March - Main Event - BPN - Paribas Open tennis Tournament

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March 8-21, 2010 The city of Indian Wells will play host to one of the worlds best attended Tennis Events. It is estimated that some 325,000 plus people attended last years events. The top tennis players in the world will compete in this world class Tennis event. The Indian Wells Tennis Garden was opened in 2000 and is the second largest tennis stadium in the world and has hosted major names in Music when not being used for tennis.

A world class event for the Coachella Valley.

The Tipping Point

The low levels of inventory is really starting to be felt across the valley. I have several buyers now and we are having a hard time finding properties to consider. The number of properties going into escrow is growing. If you are seriously looking or considering purchasing property now is the time to get your cards on the table. We went through something like this back in 04/05 as things started to climb all of a sudden everyone wanted homes in the under 300K category and there was nothing left. Shifts in the market are usually six months in the making. By the time the media reports this it will already be too late.

Additionally the short sale market is changing. These homes are going to start selling faster as the banks get fully up to speed on how to process them. Already they are asking for more money on these properties and the banks have a plan to raise the value of the foreclosed homes as well. I will write more on that in the coming week.

If you are not ready to buy there is nothing here for you. However, if you are close to a decision now is the time to get in the game as the inventory keeps dropping and it is going to be much harder to get homes in the lower price ranges soon.

January Sales and Inventory levels

January of 2010 ushered in a new two year low for months supply of inventory and the second highest number of homes going under contract in the same two year period.  Months Supply of Inventory refers to how long it would take to the absorb the current supply of homes if demand remained the same and inventory did not change.

Month	MSI	#Homes For Sale	Homes Under Contract
Jan 2010	5.9	5808	978
Dec 2009	7.2	5787	805
Jan 2009	11.3	7715	685
Dec 2008	13.8	7617	553

Activity is very brisk and demand is high for single family homes priced under $250,000.  Condos are holding steady and more expensive homes are starting to see some increased activity.  The sub $150,000 market is red hot in single family homes and very brisk in condos.

At this writing reports are coming in that foreclosure filings have dropped significantly.  Industry experts are predicting that the balance of 2010 will be about short sales and loan modifications for homeowners in trouble. This will further slow the inventory growth and should lead to some modest price gains by year end.

For more details on specific neighborhoods in Palm Springs please see my neighborhood pages  on my website or contact me for a report about your neighborhood sales activity.

This Week In Palm Springs

It has been a busy and quite beautiful week in Palm Springs with temps in the high 70's and low 80's. At last our Desert weather has returned and I for one could not be happier.

The Riverside County Fair continues through Sunday as does the Palm Springs Modernism week with events, films, home tours and shows ongoing. I heard there is also a car show at the Tennis Gardens in Indian Wells but I don't have any information about that. Several of the Casinos have live shows you could catch and with this weather don't forget the Indian Canyons and the many other trails in the Palm Springs area for a nice hike.

Market Stats are in for January and I will have a post about that as soon as tomorrow. I can already tell you that for the month of February activity is very high. I am seeing many properties go into escrow and the phone keeps ringing.

We are starting to be told that the big banks are going to be rolling out major changes in how they handle short sales in the middle of March. The main expectation is that they will move much faster. I'll keep you posted on that as well. 2010 is suppose to be the year of the short sale and from what I can see I would agree. If they made the process move a little faster that would certainly help.

For more about short sales see the short sale page on my website.

Happy Valentines Day!

[caption id="attachment_355" align="aligncenter" width="255" caption="Heartfelt Wishes"][/caption]Though it may not be what you think it is.......intruigue and murder or unrequitted love. There are several legends. One has to do with the Roman Emperor Claudius II outlawing marriages because it kept his soldiers from wanting to go fight his wars. St Valentine supposedly kept marrying sweethearts anyway - another legend says it was an attempt by the church to do away with a Pagan harvest ritiual and yet another says St Valentine was a prisoner who fell in love with the jailkeepers daughter and sent her a note expressing his love.

Valentines have been mass produced in America since the 1840's and the tradition dates back to the middle ages in Europe according to history.

No matter which story is true it is always special when you get a chance to tell those closest to you how much they mean to you . So Happy Valentines day!

New Listing -1380 N Via Monte Vista

Open House 12:30-2:30pm Sunday Feb 14th 2010

Brand new listing on a Three bed Three bath home in Old Las Palmas - Palm Springs. Click here for full details.

This Month In Real Estate

This Month the news covers the dramatic increase in First Time homebuyers in the market place.

KW Golf Classic Benefits Boys & Girls Club

Once again this year Keller Williams Realty is hosting a Charity Golf Classic in Support of the Boys and Girls Club of Cathedral City. The Club provides a structured safe environment for kids who otherwise may be on their own or without any adult supervision. Last year thousands of dollars were raised at the Golf Tournament for this worthy Charity. With your help we want to do it again this year.

Mark your Calendar for Monday the 15th of March 2010 at the beautiful Palm Valley Country Club in Palm Desert. Have a fun afternoon of golf, some great food and support a good cause all in one enjoyable day.

Registration and Check in is at 11:30am and there is a putting contest from 11:30-12:45 followed by the start of the tournament at 1pm.

Cocktails, awards and the dinner and auction start at 6pm. Entry in the tournament is just $149 and Dinner and drinks only tickets are $50.

If you would like to donate and auction item or even sponsor a hole please call Bruce at 760-408-6776. Click here for an entry application registration form.

Palm Springs CA Sales Stats January 2010

Palm Springs	January 2010
Houses Sold	63
Houses In Escrow	59
Houses Available	463
Condos Sold	40
Condos In Escrow	58
Condos Available	493
Notes:	4 homes over 1 million sold

Palm Springs entered the new year with a respectable showing. A slight inventory increase and mixed results in the pending category - more condos went into escrow than December but slightly fewer homes.  The most expensive home sold in Palm Springs was a 1.7 million dollar view estate in Las Palmas heights.  Overall there were 4 homes over a million dollars sold for the second straight month. 

To see more  million dollar homes in Palm Springs click here

January 2010 Sales Stats Palm Desert

Palm Desert California experienced a slower than expected start to the new year. We are seeing  such a high level of activity these numbers surprised me a bit. I attribute it to the fact that at the first of the year many people put their properties on the market - condo inventory went up by about 44 units - homes by 73 units.  The lower sales figures for homes I would attribute to buyers taking longer to make up their minds plus short sales really slow the system down taking three times as long, in most cases, as bank or regular sales.  Condo sales increased in total units from December.

Palm Desert	January 2010
Houses Sold	35
Houses In Escrow	49
Houses Available	443
Condos Sold	56
Condos In Escrow	49
Condos Available	533
Notes:	3 homes over 1 million sold

The most expensive home sold in Palm Desert so far this year was an eye popping $8,000,000 - 8,885 square foot property at Big Horn in South Palm Desert.  This beautiful country club frequently takes the award for most expensive home sold.

See more million dollar homes in South Palm Desert California

What Does The Home Of The Future Look Like?

What type of home do you want in the future?

This decade will see a full 25% of the US population over the age of 55. Current estimates have it that percentage households where the primary resident is over 55 will increase from the current average of 38% to 45% in the next decade. Homeownership by this demographic is the highest of any and is pegged at over 80%. Needless to say it is an important segment of the market.

While current economic realities have made downsizing a general trend – the list of wants and needs of the senior population is actually growing. Builders who want to appeal to this segment of the market need to tap into these needs as they prepare to build the next generation of homes.

With all the emphasis in recent years on high tech homes it is interesting to note that the majority of wish list items for senior buyers are for much more practical things. Home that feature single level living, large baths, wide doors and hallways and easy to use/read thermostats are on the list. Predictions are that as the baby boomers see their parents through this stage of their lives they will be making notes of the things that make life easier and looking for that in their future retirement homes.

It is not just the seniors looking for a change in what they want from their home. New trends are developing where flexible space and more casual living space is in demand by all age groups. Think about it, when was the last time you really had a use for a formal living room or dining room? Open, free flowing spaces are what it is all about. Another big change is the home office or study space. With the computer now a common household appliance a flexible space that can be used for this is highly desirable. The days of having to sacrifice a whole bedroom for a home office may soon be fading.

Outside more people are looking for outdoor living spaces and the traditional golf course communities may be threatened. Studies are starting to show more people looking for green space – bike paths, walking trails than golf course off limits to all but golfers.

Green homes or energy efficient homes are not yet highly in demand. Most consumers understand and will go for energy efficient appliances and windows and doors but there is not a large movement yet toward a demand for the more expensive “green” building technologies. I predict that these things will only catch on as the price comes down and the builders can incorporate it for the same or little extra as standard materials. Much like the first electric cars were strange oddities that we looked at at car shows. Now every automaker is falling into line with a mass market hybrid version to market.

Think about what you would change about your house you have now if you could. What new technologies would you want to see? What rooms would add/change or delete all together? What would make up your list of “must haves” and what would be a “could do without”? Interesting for sure!

Something for Everyone At The 64th Annual County Fair

The name actual says it all. The Riverside County Fair and National Date Festival has something for everyone. Sure to be unlike any other fair you are likely to have attended.

This event features everything from ostrich and camel races to a monster truck rally, to musical acts from Country music, Latin music and even Rock and Roll. Of course there are Dates and livestock and carnival rides, fun foods and all the other things you would expect to see at a county fair.

This year musical headliners include Graciela Beltran, Kansas , Night Ranger and Rodney Atkins. With many more acts scheduled during the ten day run of the Fair. Admission specials as low as five dollars make this an easy to attend event!

Held at the riverside county Fairgrounds right on Hwy 111 in Idio. Click on the logo to get the Fair website and get even more information.