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Friday, September 16, 2016

Valued Friends & Clients,

With September in the desert comes our first look at cooler weather! The first two weeks were still fairly warm, but it looks like we may be enjoying temperatures under 100 degrees for the next 5-7 days!! And, even the projected highs after that will be much more comfortable than the past 2-3 months. A nice change indeed!

The luxury real estate market in the Coachella Valley has been somewhat mixed over the past couple of months. There have been several notable homes put under contract recently:

*After several years on the market and 50% reduction in asking price, the iconic Bob & Delores Hope home in Palm Springs is in escrow. The home is listed at $24,999,000. This 23,000+ square foot home sits on over 6-acres with commanding views of the valley.

*The Pond Estate, also in Palm Springs, went under contract. This nearly 19,000 square foot home sits on just over 12-acres in South Palm Springs. This home features garage space for 100 vehicles! This home is listed at $8,500,000.

High-end sales across the valley were up in August. There were 30 homes in the desert that sold above $1 Million, compared to 23 last year. And, the average sales price of these homes was $1,785,000, up from $1,691,000 last year. Good news!

There are 55 homes currently 'In Escrow' priced above $1 Million. This number is down from 76 at this point last year. So, the number of closed sales over the next 30-60 days may be at a reduced rate from a year ago. Over the next 60-90 days we will get a better idea of what effect the November elections will have on the local real estate market and how the upcoming seasonal activity may develop.

This month we have included the following items and, hopefully, you will find them interesting:

Featured Homes of the Month:
46340 Monte Sereno Drive in Indian Wells. A well priced, 4 bedroom home with incredible outdoor living in a gated community...
The IRS says unmarried co-owners can each write off up to $1.1 million in mortgage interest. Read the article...
New Zealand appears to be the new hot spot for luxury home purchases. Read the article...
Be careful of rental income from Airbnb and short-term rentals when it comes to re-financing. Read the article...
The 10 Most Expensive Desert Homes Sold in August 2016, as reported by the California Desert Area MLS. These sales range from a $1,690,000 home in Vista Dunes Estates, RM, to a $4,825,000 home at The Tradition Club. 3 new construction homes at Andalucia in La Quinta were finished, as well as homes at The Vintage & Bighorn Golf Club. See the complete list...

Thanks to your support, we have been a very active part of the desert real estate community for over 30 years. Our business is largely generated from past clients and referrals, which is the highest compliment we can get.

If you have any real estate needs, questions or referrals, just give us a call!

Bruce & Keith
PHONE: (760) 779-5353

46340 Monte Sereno Drive
Monte Sereno Estates, Indian Wells
Offered at: $1,095,000

Very highly upgraded custom built home in Monte Sereno Estates, in prestigious Indian Wells offering beautiful south and west mountain views. An entry courtyard with water feature leads to custom double entry doors. Stone floors thru-out the open floor plan with no steps, featuring 4 Bedroom Suites, one of which is a casita. The Master Suite features built-ins & french doors and a luxurious bath. A culinary kitchen with high quality appliances & granite opens to the family room with built-ins. Outdoor living includes pool, spa and water feature, fireplace and lighting. Add the built-in BBQ area and you have a perfect setting for entertainment. Very private rear yard. The 3-car garage is side-loaded. Don't miss the stacked Spanish Tile roof & the lush landscaping! And, a spot for a wine room. Whole house water filter. This private gated community offers golf cart access to IWCC, as well as owners benefits at IW Golf Resort.

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

IRS Gives Big Gift to Unmarried Partners
Kenneth R. Harney, Washington Post - WSJ
Does the federal tax code favor unmarried partners when it comes to deducting mortgage interest on jointly owned houses with supersize mortgages? Can certain co-owners save big money on taxes by staying single rather than getting married?
New Zealand Hangs 'Welcome' Sign for Foreign Investors
Kate Geenty and Rachel Pannett - WSJ
While other countries grappling to contain frothy housing markets have moved to cool foreign investment, this picturesque island nation boasts one of the world's most open-door policies.

Airbnb Income: How It Can Mess With Your Mortgage 'Refi'
Peter Rudegeair - WSJ

Room-rental services such as Airbnb Inc. are blurring the line between residential and commercial property. That is causing problems for some homeowners looking to refinance mortgages.

The 10 Most Expensive Desert Homes Sold in August 2016
California Desert MLS

The 10 Most Expensive Desert Homes Sold in August 2016, as reported by the California Desert Area MLS. These sales range from a $1,690,000 home in Vista Dunes Estates, RM, to a $4,825,000 home at The Tradition Club. 3 new construction homes at Andalucia in La Quinta were finished, as well as homes at The Vintage & Bighorn Golf Club...

45550 Kawea Way Residential Indian Wells $974,000
75786 Camino Cielo Sundance, IW $520,000
66 Laken Lane Tierra Vista, PD $679,000
49081 Sondgroth Court Cahuilla Hills, PD $1,895,000F
75060 Inverness Drive Desert Horizons CC, IW $849,000
78895 Sunbrook Lane Desert Pride, LQ $324,500
47111 Vintage Drive #107 The Vintage Club, IW $595,000
68 Royal Saint Georges Westgate-MHCC, RM $1,975,000
76220 Zuni Road Residential IW $589,000

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"Opportunity is missed by most people because it is dressed in overalls and looks like work."

- Thomas Edison (Inventor, Businessman)

"New beginnings are often disguised as painful endings."

- Lao Tzu (Philosopher)

"I am a man of fixed and unbinding principles, the first of which is to be flexible at all times."

- Everett Dirksen (Congressman)

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