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Friday, June 29, 2018


Valued Friends and Clients,

As we move towards the end of June, the Coachella Valley temperatures are holding above 100 degrees and reaching towards 115 degrees. This usually signals a slow down in the real estate activity as we head towards summer. But, this June we have seen more sales activity than expected and our team put 6 homes 'Under Contract'. This is when we expect activity to slow down, but July & August may be a bit busier this year than normal.

Many of the higher priced homes that were on the market and didn't sell this season have been taken out of the Multiple Listing Service (MLS) or off the market for the summer. Many of the homes that remain actively on the market have more motivated sellers, and they are often homes that have a need to be sold.

2018 again turned out to be a very strong season for luxury home sales. There were 382 homes priced above $1 Million that sold during the first 5 months of 2018. This is up almost 25% from the 306 homes sold last year! And 2017 was up almost 20% from the 239 homes sold in 2016. The largest gains were seen in the $2 - $3 Million price range, where 2018 saw 66 homes sold, compared to 39 homes sold in 2017, a 70% increase!

So, the number of Coachella Valley luxury home sales has definitely been trending upwards over the past 2 years. But, there still appears to be many over priced homes on the market, and a fair number of the homes that are selling, are selling for less than the owners paid. There are 584 homes currently listed for sale at $1 Million and above, which is 18 months of inventory at the current sales pace, without any more homes coming on the market.

I think this adds up to more people entering the market and buying homes that are value priced, and taking advantage of the fact that many sellers are willing to accept the 'willing buyer - willing seller' concept: A house is only worth what a buyer will pay for it. So, this is a very good time to be a buyer in this market!

In my next newsletter I will spend more time on the under $1 Million market, which is also showing big year-over-year gains in numbers of sales.

Here are a few items you might find interesting this month:

Blomgren & Blomgren's Featured Home of the Month: High quality Custom built home in the exclusive community of Mirada Estates! This 6400 square foot home offers the most amazing down valley views from an elevated lot. Plus Ritz Carlton amenities! View this home...
From Realtor.com, this article looks at some of the reasons why people's homes don't sell. Our team does our best to discuss these items with our sellers in order to achieve the best possible results. Read the article...
What are the fastest-growing US cities? This article from Realtor.com looks at these cities. Read the article...
Former home of Richard Nixon's San Clemente estate is on the market. This Mansion Global article describes this $63.5 Million home. Read the article...
From USA Today, this article discusses a milestone in the ongoing US housing recovery: Less than 10% of US homeowners are underwater on their mortgages for the first time since the housing crash. Read the article...
The 10 Most Expensive Desert Homes sold in May 2018, as reported by the California Desert Area MLS: These sales range in price from $2,400,000 for homes at Bighorn and The Madison Club, to $6,000,000 for another home at Bighorn Golf Club. This list also includes homes at The Tradition, Thunderbird CC & Old Las Palmas in Palm Springs. See the complete list...

Thanks for taking the time to read some or all of our newsletter. Have a great summer!

Sincerely,

Bruce (760) 333-7653
Keith (760) 333-3350

Blomgren & Blomgren
Luxury Desert Real Estate

54 Granite Ridge
Rancho Mirage
Offered at: $4,895,000 Furnished

Located behind the gates of prestigious Mirada Estates and sited on the same hilltop as the world famous Ritz Carlton Rancho Mirage, this incredible estate home offers dramatic down valley views, mountain views and ultimate privacy. Built in 2006 by respected developer Richard Pruter, PARR Development, offering the highest in quality construction, design & features.

This home is accessed through a private courtyard with pool, spa & mountain views and offers the best in indoor/outdoor living. Once inside the home, massive disappearing walls of glass reveal covered outdoor living areas in both directions with impressive down valley and mountain views. The living room features an entertainer's sunken wetbar & the gourmet kitchen includes a butler's pantry accessible to the guest suites. The luxurious master suite offers views, a fireplace, his & hers baths & closets, 2nd laundry room and exercise room. The Guest Casita is a suite with a Pullman kitchen. This home is designer perfect!

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

7 Dumb Reasons People Can't Sell a Home
Audrey Ference - Realtor.com
From Realtor.com, this article looks at some of the reasons why people's homes don't sell. Our team does our best to discuss these items with our sellers in order to achieve the best possible results.
The Fastest-Growing U.S. Cities Aren't Where You'd Expect-and Home Prices Are Rising in Them
Clare Trapasso - Realtor.com
What are the fastest-growing US cities? This article from Realtor.com looks at these cities.

Nixon's Former California Beach Home Selling Again
Beckie Strum - Mansion Global

Former home of Richard Nixon's San Clemente estate is on the market. This Mansion Global article describes this $63.5 Million home.

Homeowners Bounce Back
Paul Davidson - USA Today
From USA Today, this article discusses a milestone in the ongoing US housing recovery: Less than 10% of US homeowners are underwater on their mortgages for the first time since the housing crash.

The 10 Most Expensive Homes Sold in May 2018 as reported by the California Desert Area MLS:
California Desert MLS

The 10 Most Expensive Desert Homes sold in May 2018, as reported by the California Desert Area MLS: These sales range in price from $2,400,000 for homes at Bighorn and The Madison Club, to $6,000,000 for another home at Bighorn Golf Club. This list also includes homes at The Tradition, Thunderbird CC & Old Las Palmas in Palm Springs.

75433 Riviera Drive Desert Horizons CC, IW $595,000F
72500 Rolling Knolls Dr Palm Desert $384,900
40585 Diamondback Hovely Estates, PD $645,000
75403 14th Green Drive Desert Horizons CC, IW $819,000F
44838 Santa Rosa Court Desert Horizons CC, IW $839,000
46393 Blackhawk Indian Wells CC $1,245,000F
76163 Via Sovana Toscana CC, IW $1,550,000
70375 Thunderbird Rd Thunderbird Heights $2,750,000



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