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Friday, June 17, 2016


Valued Friends & Clients,

As we move past the middle of June, the seasonal real estate marketing period in the desert is winding down a bit for the summer. With temperatures set to break 120 degrees, not as many people are out looking for homes. We still expect to see some buyers coming from the Southern California drive-out market, and they tend to be looking for summer deals. But, if they are out in the high temperatures, they tend to be a more serious potential buyer.

Having said that, there are still people out looking at luxury homes across the valley. And, there appears to be an increase in high-end sales happening outside of the country club developments, as more buyers are looking for homes that accommodate the family, but not where there are high HOA dues and/or membership fees.

Sales of high-end homes, priced above $1 Million, across the valley have held stable when compared to last year. In the first 5 months of 2016, there were 239 homes that closed escrow, compared to 248 last year. Rancho Mirage showed a 25% increase in sales (58 vs 46) and Indian Wells saw a 15% increase (36 vs 31). The Palm Springs market showed a large increase last year, but sales were down 8% this year (52 vs 56). $1 Million+ sales were down in La Quinta and Palm Desert as well.

The high-end market segments that seem the strongest this month are the Palm Springs market, the Rancho Mirage market between $1M - $2M, as well as the new construction that is beginning to come on the market. There is also an increased interest in Vacation Rental/Festival homes, especially those not located in communities with rental restrictions.

I expect to see the numbers of high-end sales and the sale prices to be held in check until after the November election. It is becoming more and more obvious that with the economic uncertainties in the US and around the world, our desert real estate market is somewhat affected by a wait-and-see attitude. So, this remains a great time to be a serious buyer!

This month I have included the following items:

Featured Homes of the Month:
This home is located in Thunderbird Heights, in Rancho Mirage. Newer construction (2004), 4 Bedrooms, 5,178 square feet on a 20,473 sf lot...
The Market Watch May 2016 Housing Report: This report gives a great overview of the Coachella Valley housing market, in all price ranges. It also puts the high-end market into context with the overall market. Read the article...
The Playboy Mansion was recently sold to the neighbor next door, for over $100 Million and giving Hugh Hefner a Life Estate. Read the article...
The Ten Commandments to a Safer Home while you are away: Our local Lock Shop put this list together. Read the article...
The 10 Most Expensive Homes Sold in the Desert in May 2016, according to the California Desert MLS. These 10 homes range in price from $1,850,000 for a home at Toscana Country Club to $8,675,000 for a home at The Madison Club. Homes at Bighorn, The Reserve and The Hideaway are also on the list, along with 2 homes in Palm Springs. See the complete list...

If you or someone you know is thinking of buying or selling a home in the desert, please give us a call to discuss what we can do to help.

Thanks!
Bruce

Thunderbird Heights Custom
Desert Contemporary
70445 Placerville, Rancho Mirage
Offered at: $1,975,000

One of the very newest built homes in Thunderbird Heights, this custom desert contemporary design offers popular updated features: high ceilings, modern kitchen, covered outdoor living space and a private setting with mountain and valley views. The living space offers four bedroom suites include an attached guest casita with private entrance; open, gourmet kitchen with center island, granite counter tops, walk-in pantry and modern appliances; living room with wet bar; formal dining room and a media room. Covered outdoor living area includes pool & spa. BBQ cooking center and a kiva fireplace. Large Master Bedroom suite with his & hers bath areas & 2 walk-in closets. This large lot provides extra space for pets and/or gardening. Long driveway leads to a side-loaded 3-car garage and off-street parking. Furnishings are available.

Please call Bruce for a Private Showing: (760) 779-1653
View virtual tour

The Market Watch May 2016 Housing Report
PSRAR
This report gives a great overview of the Coachella Valley housing market, in all price ranges. It also puts the high-end market into context with the overall market.
The Playboy Mansion Sells to 32-Year-Old Neighbor for Over $100 Million
Viju Mathew - Robb Report
The Playboy Mansion was recently sold to the neighbor next door, for over $100 Million and giving Hugh Hefner a Life Estate.

The Ten Commandments to a Safer Home While You Are Away
Lock Shop

Our local Lock Shop put this list together.

10 Most Expensive Homes Sold in the Desert in May, 2016
California Desert MLS

The 10 Most Expensive Homes Sold in the Desert in May 2016, according to the California Desert MLS. These 10 homes range in price from $1,850,000 for a home at Toscana Country Club to $8,675,000 for a home at The Madison Club. Homes at Bighorn, The Reserve and The Hideaway are also on the list, along with 2 homes in Palm Springs...

74182 Desert Tenaja The Reserve, IW $2,395,000 Furnished
68 Royal Saint Georges Mission Hills CC
Westgate - RM
$1,975,000
44834 Winged Foot Desert Horizons CC, IW $745,000 Furnished
75137 Spyglass Drive Desert Horizons CC, IW $695,000 Furnished
45655 Verba Santa South Palm Desert $569,000 Furnished



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"Our character is basically a composite of our habits. Because they are consistent, often unconscious patterns, they constantly, daily, express our character."

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