- Powerful Numbers Adding Up Big Changes!
-
With A constant negative drumbeat in the press it is hard to imagine that there would be any good real estate news to report. But the reality is big changes are transforming the market place here in the Coachella Valley. Look at the sales comparisons for May of 2008 and May of 2009
In May of 2008 there were 12,318 homes on the market for sale.
In May of 2009 there were 9,996 home on the market for sale.
An inventory decrease of just under 20%! In the meantime sales have increased 24% and the number of homes under contract has soarded by 66%. With 1,307 homes going into contract in May of 09 compared to just 789 in May of 2008.
With 2003/2004 pricing and low interest rates many people have made the decision to not wait any longer to get their place in the sun. Be sure to check out the very rewarding first time buyer programs and tax credits, which provide icing on the cake for todays buyers.
- Bank Owned Homes - Double Check The paperwork!
-
Double Check that Closing Statement!
In my Southern California Desert marketplace the vibe is back. Lower priced short sale and REO (bank owned) properties are humming. We are getting great call and showing activity and about half the time there will be multiple offers on properties like these. It is refreshing to see this level of activity after such a slow start in the first month of the year.
That is the good news.
The bad news is the new level of errors I am spotting. Virtually every HUD1 (closing statement) I see contains a mistake. You must remain very focused on the paperwork in these transactions or you stand to lose big.
Looking at the situation and trying to determine the root cause of this I identify several issues.
a) Long distance escrows – typically in Bank properties the bank has pre-negotiated contracts with certain escrow and title companies. In most cases they are not local. There is no relationship there for me to rely on as I do when the escrows are with local companies. Talk about feeling like a number! To be fair I have had some excellent escrow officers in bank transactions but the norm is average to sub- average.
b) The sheer volume of transactions. This applies to both the listing agent in the transaction and the escrow companies. They are handling so many files the chances for errors go way up. One agent in my market place has 169 REO listings. Need I say more?
c) The complexity of these deals. Everyone wants a good deal and the bank owned properties, at least in my market place, are often the best deals you can find. However, this deal comes with a price. The very first thing that typically happens in a bank owned home transaction is that the purchase offer is followed up with a complex “Bank Addendum” these range from 3-21 pages in my experience. Translating all of that information and comparing it to the purchase contract is essential but not always easy. The opportunity for a misunderstanding goes up exponentially.
As with any contract you should read it but in this case you MUST read it. Several of the items that come up time and time again in my experience are:
I) Repairs – the bank simply won’t do them. You may have asked – you may have written it into the contract but read your addendum carefully the bank may have simply excluded them from the agreement. A good home inspection is crucial to understand what you getting into. Also, a home warranty is highly recommended, at least for the first year. These will typically cover the systems in the house for one low service call fee. I think these are must for HVAC and Pool equipment and not a bad idea for bigger appliances such as fridges.
II) Inspection Periods – Banks like to shorten these. I have seen them try to cut them as low as 5 days.
III) Non refundable deposits. – You sign the addendum and that’s it. NO refunds on the deposit regardless of what you find in your inspections
IV) Misc. Fees – These can be any amount for any reason. I have seen extra fees for as little as $15 and as much as $550. Typically these are nothing but extra revenue for the bank – be sure you know and look for hidden extra fees in the addendum.
V) HOA fees – Be absolutely certain, if you are buying in a community that has an association, that the Bank is paying the full amount of the arrearages on the property you are buying. Banks are starting to dig in their heels and limit what they will pay the HOA for past fines and penalties. HOA’s are finding it pretty hard to fight the big faceless nameless banks and are simply attaching the fees to the property for the new owners. Not a very nice welcome gift.
The rule of the day is caution and diligence. These deals don’t come on a silver platter there is homework to be done.
- Hill Top Dream Estate 3295 Tiger Tail Lane in Southridge
-
Southridge, Palm Springs - 3295 Tiger Tail Lane, a 4,257 sq. ft., 6 bath, 5 bdrm single story. 
MLS® $2,329,000 - Stellar Value.
Property information
- How Will You Know?
-
One of the founders of Keller Williams Realty, Gary Keller, often poses the question "How will you know if the market is getting better?"
Of course the main answer to this question is prices will start to go up and inventory will start to drop. And then it is too late - you will realize that you did not buy at the lowest possible price point. This proves that trying to time the market is pretty tricky business. No one can really be sure until it has already happened. This suggests a scenario a little like the Saturday night live skit where the fortune teller is predicting things that have already occurred.
Recent statistics on the state of the Real Real Estate Market in the Coachella Valley (Palm Springs) seem to show that we are leveling if not already turning around and heading in the opposite direction.
- The Median home price has held since January (almost 6 months now)
- Sales, the number of homes sold, has gone up every month since July 2008
- Inventory has dropped from 8,188 properties available in January to 6,801 in May
These numbers suggest that if not full recovery there is at least significant improvements. You can pretty much expect to compete fiercely for the under $200K homes in most parts of the valley. There are lots of cash buyers and many are now sold within hours of hitting the market. Despite that fact there are still market segments that are hurting and where deals can still be had. The opportunity has not been missed and may - at least for the short term future actually be getting better. This segment is the mid luxury to luxury home. Homes priced in that $550-1,000,000K range. Though that may sound like big money and certainly no bargain what you will find is that in this market segment you are seeing amazing price reductions. Homes that are really worth 900K are selling for low 700K prices even down into the mid 600K range. That, when you think about it, is an astounding value! Large lots, big homes all the bells and whistles available for 200K less ( or more) than you would have paid two years ago.
In the end it is best not to lose sight of the fact that the real money is made when you buy your properties. Buying at the right price - a good price is always going to be the strongest factor in the eventual profit you make when you sell. Analyze the opportunities out there now carefully. Buying right has rarely been this easy.
- New Listing On 1528 E Verbena Dr in Ruth Hardy Park
-
Ruth Hardy Park, Palm Springs
-
Announcing a new listing of a bank owned property at 1528 E Verbena Dr, a 1,181 sq. ft., 2 bath, 2 bdrm single story. Now
$274,800
- great bungalow on a very private lot.
Property information
- Mid Century Spectacular in Sunrise Park
-
Sunrise Park, Palm Springs
-
Announcing a spectacular remodel on 220 N Morsun Circle, a 1,852 sq. ft., 2 bath, 3 bdrm single story. Now
MLS®
$595,000
- .
Property information
- Single Story For Sale in Tahquitz River Estates
-
Tahquitz River Estates Home
• 2,400 sq. ft., 2 bath, 3 bdrm single story
-
MLS®
$449,000
- Big Home Small Price
Tahquitz River Estates, Palm Springs
-
Opportunity is knocking. Are you ready. First time on the market in decades. This large home located in South Palm Springs has many special features.
A dramatic entry courtyard complete with fountain, a sunken wet bar, large an plentiful closets, a bonus room, an RV ready garage, storage loft and even a big workshop. Of course there is a pool spa and a very private backyard with moutain views. Three bedrooms and two full baths round out the rooms. There is a fireplace in the den.
Tile floors except in the bedrooms and privacy abounds with the split bedroom floorplan and the walls and hedges it feels like a grand estate. The master even has a private patio.
Come see what you can do to complete this picture.
Property information
- Single Story For Sale in Panorama
-
3 Bed 2 Bath Large Yard
• 1,382 sq. ft., 2 bath, 3 bdrm single story - MLS® $175,000 - Upgrade 3 Bedroom Home
Panorama, Cathedral City - 3 Bed 2 Bath Charmer in Cathedral Citys' Panorama neighborhood. Quiet street, south facing back yard is totally walled in with block wall. Perfect size and position for a swimming pool. Huge back patio runs across the entire length of the house and is covered. Perfect for outdoor livng and parties.
The kitchen has slab granite and loads and loads of cabinets. The living room has a vaulted ceilng and a huge stone fireplace. Security system, double garage and even double gates and a parking pad on the side of the garage perfect for trailers, RVS, boats and other toys. The roof is concrete tile and the yard is nicely landscaped.
The bedrooms are split on opposite sides of the house and the master features a nice walk in closet. Offered as a short sale call today to see this great home before it is gone at this undermarket price.
Property information
- Single Story For Sale in Quail Point
-
Great Price!
• 1,738 sq. ft., 2 bath, 3 bdrm single story - MLS® $410,000 - 3 Car Garage, Large Lot
Quail Point, Palm Springs - Nice corner location on over 10,000 sq. ft. lot, Great Open Living Area with South exp. yard. Sparkling pool and raised Spa and an incredible view of the mountain. Large Kitchen, Seperate Laundry room & Pantry, 3 car garage. With the open floor plan its great for entertainment in or outside. Close to all of Palm Springs attraction but without the congestion of traffic.
Property information
- Price Reduced: Central Palm Springs $99K!
-
Pueblo Sands, Palm Springs - Announcing a price reduction on 464 Bradshaw Ln, a 782 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $99,900 - Bank Owned at:.
Property information
- Open House in Waverly Park on Saturday
-
|
| Su | Mo | Tu | We | Th | Fr | Sa |
|---|
| 29 | 30 | 31 | 1 | 2 | 3 | 4 |
| 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| 12 | 13 | 14 | 15 | 16 | 17 | 18 |
| 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| 26 | 27 | 28 | 29 | 30 | 1 | 2 |
| 3 | 4 | 5 | 6 | 7 | 8 | 9 |
Waverly Park, Palm Springs - We invite everyone to visit our Condo open house at 4850 Winners Circle E on April 18 from 11:00 AM to 2:00 PM.
Fantastic remodeled and turnkey furnished. Come see how easy it would be to have your own place in the Desert Sunshine.
Property information
- Open House in Racquet Club East on Saturday
-
|
| Su | Mo | Tu | We | Th | Fr | Sa |
|---|
| 29 | 30 | 31 | 1 | 2 | 3 | 4 |
| 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| 12 | 13 | 14 | 15 | 16 | 17 | 18 |
| 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| 26 | 27 | 28 | 29 | 30 | 1 | 2 |
| 3 | 4 | 5 | 6 | 7 | 8 | 9 |
Racquet Club East, Palm Springs - We invite everyone to visit our open house at 2981 N Davis Way on April 18 from 1:00 PM to 3:00 PM.
Totally remodeled home with awesome indoor outdoor livng spaces and a gourmet kitchen with custom cabinetry.
Property information
- New Listing on 2981 N Davis Way in Racquet Club East
-
Racquet Club East, Palm Springs - Announcing a New Listing on 2981 N Davis Way, a 1,632 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $399,000 - Remodeled to Perfection.
Property information
- New Listing on 4850 Winners Circle E in Waverly Park
-
Stylish S. Palm Springs Condo
You own the land in this wonderful gated community located in desirable South Palm Springs. Fully furnished (per inventory), wonderfully upgraded and ready for your enjoyment. Move right in and you can have it all.
2 Bed 2 Bath with redone bathrooms & Kitchen. Fireplace, built in bar, ceiling fans, Very private patio, double garage and lots of closet space. The community featured spacious well manicured ground with pools, spas and tennis. You are minutes from Tahquitz creek golf course, dining shopping and entertainment.
Hurry to see this remarkable home before it is too late.
Contact Information
Michael
760-272-500
Location
4850 Winners Circel EPalm Springs, California 92264
UNITED STATES FEATURES
Bedrooms: 2
Bathrooms: 2
Partial Bathrooms:
Square Footage: 1191
Subdivision: Waverly Park
Parking Space: 2
Year Built: 1980
School District: Palm Springs Unified
MLS/IDX#: 41363564
Metro Area: Los Angeles
Status: For Sale
ATTRIBUTES
Interior Amenities
Air Conditioning
Cable Ready
Ceiling Fans
Central Air
Central Heat
Fireplace
Exterior Amenities
Barbecue Area
Gated Entry
Guest Parking
Patio
Swimming Pool
Tennis Courts
Appliances
Range / Oven
Full Refrigerator
Washer / Dryer
Dishwasher
Sink Disposal
Microwave
PRICING
Asking Price: 319,900
Flexibility: Negotiable
Currency: USD
Homeowner Dues: 385
Additional Pricing Information: Offered furnished per inventory
Sawitonline.com LISTING ID:: 1965579
Sawitonline.com LISTING ID:: 1965579
- Open House in Sunrise Park on Saturday
-
|
| Su | Mo | Tu | We | Th | Fr | Sa |
|---|
| 29 | 30 | 31 | 1 | 2 | 3 | 4 |
| 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| 12 | 13 | 14 | 15 | 16 | 17 | 18 |
| 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| 26 | 27 | 28 | 29 | 30 | 1 | 2 |
| 3 | 4 | 5 | 6 | 7 | 8 | 9 |
Sunrise Park, Palm Springs - We invite everyone to visit our open house at 219 N Morsun Circle on April 11 from 12:00 PM to 2:00 PM.
Property information