Friday, December 31, 2010

A Most Happy 2011 To You!



A very sincere wish that 2011 is the year that brings you the people, things and experiences that are most important to you.

Saturday, December 25, 2010

Market Trends and This month In Real Estate


November numbers are out for the Valley and show a decided drop in the over all sales. A 7.7% drop from Novemebr 2009 when 826 total properties sold vs. 762 in 2010.

Difficulty for consumers in obtaining loans and the vast number of short sales (delayed property closings) surely contributed to the lower number as did a general slowdown in foreclosed properties coming to the market.

There were some bright spots in the market - as always Real Estate is local and a look at the local areas confirms that. Palm Springs Central (north of Ramon Road but south of Vista Chino) saw an increase of 29% in the number of homes sold year over year. It was also the second month in a row as October had a 22.2% increase. Thousand Palms and La Quinta as well as two of the three sections of Indio all saw significant double digit gains in numbers of properties sold year over year.

At the end of the day, however, we saw a drop and the inventory slipped back up to 9.7 months. This is the number of months it would take to sell existing inventory at current rates if no other homes came on the market.

In the new year we will be looking for government programs, incentive and consumer confidence to drive home sales. Additionally the banks, at least in the Palm Springs marketplace, should start releasing more homes from their foreclosure inventory in the lower price ranges. There is a pent up demand for the lower priced homes that has not been addressed on the local level.

See More Reginal and National Statistics in my One Minute Real Estate Report

Friday, December 24, 2010

Merry Christmas!

    Just A Simple Holiday Wish That you may Know Peace, Love and Joy on this special day.

The Mesa In Palm Springs

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Listed for Sale a great lot in the Mesa At just under an acre you can enjoy the seclusion, views and premium location of this great homesite. Offered at $499,900. The Mesa is an area of unique and historic homes. Many celebrities have lived in the Mesa over the years. Look at all properties for sale in the Mesa


Right next door is a beautiful modern home and a great example of what you could acheive on this lot. See the nice article in Palm Springs Life about the architecturally interesting home next door.

Saturday, December 11, 2010

So California Edison Billing Issues

ALERT!!! For any readers who own a home in the Palm Springs area be sure to check your Southern California Edison electric bills very carefully.  I was dramatically overcharged
in September and I have since talked to several other people that are experiencing the same thing.  If your bill was substantially higher in the last three months for no good reason request a meter read and a check.  I Know in my case I got a $90 reduction and a friend received a $456 reduction!  If you have had this problem I would be interested in hearing from you.

Recently Edison had been installing new meters on every home but I am not sure if this has anything at all to do with the overcharges we have been seeing.  My over charge happened prior to the new meter installation.

You can visit the Southern California Edison site with this link.

See a list of other utility company sites for the greater Palm Springs area.

December 11 2010 Palm Springs 83 Degrees


December in Palm Springs

Totally Not Kidding!




Friday, December 10, 2010

Developing Trends In Real Estate Buying

[caption id="attachment_995" align="alignleft" width="150" caption="The Variables Of The New Market"][/caption]

A Recent article in US World and News Report breaks down the different demographic groups and analyzes the unique choices and challenges each group has in the current real estate market.

The two most interesting points to me, revolved around 1) GenY (late teen to early 30's age group) losing faith in the value of owning a home and coupled with their interest in living in more urban areas becoming a class of permanent renters and 2) The Baby Boomers in the 45-55 age group unable to sell their homes in the suburbs to downsize. Negative equity and a much smaller pool of buyers to sell to make these homes harder to unload.

My thoughts on the Gen Y group is that if they lock themselves into renting now - later in life they may find that the market has passed them by. As the economy changes, interest rates rise and costs continue to escalate they may be unable to buy or at least unable to buy in the areas they most want to live in.  Not only will this create a permanent class of renters but I wonder about the long term economic impact of,  say 20%, of the population not buying property?

As far as the baby boomers being unable to sell their properties at what they paid for them - this is bound to have a negative effect on the retirement plans of these homeowners.  Perhaps fewer vacation home purchases and a delay of retirement all together will be the result. The article mentions a drop in the interest for retirement centers as people live longer and healthier lives. I wonder what will happen to the suburbs as these properties eventually sell for much less or are abandoned all together.

Styles do change and new things become desirable leaving previous "hot ticket items" in the dust. I remember in the early 1980's I was living in the "suburbs" in a nice home that was built in 1973.  It has 4 bedrooms and 4 baths along with a cavernous living room and a small formal dining room plus an eat in kitchen.  I was pretty comfortable and I thought the house was pretty upscale.  One night in the early summer I decided that I would take a walk through the woods to a new home development that was being built.  In those days homes under construction could be left unlocked and I decided to walk through a few of them.  I recall being completely flabbergasted at what I saw.  There were master "suites" with huge walk in closets and bathrooms as big as my entire bedroom and bathroom put together.  Kitchens were big and roomy not little after thoughts off the dining room. Building styles had begun to change and as we would all soon see this was just my first glimpse of  the new style of home for the 1980's. These days no one would look twice at a home like that,  it is standard issue in the American suburbs.

I believe we are the cusp of another major change in how Americans live and what they want in their homes.  My best take, on the trends cited in this interesting article, are that midsized urban centers with a high quality of life are going to be the "hot" properties in the very near future.  Large suburbs far from amenities and work places will suffer as the next generation of home buyer no longer considers them desirable or in fashion.

Look at all homes for sale in Palm Springs California:

Thursday, December 9, 2010

Price Reduced on 5 Bedroom Home

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Newly Priced at $174,900 this large 5 bedroom home has one bedroom set up as a guest house.  A formal dining living plus a den make it very flexible for all ages!  Look at all the details on 65456 Peregrine Lane 92240.

Sunday, December 5, 2010

This Month In Real Estate Dec 2010





Festival Of Lights Parade Palm Springs

This past Saturday night saw the streets of Palm Springs fill with thousands of spectators for the Annual Festival Of Lights Parade. Vehicles of every description as well as marching bands and horses were all festooned with hundreds of lights for the enjoyment of the crowd.  There were even a few big balloon floats this year for the first time.

The review in the paper today made special note of the 60 degree temperatures that parade watchers had to "endure".  Only in Southern California is a temperature in the 60's considered something you have to endure!

See a few of my pictures here:

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Festival Of Lights Parade Palm Springs 12-4-10


This past Saturday night saw the streets of Palm Springs fill with thousands of spectators for the Annual Christmas Lights Parade. Vehicles of every description as well as marching bands and horses were all festooned with hundreds of lights for the enjoyment of the crowd.  There were even a few big balloon floats this year for the first time.

The review in the paper today made special note of the 60 degree temperatures that parade watchers had to "endure".  Only in Southern California is a temperature in the 60's considered something you have to endure!

The Parade is becoming quite the Palm Springs Tradition and another example of why Everyone wants to live in Palm Springs Area!  Find your home here!


Saturday, December 4, 2010

Tax Savings With Home Improvements

TAX SAVINGS WITH HOME IMPROVEMENTS? Looking to do some year end home projects? If you are you may qualify for tax credits.  Also, contractors might not be so busy during the holiday season making them easier to reach. Windows, doors, roofs, even appliances and HVAC systems are included in the list.  Projects only qualify on your principal residence and must be completed by December 31, 2010.

Check out this useful link to see what tax credits are available for your home improvement projects. A note of caution here: over the years many different variations of a scheme to encumber your house with a lien for improvements have been offered. Sometimes these are city or county programs sometimes they are offered through other organizations. Be careful about this. If you are planning to sell these programs can complicate the sale of your home or in some cases kill your chances for selling.

Don't forget to check with your city, county and even energy suppliers to see what programs, credits or rebates they may have for you.  For example many water companies will help you design a water saving landscape plan and gas companies will offer a free check up for gas appliance efficiency. Another option is to check out what appliances you could replace for newer more efficient models that come with a rebate. Sometimes these rebates are offered at the store or through your electric company.

For a more information on the projects most likely to increase the value of your home feel free to contact Michael.

Year End Home Improvements Net Tax Savings

Looking to do some year end home projects? If you are you may qualify for tax credits.  Also, contractors might not be so busy during the holiday season making them easier to reach. Windows, doors, roofs, even appliances and HVAC systems are included in the list.  Projects only qualify on your principal residence and must be completed by December 31, 2010.

Check out this useful link to see what tax credits are available for your home improvement projects.

Don't forget to check with your city, county and even energy suppliers to see what programs, credits or rebates they may have for you.  For example many water companies will help you design a water saving landscape plan and gas companies will offer a free check up for gas appliance efficiency.

For a more information on the projects most likely to increase the value of your home feel free to contact Michael.

Thursday, December 2, 2010

Palm Springs International Film Festival Jan 6-17, 2011

The film fest returns this year, its 22nd,  with an expected crowd of  attendees numbering some 100,000 plus. With a mix of brand new films, other film fest winners and cutting edge foreign films there is an endless variety of films to enjoy.

Award recipients have already started to be named for the Gala black tie awards event to be held during the Festival.   Carey Mulligan and  Jennifer Lawrence are slated to receive awards for break out performance and rising star awards respectively. Past honorees at the event have included Jennifer Hudson, Dakota Fanning, Scarlett Johansson.  Attendees and other honorees have include such stars as Clint Eastwood, Leonardo DiCaprio and Jeff Bridges.

Not only is the film festival fun but it gives Palm Springs a chance to shine in the spotlight of international media attention.  Be sure to get your tickets early as many showings will sell out.  Got to the festival website for more information and ticket reservations.

 

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