Palm Springs Sales Statistics for Dec 2009

The numbers for December are in and we ended up the year on a very positive note. Another dip in overall inventory for sale and sales holding steady despite the holiday season.

In December of 2009 we had 70 homes & 60 condos sell with another 53 condos going into escrow and 63 homes! There were 373 homes and 433 Condos on the Market for sale to date in representing another decline in available inventory for homes and Condos.

In December 2009 there were 4 homes sold over 1 million dollars in Palm Springs. The most expensive was a $2,183,000 home in Smoke Tree Ranch, in South Palm Springs.

Palm Springs real estate represents some of the best over all retirement/vacation home prices in the otherwise pricey California real estate market. The value for the money remains very high when compared to other areas of the state. The proximity to the 22 million southern Californians makes it a perpetually popular weekend getaway. The warmth of our winters makes it the perfect place to escape the cold and snowy weather in the North. While many of our visitors and second home owners come from the Pacific Northwest more and more are coming from Canada and beyond. The ease of arriving by air has greatly increased since the expansion of the convenient Palm Springs International airport. Once a sleepy little, winter vacation spot in the California desert the 7 cities that make up the Coachella valley have blossomed into vibrant year round communities. Palm Springs offers an enviable resort lifestyle that includes over 320 days of Sunshine per year.

Palm Springs Exotic Car Auction

A great time will be had by all car enthusiasts February 26th, 27th & 28th 2010 when the next installment of the twice yearly Exotic Car Auction takes place at the Spa Resort Casino in Downtown Palm Springs.

Last November over 450 cars were Auctioned. Everything from American Muscle cars to European Antique Roadsters. So come enjoy a great days outdoors in the heart of Palm Springs and take advantage of this unique event.

Palm Desert CA Sales Stats

Palm Desert CA Real Estate represents some of the best over all values in the otherwise pricey California real estate market. The value for the money remains very high when compared to other areas of the state. The proximity to the 22 million southern Californians makes it a perpetually popular weekend getaway. The warmth of our winters makes it the perfect place to escape the cold and snowy weather in the North. Palm Desert offers an enviable resort lifestyle that includes over 320 days of Sunshine per year. Theatre, art and culture abound with hundreds of live performances at dozens of theatres including the McCallum, by world renowned artists every year. Fine dining and world class shopping from the heavy weights of the luxury goods world – Tiffany, Saks 5th Avenue, Gucci and more grace El Paseo in Palm Desert. Loads of interesting and unique shops complement these world famous names. The Living Desert is a community resource and unique treat for Desert Visitors. A cross between a botanical garden and zoo there are activities and learning experiences for every member of the family at the The Living Desert, located at 47900 Portola Avenue just South of El Paseo.

Of course Palm Desert hosts golf tournaments including the Women’s Samsung World Championship at Big Horn Golf club.

Click here to view: Homes For Sale or Condos For Sale

So What Is Selling?

Current Sales Stats (Dec 2009): There are 370 homes and 489 condos currently for sale in Palm Desert both representing a steady decline month after month since early 2009. There are 42 homes and 48 Condos under contract in the month of December 2009. There were 56 homes and 53 condos in the sold category!

The most expensive home sold in Palm Desert in December of 2009 was a 2,000,000 Home at Bighorn Country Club in South Palm Desert. This premier country club continues to see good activity even in the challenging market we are in.

Photos Of Palm Springs California

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Beautiful Palm Springs California - is a sunny Desert Playground located just 110 miles from the hustle and bustle of Los Angeles California. Use this link to see more photos of this Desert Resort and learn more about the great lifestyle available at some of the best prices in California.

With 320 plus days a year of sunshine, fabulous fifties architecture, Hollywood history and legends, breathtaking natural beauty, a convenient easy to use airport and beautiful getaway resorts Palm Springs is the place to be. See more at www.PSagent.com

Short Leases

All Land is Not Equal In Palm Springs CA

Short Leases:

A leasehold parcel of land means that you do not own the land you are only leasing it from the actual owner. Even if there is a structure on it, that you hold title to, the lease payment only entitles you to the use of the land – subject to the terms of the lease - and not actual ownership. (When you own the land this is called “Fee Simple ownership”)

Search for homes in Palm Springs, CA

In Palm Springs, Cathedral City and parts of Rancho Mirage California up to 50% of land is lease land. This is important when looking at property because land value can’t be factored into the value of the property. Typically this means that the price of a home located on lease land will look more attractive than the same home built on fee land, where you do have to factor in the value of the land.

All leases are different and terms and conditions must be checked carefully during the buying process. One major provision in many leases is that “leasehold improvements” are sometimes made permanent fixtures to the land. You may not remove them at a later date without the express consent of the leaseholder. In some cases this may extend to other improvements such as landscaping, awnings, trellis, and gazebos – anything permanently attached to the “leasehold improvement”.

The most important provision in the lease is the start and end date. The end date of the lease needs to be 35 years or longer from the date of your purchase. The reason is that banks granting you the standard 30-year mortgage product want the lease to have a five-year pad on it beyond the life of the mortgage. If a lease has less than 35 years on it we refer to it as a short lease and you cannot get a 30-year mortgage on it. Often times this means that the best rates are unavailable to you. Potential buyers, if you wanted to sell, might not qualify as the shorter the mortgage the higher the payment.

IMPORTANT: Not all lenders will loan on lease land – some who will, will not loan if the lease is short. If you need

assistance identifying a lender to help you with a loan on lease land please feel free to contact me. If you are purchasing on lease land it is crucial that your lender know how to process these loans. I have the resources to get you to the right loan professional. Please see my website www.PSagent.com for even more information on lease land issues.

Other Considerations with Lease Land:

-If you are financing the purchase the value will only be figured on the structure and not the land itself.
-What are the terms for lease land payment increases?
-What, if any, are the preset renewal terms and conditions
-Homeowners insurance does not factor in land value so this is unaffected
-You will be paying property tax on the value of the land. The IRS has ruled that the person who enjoys substantial use of the property pays the tax.

Palm Springs Internatonal Film Festival

It was a wonderful Desert night Last night - January 5, 2010 for one of the top events of the Season in Palm Springs. The star studded opening night Gala of the 21st annual Film Festival was held in downtown Palm Springs. See a slide show of the celebrity arrival photos for the 21st annual Palm Springs International Film Festival. The Festival runs through January 18, 2010 and will feature hundreds of films in multiple theaters around town. A large international crowd is expected to visit Palm Springs during the run of the Festival.

Celebrity appearances by Anna Kendrick, Jeremy Renner, Marion Cotillard, Mariah Carey, Jeff Bridges, Quentin Tarantino, Clint Eastwood, Morgan Freeman and Helen Mirren just to name a few. The Gala was also hosted by Mary Hart Of Entertainment tonight, herself a part time Desert resident.