March Pending Home Sales RISE- Recovery in Sight? What about Palm Springs Real Estate?

 Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®. 

Read more about Palm Springs Real Estate

This is a significant turn around with the WEST in particular showing 108% Sales- meaning- we are contracting MORE for SALES than we are listing!  Inventory is already down in Palm Springs Real Estate in particular.  Here are some local numbers for you to review:

15 Month Trend

For Sale:  DOWN 38.2%

SOLD:  UP  86.6%

CONTRACT:  UP 57.6%

AVG Price per Sq Ft:  UP 11.9%

Days on Market:  UP 6.5%

Sold to List:  95% of asking price.

Avg Asking Price:  UP 5.3%

Avg SOLD Price:  UP 17.7%

Months of Inventory:  DOWN 67%

 

These numbers are pretty powerful indicators as to what is happening in the Palm Springs Real Estate market.  If you were ever considering making a move, either as a buyer or a seller, now may be a great time.  Interest rates are on the rise, and so is pricing –  give us a call for a no-obligation consultation.  We can save you time and $$!

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Alta Verde Moves in on Palm Springs Vibrant Real Estate Market! Are you in yet?

PALM SPRINGS, Calif., Mar 21, 2012 (GlobeNewswire via COMTEX) — Beverly Hills based residential real estate development firm Alta Verde Group is branching out with the acquisition of three new master planned communities in the Coachella Valley. The acquisition involves nearly 300 lots located in The Escena Golf Resort Community in Palm Springs, Monte Sereno in South Palm Springs, and Alta Verde Coral Mountain in La Quinta, adjacent to PGA West.

Read more  HERE

This is such good news for the Palm Springs Real Estate Market!  We have seen a significant increase in phone and internet traffic over the past 4 months in particular, and since the first of 2012, it has truly begun to explode with interest.

Supporting the improved confidence in our general market, is the low cost for acquistion- with the short term low interest rates, AND the Canadian Dollar’s strength is bringing our fair neighbors to the North down in droves to pick up properties- that for them, are on 70% off clearance sale…the story is proving to be a beautiful one.

If you have any interest, either as a buyer or seller, you owe it to yourself to contact us for a no-obligation consultation.

 

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Demo Begins for NEW SHOPPING in THE NEW Downtown Palm Springs, CA!

Desert Fashion Plaza owner John Wessman and Palm Springs Mayor Steve Pougnet climbed into a crane and took the city’s first chunk out of the defunct mall together Thursday, celebrating a partnership that aims to build 

…  read more HERE

With the gentle demolition of a once vibrant shopping center in downtown Palm Springs, rings a new era of Live, Work, Shop, Play in Downtown Palm Springs!  As a Real Estate Agent, Palm Springs, CA I have to say that this is of particular interest to me, not only as I see what is happening in downtown as a huge boost to our local lifestyle, but also it has already become clear with other recent articles to support, that Palm Springs is beginning to run up and out of the Recession doldrums that many Cities across the US are still struggling to deal with.

This is an exciting time to be selling Palm Springs Real Estate, in particular those communities and projects adjacent to our Downtown CORE.  Once the playground to the Hollywood Elite, is now affordable (interest rates in the 3s, and real estate prices showing signs of going up) to the rest of us.  Don’t miss your chance to experience the excitement that IS unique to Palm Springs, CA.

Live, Work, Shop, and Play Downtown Palm Springs!

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Desert East of Coachella Valley Targeted for Solar Plants – Creates Jobs AND Green Energy!

Two large-scale solar plants planned for public land east of the Coachella Valley are on the list

of high-priority projects federal and state officials have targeted for approval this year. 

Read the rest of the article by clicking HERE 

This is a significant move forward for California, and in particular, what a great step for our Country

when it comes to working to reduce our dependence on Oil, making a more sustainable, low impact power system

based on solar technology.  Beautiful progress indeed!

Palm Springs is known for our windmills.

Being a homeowner who installed his own 40 panel system on his roof, I can attest to the long term savings

and darn good feelings associated with going Green.  Heck, even traded in my Range Rover for a Prius with

a solar panel on the roof!  Green is good!

 

 

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Palm Springs International Film Festival Starts NOW!

The Palm Springs International Film Festival’s eclectic mix of big stars and small foreign films is already breaking records.

The 23rd annual festival launches tonight with a screening of Lasse Hallström’s “Salmon Fishing in the Yemen,” featuring an appearance by co-star Emily Blunt at 6:30 p.m. at Palm Springs High School followed by a reception at the Palm Springs Art Museum.

READ More —  HERE!

The Film Festival is such a fun event!  Stars from all over the world, from stage, to Hollywood all come out and are trolling around the streets of Palm Springs.  This is such a perfect time of year as well!  Palm Springs Real Estate buyers are here for sure, as my website alone is getting pinged like never before!

Don’t miss out on this year’s events.  If nothing else, just plan while you are shopping for New Homes in Palm Springs to spend a little time downtown.  You just never know who you might run into!  🙂

Here is a little clip from one of the movies that will be featured:

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Bank of America Building- COMING Down – Signaling the Beginning of Revitalization in Palm Springs!

To get the wrecking ball swinging as soon as possible, Palm Springs is going to front $500,000 for the Desert Fashion Plaza revitalization project.

Council members on Wednesday unanimously approved a pre-development funding agreement that would allow the city to place $500,000 in a project escrow account to jump start the long-awaited mall project.

That money, which would be taken from the city’s more than $7 million general fund, is an advance on the city’s $43 million commitment to the public-private partnership mall project.

Read the FULL Story HERE

HUGE Celebration coming to downtown, as the wrecking ball takes a swing at the old Bank of America Building (One of the anchor buildings attached to the Fashion Plaza which is being revitalized as a part of the Public/Private Partnership between the City of Palm Springs and Wessman Development.

This is the kick off of the highly anticipated beginning of a shift in our Downtown Image!  Congratulations to the citizens of Palm Springs for approving Measure J, and for having the courage and forsight to invest in our Central CORE!

Do you own a piece of the downtown Core community?  Palm Springs Real Estate within walking distance of the downtown village has always been a hot comodoty, but with this, the Mondrian Development, The Port Lawrence Project and others that are coming soon, things are about to get Hoppin!  Palm Springs is positioning itself to be THE DESTINATION once again!

Bank of America Building Coming Down

Oh, how I love my beautiful town!

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Mondrian Hotel coming to Downtown Palm Springs!

The Palm Springs City Council, in closed session Wednesday, unanimously agreed to sell 7.8 acres to CDI Ventures LLC for $4.6 million, marking a new start for the long-awaited Mondrian Hotel.

The city land, at the northeast corner of Calle Alvarado and Amado Road, now serves as a parking lot for the Palm Springs Convention Center. It would be added to the developer’s 2.7 acres for the construction of the ultra-chic condo-hotel.

Read More by clicking HERE

HUGE bonus for the city of Palm Springs to see the Mondrian finally take shape and commit to our beautiful city!  This is another great example of the development that is being supported by Measure J, and the revitalization project that is taking hold of Downtown Palm Springs.  Palm Springs Real Estate is steady, and should see a considerable boost over the next 5 years, as this, coupled with several other projects coming to Downtown begin to take shape.

Did you know that the building at the corner of Tahquitz and Palm Canyon (NW Corner) is slated to be demo’d in the VERY near future, signalling the beginning of the project downtown?

Don’t miss out.  Stay connected…Stay Informed.  If you don’t already own a piece of The Core, give us a call.  If you do, and are considering a move, now is a great time!  Take advantage of our 89 Poiint Marketing Strategy and Easy-Out Listing Agreement with Perfomance Guarantee!  Unprecidented in our market!

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Is This The Bottom of The Market? A Coachella Valley Snapshot

One of the biggest questions we at The Morgner Group continues to be asked is “is this the bottom?”.  Here is some information direct from our MLS Data for the Coachella Valley:

ALL STATS ARE A YEAR OVER YEAR COMPARISON TO LATEST DATA AVAILABLE : OCT 2011 VS OCT 2010

  • TOTAL INVENTORY 4662/5912                 DOWN 21.1%
  • NEW LISTINGS  1443/1835                       DOWN 27.1%
  • BANK INVENTORY 427/725                      DOWN 41.1%
  • NEW BANK LISTINGS 276/437                 DOWN 36.8%
  • SHORT SALE INVENTORY 606/1030        DOWN 41.2%
  • SHORT SALE LISTINGS 199/303              DOWN 34.3%

INVENTORY BREAKDOWN AS A % OCTOBER 2011 VS. OCT 2010

  • REO/SS TOTAL % OF ACTIVE INVENTORY  1033/4662; 1755/5912      DOWN 25.9%
  • REO/SS TOTAL % OF NEW LISTINGS        475/1443; 740/1835             DOWN 18.4%

SINGLE FAMILY/FEE SIMPLE AVG SOLD PRICE DATA :  COACHELLA VALLEY

  • STANDARD SALES (NON REO/SS) 373/365   UP 2.2%
  • REO 186/204                                                    DOWN 8.8%
  • SS 232/261                                                       DOWN 11.1%
  • ALL SALES 133/135                                         DOWN 1.48%

While it is clear to everyone that Short Sales and Bank Owned Property Sales are the problem with the overall housing market, the data here clearly supports a stabilization is occurring in the Coachella Valley.  Even though REO and SS homes sold are still showing a decline and a drag on the overall market, as they continue to make a smaller and smaller % of overall activity in our market, stability is being realized.

I continue to show a mix of all 3 of these elements of our market to today’s buyers, and it is becoming clear that the buyers who are coming in today are more apt to be interested in properties that offer:

  • Location
  • Condition
  • Terms
  • Price

What we are seeing in our market is the REO segment in particular may offer in rare occasions great Location, they typically represent some of the poorest condition properties as compared to standard offered homes.  This obviously is impacting price, and since Banks sell these assets “As Is”, the buyers typically close these transactions with in some cases a significant amount of work needing to be done in order to get the home ready for occupancy.  This impacts both owner occupants as well as my investor buyers, as time is typically of the essence.

In the Short Sale segment, while again, there may be some cases where they have the right location, but typically these properties too represent some of the poorest conditioned properties on our open market.  Why is this?  Well, when you think about the financial strain that is happening within the household in many of these situations, coupled with a loss of “ownership interest” — meaning in many cases, the wind has been knocked out of the sails of these sellers, so pride of ownership is not always clearly present.  Couple these marketing challenges with the fact that while a Short Sale seller may want to do whatever they can to avoid forclosure, when the time comes for a buyer to do their home inspection, and problems with the property are presented for negotiation with the seller, oftentimes there is no way to address these concerns.  Short Sales too end up being a “As Is” proposition- riddled with deferred maintenance and such.

When a buyer walks into a property staged, clean, bright home in the right location, as you can see from our market data here in Coachella Valley, they are willing to pay a fair price for that property.  Move-In condition properties are becoming more and more the path for buyers today here.  

So the next time your friends tell you about the SMOKING Deal they got on a Bank Owned property, I would encourage you to do the math as you tour their “new home”.  Check out the

  • flooring/walls
  • appliances
  • counter tops
  • mechanicals
  • roof
  • pool condition
  • landscape condition, etc

.  Try in your mind to put a dollar amount to what you SEE YOU would want to do to that property to bring it up to your standards.  What is the new total on that property?  Our point exactly.
Homes that have:

  • Location 
  • Condition
  • Terms and 
  • GREAT Marketing do sell — and for top dollar in today’s market. 

 Our goal for sharing this information with you is simple.  Knowledge is power.  The more you understand how the market works, and all the moving parts that are LOCAL to our GREAT market, the better positioned you are to make a decision that is best for you.

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Bill Morgner
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760-832-4000
Bill@TheMorgnerGroup.com

October Housing Numbers – National looks Good. Palm Springs looks Great!

Pending home sales rose 10.4% in October, according to a National Association of Realtors report.The index, which measures the number of contracts signed to buy previously owned homes in the U.S., rose to a reading of 93.3 in October from 84.5 in September.”Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years,” said Lawrence Yun, chief economist with the NAR. “We hope this is indicates more buyers are taking advantage of the excellent affordability conditions”

Read more by clicking HERE

PALM SPRINGS STATISTICS Year over Year- OCTOBER:

  • Pended Sales are UP 14.3% (Bucking the National Average!)
  • Sold Homes UP 1.7%
  • Sold to List Difference % UP 3.2% to 96%
  • Average Active Price UP 0.8%
  • Inventory Levels are DOWN 25% to 5.4 Months!

This is great news for sellers contemplating marketing their property for sale as season kicks in here in Palm Springs, CA.  Palm Springs Homes For Sale are seeing a dramatic improvement in market activity, coupled with stability in pricing over the past 15 months.

For buyers, this could be a bit of a a challenge, as with lower inventory, less to choose from, and more competition for those extra clean, well priced properties in great locations tend to go very quickly.

Want guidance?  Call The Morgner Group.  Here in Service to Palm Springs!

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Bill Morgner
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Bill@TheMorgnerGroup.com

Palm Springs Area Retailers Report STRONG Sales

They came, they shopped, they spent — a lot.That’s the word about Thanksgiving weekend from small businesses across the Coachella Valley and nationwide, as shoppers poured into stores for the critical first weekend of the holiday retail season.

“It was fabulous. I would say 50 percent over last year,” said Lulu Cofer, owner of Lulu’s Fine Home Accessories

Read More HERE

Consumer confidence is improving.  They are in the stores, they are in the restaurants downtown Palm Springs, they are coming in to our Open Houses, and they are BUYING our Palm Springs Homes For Sale!  What a beautiful shift is beginning to occur.

Come to Palm Springs and have fun, shop, dine, relax and let’s go look at some beautiful homes together!

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Bill Morgner
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760-832-4000
Bill@TheMorgnerGroup.com