cities, except Palm Springs, median sales prices are still anywhere from 17% to 29% below the highs we saw in 2006. See the Report...
As the luxury golf communities continue to age, there is much upgrading and improvement being done to stay on equal footing. The Vintage Club recently completed a major Clubhouse renovation, while Bighorn Golf Club completely rebuilt their Clubhouse. Now, The Reserve Club has just announced a major renovation. Read the article...
Another major parcel of vacant land in Rancho Mirage has been sold. Development plans for the 618-acre property have not been announced, but this is the last, best undeveloped parcel. Read tthe Desert Sun article...
The 10 Most Expensive Homes Sold in the Desert in the 1st Quarter of 2018, according to the California Desert Area MLS. These 10 homes ranged in price from $4,200,000 for a home at The Hideaway to $11 Million for a new home at The Madison Club. This list is again only of homes at top tier golf communities and also includes homes at The Vintage Club and Toscana Country Club. See the complete list...
The 10 Highest Priced Homes Listed For Sale in the Desert, according to the California Desert Area MLS. These 10 homes range in asking price from $11.9 Million for homes at The Vintage Club, The Reserve Club and The Madison Club, to $29,750,000 for a 17,000 square foot home at The Madison Club. There are 4 homes on this list that are not in golf communities. See the list...

Thank You for taking the time to read our newsletter and we sure hope you enjoy it. Our subscribers list continues to grow each month, so if you know of anyone who might like to get this, jus let us know.

Thanks,

Bruce (760) 779-1653
Keith (760) 333-3350

Blomgren & Blomgren
Luxury Desert Real Estate

79435 Brookville
The Estancias, La Quinta
Offered at: $2,950,000

Extensively Remodeled Custom Home at The Estancias with Dramatic South Mountain Views! This desert contemporary home sits on an oversized, premium interior lot with a private gated driveway. If you enjoy the finer things in life, then this is the property for you! Inside you'll find marble floors, custom designed mother of pearl fireplaces, granite countertops, handcrafted built-ins, luxurious lighting fixtures, beautiful crown moldings, and much more. Outside is a recently redesigned and pebble finished pool, spa and waterfall, alongside an enormous outdoor entertaining area with freshly poured concrete decking, an electric awning, fireplace and mist system. The south facing yard is ideal for enjoying the sun and those breathtaking mountain views. The home is 5,141 square feet, offers an expansive floorpan, and has 4 bedroom suites, plus an office, 2 powder rooms, and an outside bathroom off the pool area. This property has it all, you won't want to miss it!

Please call for a private showing: (760) 779-1653


The Desert Housing Report for March 2018

This report shows some very interesting statistics regarding the desert's housing market. The valley's Median Home Price is now $392,000. All cities, except Palm Springs, median sales prices are still anywhere from 17% to 29% below the highs we saw in 2006.
Reserve Club's $13 million upgrade keys on clubhouse, golf course changes to attract members
Larry Bohannan - The Desert Sun
As the luxury golf communities continue to age, there is much upgrading and improvement being done to stay on equal footing. The Vintage Club recently completed a major Clubhouse renovation, while Bighorn Golf Club completely rebuilt their Clubhouse. Now, The Reserve Club has just announced a major renovation.

Once part of the Annenberg estate, a square mile of virgin sand in Rancho Mirage just sold for $75M
Amy DiPierro - The Desert Sun

Another major parcel of vacant land in Rancho Mirage has been sold. Development plans for the 618-acre property have not been announced, but this is the last, best undeveloped parcel.

The 10 Most Expensive Homes Sold in the Desert in the First Quarter 2018 as reported by the California Desert Area MLS:
California Desert MLS
The 10 Most Expensive Homes Sold in the Desert in the 1st Quarter of 2018, according to the California Desert Area MLS. These 10 homes ranged in price from $4,200,000 for a home at The Hideaway to $11 Million for a new home at The Madison Club. This list is again only of homes at top tier golf communities and also includes homes at The Vintage Club and Toscana Country Club.

The 10 Highest Priced Homes For Sale in the Desert:
California Desert MLS

The 10 Highest Priced Homes Listed For Sale in the Desert, according to the California Desert Area MLS. These 10 homes range in asking price from $11.9 Million for homes at The Vintage Club, The Reserve Club and The Madison Club, to $29,750,000 for a 17,000 square foot home at The Madison Club. There are 4 homes on this list that are not in golf communities.

79435 Brookfille The Estancias, LQ $2,950,000
72570 Theodora The Summit, PD $875,000
80035 Merion PGA West, LQ $859,000
75403 14th Green Drive Desert Horizons CC, IW $819,000
73040 Shadow Mountain South Palm Desert $779,000
14 Verde Vista Lane (Lot) Rancho Mirage $998,000
80035 Merion PGA West, LQ $859,000



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