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Friday, November 20, 2015


Valued Friends & Clients!

November in the Coachella Valley is always a wonderful time of year! Temperatures have been in the 70's & 80's, with nice cool evenings. We are enjoying mostly clear blue skies, sunny days and the golf courses have all recently re-opened! These are some of the many reasons we all enjoy being here. It is especially nice to talk with the returning winter residents who really appreciate the valley's climate. So, as we head towards Thanksgiving, we should try to remember the many things we all have to be thankful for.

Heading into the seasonal real estate market, there appears to be some positive news. The stock market remains volatile, but we are getting used to it. There is talk of an interest rate increase in December, which might actually be helpful for desert real estate. And, real estate is still considered a safe haven for the wealthy.

I just attended an annual 'Market Watch Seminar' focused on the Coachella Valley residential real estate market, sponsored by Palm Springs Life, Franklin Loan Center and Toscana Country Club. The take away is that the valley real estate market could use a small amount of inflation to help boost home values over the next several years.

But, the luxury home market here in the desert is off to a much better start than last year! Showing activity is up, and people are looking seriously. There were 28 homes that closed escrow above $1 Million in October, compared to only 11 in October last year. And, there are 81 homes 'In Escrow' priced above $1 Million, compared to 57 at this time last year.

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

From the Market Watch seminar that I mentioned above, this link with take you to the presentation. One of the most interesting charts is a comparison of the median home prices of the Coachella Valley and California, over the period of 2002 through October 2015. Surprisingly similar. Look at the presentation...
The Indian Wells Tennis Garden is getting more upgrades. The Desert Sun reports that they are installing larger, more comfortable seats and a sports bar. This is the 5th largest tennis tournament in the world - by attendance. Read the article...
According to the recent, annual Coachella Valley Economic Summit, the desert economy is expected to be strong going into 2017. Home construction is down compared to the peak in 2007, but the reality is that we are now in 'the new normal'. Read the article...
From WealthX, here is a look at the Top 10 Global Tax Havens for the Wealthy. From Switzerland to Cayman to Dubai these 10 countries are attracting some of the wealthiest. Surprisingly, the United States is also on this list.
Asking prices on ultra high-end homes in Los Angeles continue to rise. We now see homes priced above $100 Million, and some of them are spec houses! It will be interesting to see how many buyers there are for these mega price tags. Read this Wall Street Journal article...
The 10 Most Expensive Desert Homes sold in October 2015, as reported by the California Desert Area MLS: These sales range from $1,540,000 for a home at The Hideaway to $3,400,000 for a home at The Vintage Club. This list includes 3 homes at The Hideaway, as well as homes at The Vintage Club, Toscana CC, The Tradition and several others. See the complete list...

There are less than six weeks until 2016!

Happy Thanksgiving!
Bruce

49937 Desert Arroyo Trail,
Indian Wells
Offered at: $3,950,000
Proposed New Custom Home to be built at The Reserve. This 5,900 square foot Desert Contemporary Architectural Home features either 4 or 5 bedrooms, 5 1/2 bathrooms, media room, study, wet bar, 3-car garage, along with 100 feet of rear pocket sliding glass doors creating the ultimate indoor/outdoor lifestyle. Other features include a lavish master suite, gourmet cook's kitchen, quartz countertops and stainless steel appliances, with a mix of modern finishes throughout the home. The exceptionally large lot is almost 2/3-acre, with panoramic views of the mountains and golf course, accommodating an optional cabana with it's own living area, fireplace, kitchen, dining and outdoor shower. This property also boasts exceptional grounds with expansive areas for entertaining! The plans for this home have been completed and will be submitted for approval. This is the perfect time to meet with the builder and discuss changes that will personalize the home!

Median home prices of Coachella Valley and California
Market Watch
From the Market Watch seminar that I mentioned above, this link with take you to the presentation. One of the most interesting charts is a comparison of the median home prices of the Coachella Valley and California, over the period of 2002 through October 2015. Surprisingly similar. Look at the presentation...
Indian Wells Tennis Garden unveils upgrades
Denise Goolsby, The Desert Sun
The Indian Wells Tennis Garden is getting more upgrades. The Desert Sun reports that they are installing larger, more comfortable seats and a sports bar. This is the 5th largest tennis tournament in the world - by attendance. Read the article...

Desert Forecast: Strong economy
Rosalie Murphy, Desert Sun

According to the recent, annual Coachella Valley Economic Summit, the desert economy is expected to be strong going into 2017. Home construction is down compared to the peak in 2007, but the reality is that we are now in 'the new normal'. Read the article...

The Top 10 Global Tax Havens For The Wealthy
Joyce Chen , Wealth-X
From WealthX, here is a look at the Top 10 Global Tax Havens for the Wealthy. From Switzerland to Cayman to Dubai these 10 countries are attracting some of the wealthiest. Surprisingly, the United States is also on this list.

The Magic Number; $100,000,000
Candace Jackson, WSJ
Asking prices on ultra high-end homes in Los Angeles continue to rise. We now see homes priced above $100 Million, and some of them are spec houses! It will be interesting to see how many buyers there are for these mega price tags. Read this Wall Street Journal article...

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

The 10 Most Expensive Desert Homes sold in October 2015, as reported by the California Desert Area MLS: These sales range from $1,540,000 for a home at The Hideaway to $3,400,000 for a home at The Vintage Club. This list includes 3 homes at The Hideaway, as well as homes at The Vintage Club, Toscana CC, The Tradition and several others. See the complete list...

49937 Desert Arroyo Trail The Reserve, IW $3,950,000
74182 Desert Tenaja The Reserve, IW $2,395,000 Furnished
49081 Sondgroth Court Cahuilla Hills, PD $1,950,000 Furnished
74339 Desert Tenaja Trail The Reserve, IW $1,125,000
46340 Monte Sereno Drive IW $1,199,000
75060 Inverness Drive DHCC, IW $849,000
44834 Winged Foot Dr DHCC, IW $765,000 Furnished
75583 Desert Horizons DHCC, IW $379,000 Furnished
49150 Vista Estrella Rancho la Quinta $1,595,000 Furnished



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"As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them."

- John F. Kennedy


"Feeling gratitude and not expressing it is like wrapping a present and not giving it."

- William Arthur Ward

 
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