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Presented By:
Harold Watts
Realtor-Lyle Realtors
Office: 760-778-6200
Cell: 760-218-8209
Harold@LyleRealtors.com

www.PalmSpringsFinestHomes.com


Harold's Palm Springs Real Estate Blog
A Palm Springs Thanksgiving- Gratitude, Balance & Serenity

The holidays are a time of reflection for me. It is a time to think of where I've been, and where I want to go in the future. Thanksgiving is one of my favorite holidays. It's a time to give thanks for everything I have, no matter how much or how little. It's a time to celebrate and share your life with the people most important to you. I call this my Season of Gratitude.

I celebrate all the wonderful things in my life: friends, family, and health. I am very grateful for everything I have in my life. It's not about how many "toys' I have or how much money has been made, but the peace & serenity that has taken me most of my life to find.

Given the current economic climate, it has been difficult for me sometimes to look at the positive side of life. But I have to remember to that there are others who are suffering much more than I am.

My friend Sean, and his partner Jason, plan the entire Thanksgiving menu, while Jeff (my partner) and I supply our home for the festivities. There's turkey, ham, oyster dressing, and my world famous Roasted butternut squash soup. We invite all of our friends, and people who may not have anywhere to go during the holidays.

Last year, we had 16 people at our home, and but this year I anticipate a smaller crowd as people are staying closer to home. Its all about food and good times with the ones I love.

Creating balance with work and my life during the holidays can be a challenge, but not impossible. Time management skills are imperative, and sometimes saying "No" to people is a must. We can't be everything to everyone.

Here are some of my ways I will maintain my Holiday Balance (or sanity):

  • Giving Back to the Community- Being grateful means giving back to the communities we live in. I give food to the local food banks (Well in the Desert) to feed the homeless and the the less fortunate of our community. As a kid growing up growing up, it was the Salvation Army that helped my family when we hit one of "life's little bump in the roads" I have never forgotten this.
  • Set Boundries With My Clients- I set clear boundries with my clients on when I will be available for business, and when I am not. Realtors are professionals, and should treat their business as such. Try calling your Dentist or your Lawyer and say "I going to be in your office in 15 minutes to see you" and they don't have an appointment. See how far you get with that one.
  • Take Time for Yourself- With the onslaught of holiday parties & events, one must make time for yourself. Take the time to refocus & re-energize your life. Whether it's a day at the spa, riding a bike, or reading a good book, take the time to be good to yourself.

So during this holiday season, remember what's important in your life. Grab your wife, husband, your kids, your life partner, and give them great big hug and tell them how much you love them. Find the balance in your life during the holidays, and just remember how blessed you are. The economy will turn around and our businesses will flourish once again. Happy Thanksgiving to everyone!!!

7.8 Earthquake Hits Palm Springs, Thousands Feared Dead- That's the Scenario for the Great Southern California Shakeout
November 13th, 2008 at 10am, a massive 7.8 earthquake hits Southern California, and the epicenter is located in Palm Springs. The shaking lasts for nearly 2 minutes. Buildings are falling, roads & bridges collapse, massive fires are engulfing the city. Thousands are feared dead, many more are injured, and there is no end in sight to the devastation. This is the worst case scenario for the Great Southern California Shakeout. The Great Southern California ShakeOut is based on a potential magnitude 7.8 earthquake hitting on the southern San Andreas Fault, located in the Coachella Valley? approximately 5,000 times larger than the magnitude 5.4 earthquake that shook southern California on July 29. Dr. Lucy Jones of the U.S. Geological Survey has led a group of scientists & engineers who have been studying this scenario in great detail for the last several years. This 7.8 earthquake will last for about 2 minutes, and the waves of the quake will spread all across Southern California. Over 2000 people are projected to be killed, 50,000 injured, and over $200 billion in damages. The video below demonstrates the power of this potential disaster: The Great Southern California Shakeout is the largest emergency drill in history, with over 5 million people participating. At 10am PST, people who have signed up for the Shakeout, people will Drop, Duck, and Cover, and "pretend" a real earthquake is occurring. Emergency personnel from the Fire Dept., Police, and Hospitals will be deployed in order to implement their disaster preparedness drills. The Shakeout is designed to increase your awareness of your need to prepare for this natural disaster. I wrote an article a while back called "Are You Ready for the Big One?", which details what I went through when the Northridge earthquke in 1994. Back then, I was not prepared. Here is a list of things that you can do to be prepared when a natural disaster strikes:
  • Water- Have 1 gallon of water per person to last you 2 weeks= 14 gallons of water
  • Food- Get plenty of canned tuna, vegetables, baby formula, and anything non-perishable. Make sure you have a 2 week supply per person and a can opener.
  • First Aid Kit- Have a well-stocked first aid kit, along with any medications you are taking. Also, it might not be a bad idea to get CPR & first aid training. You may have to take care of the injured, and the training could save someone's life.
  • Money- Keep a supply of money for purchasing items. The ATM's will not work, and you have pay for items you may not have. Beware of unscrupulous price gougers.
  • Meeting Place- Make sure you have a designated meeting place in case you & your family get separated. Cell phones will most likely not work during a disaster.
  • Tents & Sleeping Bags- Have tents & sleeping bags available in the event that your home is uninhabitable.
  • Your Car- Have similar items in your car in case you are stranded away from home.
  • Earthquake proof your Home- Make sure large pieces of furniture are bolted to the wall, and get rid of any potential hazards that could kill you & your family.
The question is not IF a 7.8 earthquake is going to hit Southern California, but WHEN. One last question: How prepared are you for a natural disaster?

Same article posted at Blog of the Desert

357 W. Mariscal Rd. Palm Springs, CA 92262- 2 Bedroom Condo with Garage

This beautiful condo at Casa do Oro in Palm Springs is NOT a short sale or a bank-owned property, but it's just priced like one at $179,000.  This home features 2 bedrooms, 1 1/2 baths, inside laundry room, ceramic tiled enclosed back patio, a single car garage, custom blinds, newer A/C and furnace, and so much more.

Front Entrance of Townhome  Living Room

           Front Entrance of Townhome                                                  Living Room

Kitchen with Eating Area  Enclosed & Tiled Back Patio

               Kitchen with Eating Area                                         Enclosed & Tiled Back Patio

Dink's Bar & Grille  Toucan's Tiki Lounge

   Walking distance to the new Dink's Bar & Grille            After dinner, go to Toucan's across the street

 

This is one of the nicest condos I have seen on the market, and would be perfect for a full-time or vacation residence. The lush, well-kept grounds of this commmunity have gorgeous mountain views, tennis courts, and huge swimming pool.

Centrally located, this home is a few minutes from Downtown Palm Springs, and is around the corner from Toucan's and the new Dink's Restaurant. Make 357 W. Mariscal Rd. your home.

 

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you are looking to purchase or sell a home in Palm Springs or anywhere in the Coachella Valley, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com 

Reversing the Tax on Your Home- Proposition 8 Deadline Approaching for Palm Springs & Riverside County Homeowners

A few month ago, I wrote an article on how Propositon 8 can help Palm Springs & Riverside County homeowners reduce their property tax bill.

Proposition 8, passed in November 1978, amended Proposition 13 to reflect declines in property values. As a result, Revenue and Taxation Code Section 51 requires the County Assessor to annually enroll either a property's factored Proposition 13 base year value or its Market Value as of January 1 (lien date), taking into account any factors causing a decline in value, whichever is less.

With the current economic downturn, many Riverside County homeowners who purchased their homes after January 1, 2004 are taking advantage of this opportunity to save some money on their property tax bill.

The deadline to file the Proposition 8 application is Sept. 1, 2008

To download the application, click here

According the Riverside County Tax Assessor, Larry Ward, Decline in Value notices have automatically been sent out to eligible homeowners.  On May 14th of this year, Larry Ward was interviewed by CNBC about Proposition 8.  During the interview, he states some interesting points:

  • All homes purchased after January 1, 2004 are being automatically re-assessed
  • An estimated 250, 000 home to be re-assessed in Riverside County
  • 70% of those homes will have their property tax reduced
  • 175,000 homes with reduced taxes is a loss to Riverside County of 17 billion dollars

To see the CNBC interview, click here to watch the video.

Yesterday, I received a mailer from an out of area company who said they could assist me in reducing my property tax on my Palm Springs home using Proposition 8.  For a fee of $95, this company will file the necessary paperwork with the Riverside County Assessor's office. 

Don't fall for this scam!!!  Everything you need to file your Proposition 8  Decline in Value application is available the Riverside County Assessors website, and it is FREE OF CHARGE.

 

Once again, the due date to file the Decline in Value Reassessment application is September 1, 2008.  For more information on Riverside County Proposition 8 data, log on to http://www.RiversideACR.com

During these tough economic times, anywhere you can save money, especially taxes, is a good thing.

 

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you are looking to purchase or sell a home in Palm Springs or anywhere in the Coachella Valley, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com 

 

Picture courtesy of Flickr

 

 

Floods, Earthquakes, and Locust Can't Stop the Real Estate Market- A Palm Springs Real Estate Report for July 2008

What a very strange month we have been having in Palm Springs and the Coachella Valley.

The weather has been more humid than normal for July in the Desert, and it has been extremely uncomfortable.

In mid-July, we had a freak thunderstorm that hit the valley.  The thunder was loud & ominous and there were a few instances of lightning.  The next morning, over 1" of rain fell in one hour on Palm Springs, which caused some major flooding in the city.

The following week, there was a 5.4 earthquake that hit the Chino Hills area of Southern California, and the shaking was felt in Palm Springs. 

And top of this is the constant buzzing of the locust, or cicadas, that have inundated the town.  With all of these occurrences happening, one would think that the "plagues of Egypt" have fallen upon us here in Palm Springs.

Even if the other "plagues" did show up here,  it wouldn't have stopped the real estate market during the month of July. 

Here's a breakdown on the Real Estate activity during month of July:

  • 98 homes & condos sold, with a median price of $402,849
  • 180 new listings on the market
  • Average days on market was 163 days
  • Average % of List Price to Sales Price was 94.7%

The number of pending sales was up once again for the month of July.  Pending sale are properties that are currently in escrow, where all of the contractual contingencies have been removed and the sale of these homes are likely to go through.  Currently, there are 64 pending sales for the month of July, which is up from the June 2008 total of 40 homes.

According to the Desert Area MLS, there are currently 1255 homes & condos on the market in the city of Palm Springs.  Of the 1255 homes available, 194 of them are currently in escrow. 

What does all of these statistics mean?  It means that there is a 13 month supply of homes available for buyers to purchase in Palm Springs, and prices will continue to adjust as home sellers are realizing they need to aggresively price their homes in order to sell, which is reflected in a higher average percentage of list price to sales price.

In a nutshell, it's a great time to buy a home in Palm Springs.

See you next month for the August 2008 Palm Springs Real Estate Market Report, and watch out for the locust!!!

 

 

Photo courtesy of Flickr

 

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you are looking to buy or sell a home in Palm Springs or anywhere in the Coachella Valley, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com 

Being Grateful Everyday- It's Just Another Day in Paradise

Palm Springs, California is one of the top resort destinations in the country. 

The natural beauty of the desert, sunshine 325 days a year, the small town atmosphere, mid-century architecture, the Hollywood connection, are some of the many reasons people want to come to Palm Springs.

People see the "perfect little village" of Palm Springs as the ideal place to live, work, and play.  And there are many people who want to keep up that facade, and don't want to see some of the problems that the city faces on a daily basis.

I am talking about hunger & homelessness in Palm Springs.    

I recently joined the Special Events committee of the Palm Springs Regional Association of Realtors, to help raise money for the various charities the Board sponsors every year.  One of the charities that we sponsor is a organization called Well in the Desert

This non-profit organization was created in 1986 to provide hot meals to the homeless, the working poor, and the seniors & children who are facing hunger.  I haven't seen any official numbers, but I have heard there are about 300 homeless people in Palm Springs.

The committee recently launched our "Friends Feeding Friends" program for the benefit of the Well in the Desert.  Each week at our Board meetings at the Mizell Senior Center, local Realtors have been bringing in non-perishable food items & cash.  To date, we have raised over $1000 in cash and have brought over 500 items of food. 

With the launch of Friends Feeding Friends, I felt I needed to do more.  I spoke with the President of the Well, and became a volunteer food server.  To be perfectly honest, I didn't know what to expect.  It's one thing to write a check to charity, but to actually volunteer my time to an organization was foreign to me.

 I have to say that this has been the most humbling experience in my life!!!

 I have had the opportunity to speak with many of the clients during my food service.  The stories I heard were heartbreaking. 

One man had a stroke, his wife left him, and he became homeless.

An elderly woman comes in on a daily basis for food because she doesn't have enough money because of the cost of medication.

A 20-something guy was living on the streets because of his drug addiction.

A mother brings her 2 children to eat because their school doesn't serve lunch during the summer.

Hearing the stories of these people have put things in my life into perspective. Yes, I have financial problems due to the current Real Estate crisis, and I may have to get another job to pay the bills. 

Everyday I am grateful to have a roof over my head, food on the table, good health, and the love of family & friends.  Circumstances can change in an instant, and I could be "that person" on the street.

The next time you are walking on the street and see a homeless person, don't be so quick to judge them & their circumstances.

Remember, it's just Another Day in Paradise:

 

Dead Owner Chooses Buyer- The Things Realtors Do To Get A Home Sold

 Earlier this evening, I decided to catch up on some of my Active Rain blog reading and I came across a post that caught my attention.

It was a featured article written by Shirley Byrd-Solem of Roseburg, OR, and the title was "And Someone Was Murdered in my Garage"

Her story was about a home she had sold to her buyers and the call she gets 1 year later.  The buyers inform Shirley that the neighbors told them that there was a murder committed in the home.

Nothing was in the original disclosures, Shirley calls the listing agent, who contacts the previous owners, and they don't know anything about a murder.  The police are called, and they tell Shirley that there was not a crime committed at that address.  The buyers are informed, and everything is fine.

A few months later, Shirley gets another call from her buyers.  They inform her that they have been "hearing things at night", sleep disturbances occurring, and the family has been sick.  Another call is made to the police department about the house, and it turns out that there was a murder in the home 5 years prior to them moving in.

 

This story got me thinking about one of my first listings that I procured nearly 9 years ago.  It was a golf course condo in Palm Springs, and the estate was being handled by the attorney.   The owner of the home was named Betty, and she recently passed away from lung cancer.  Her husband had passed away several years before.

One of the first questions I asked, "Did either of the owners die in the home?"   The attorney answered no, and I received the keys to the condo.

I opened the door and I understand why Betty died of lung cancer.  The smell of stale cigarettes is overpowering.

I stepped into the condo and rush of cold air enveloped me. The hairs on the back of my neck stand up, and a chill went down my spine.  The next thought that pops into my head is "I have to clean the patio"  I grab a broom and I start sweeping.

After leaving the condo, I'm walking to my car and I run into one of the neighbors.   I introduce myself as the Realtor, and the neighbor starts talking about Betty.

She tells me how nice Betty and her husband were, how long they lived there, and that Betty was a neat freak.  She also informed me that her favorite spot of her was the patio.  She kept it immaculate.  I just cleaned the patio.

Now I start hearing the Twilight Zone song playing in my head.

 

Normally, I don't believe in the paranormal but strange things started happening.  When potential buyers would come into the home, they also felt "the cold".  Doors would slam shut when there was not any wind.  And on several occasions, people were nearly hit with golf balls while standing on Betty's patio. 

The condo was not selling after 2 months, and I was in a quandary.

I was talking to a friend about what was happening at the condo, and he told me about a woman he knows, who is "in tune with the spirits".  I agreed to meet with her at Betty's condo to give me a "spiritual evaluation"

She immediately felt Betty's presence upon entering the condo.  The "medium" informed me that Betty didn't "like" any of the people who were looking at her home, and that she couldn't let go.  A ritual smudging needed to be performed

The ritual of smudging can be defined as "spiritual house cleaning." In theory, the smoke attaches itself to negative energy and as the smoke clears it takes the negative energy with it, releasing it into another space where it will be regenerated into positive energy. 

We wrap together pieces of lavender and sage, light it with a match, and we go through every room to cleanse & purify the home.  The ritual of smudging and chanting lasts for about 45 minutes.

2 days later, I show the home to a lovely couple from the East Coast.  They immediately fall in love with the condo, especially the view from the patio.  I silently "speak" to Betty and tell that these people love & will take care of your home.

I told the couple about Betty, the smudging, everything.  Later that day, a contract was signed & escrow was opened.  Betty had chosen the owners of her home.

The moral of my ramblings:  Whether you bury a St. Joseph statue in the yard, perform a smudging or exorcism, we Realtors do what we have to do to get a home sold.

 

Pictures are compliments of Flickr

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you want to know what is happening with the Palm Springs Real Estate market, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com 

 

 

 

Ain't No Cure For My Summertime Blues- My Sounds of Summer for the July Inspired by Song Contest

I have been living in Palm Springs for nearly 10 years.  I moved from San Francisco to get away from the "Big City" to live in a more serene environment.  I love the mountains, the desert landscape, the natural beauty of my community.  At this moment, I'm getting sick of serenity!!!

Here it is the middle of July, it's 106 degrees, a dew point of over 50%, so it is getting very humid in Palm Springs.  I want to be on the beach, kicking back with a good book, and maybe a couple of cocktails with those little umbrellas in them.  I've got a very big case of the Summertime Blues.

So when Adam Waldman announced the "Sounds of Summer" contest, it brought up a lot of memories of my carefree, childhood days.

I grew up in San Diego, and some of my earliest memories were of my family taking all of us to the beach.  There were 3 kids in the family.  My older sister, Toni, me, and my younger sister, Cecelia.  I remember my Mom & Dad packing up the 50 gallon Coleman cooler with hot dogs, hamburgers, soda, potato salad, and everything that you need for a day at the beach. 

Once the Rambler station wagon was loaded with the Coleman, the lawn chairs, umbrellas, and our buckets & shovels to make sandcastles, we were finally off to the to the beach. 

There are many great beaches in the San Diego area, but the one my family would always go to was Mission Beach.  As a kid, the coastline seemed to go on forever. Lots of big waves, lots of sand, but my favorite part of the beach was Belmont Park.   

The amusement park had been built at that location in the early 1930's, and the highlight was a wooden roller coaster called the Giant Dipper.  I remembered the first time I had seen that rollercoaster, I was five years old and the year was 1970.  It was the tallest thing I had ever seen and I knew I wanted to go for a ride.  Sadly, I was informed that I was too short to ride the rollercoaster.  I wanted to cry.  I do remember the very first song I had heard that day at the beach, and it always reminds me that I couldn't ride the Giant Dipper:

 Sly & the Family Stone's "Hot Fun in the Summertime" 

End of the spring and here she comes back
Hi Hi Hi Hi there
Them summer days, those summer days

That's when I had most of my fun, back
high high high high there
Them summer days, those summer days

Hot Fun in the Summertime

To see the video, click here.

 "California Dreaming"  by the Mamas & the Papas was an iconic song for its generation.  This song was always on the radio when I would be at the beach.  Being the native Californian that I am, I never really experienced a cold climate.  If I were living in Michigan in winter and I heard this song, I would want to be on a sunny, sandy beach.

All the leaves are brown
And the sky is gray
I've been for a walk
On a winter's day

I'd be safe and warm
If I was in L.A.
California dreamin'
On such a winter's day
   To see the video, click here.

 This song had to be on mine, and everyone's Song List.  This song automatically transports you to summer at the beach.

Nibblin' on sponge cake, 
watchin' the sun bake;
All of those tourists covered with oil.
Strummin' my six string on my front porch swing.
Smell those shrimp
They're beginnin' to boil.

Wasted away again in Margaritaville,
Searchin' for my lost shaker of salt.
Some people claim that there's a woman to blame,
But I know it's nobody's fault.   
For video, click here.

If you had read my entry called "My Guilty Music Pleasures" back in December, you would know that Adam Waldman, Jason Crouch, and that prankster Paul Slaybaugh was having everyone dredge up the songs that we all loved, but didn't want anyone to know about. 

Once again, "Rock Lobster by the B-52's" makes it to the #2 spot on my music list.  I never know why it doesn't make it to number #1.   There is always another song that is better.  "Rock Lobster" is the ultimate summer song.  It's Beach Blanket Bingo on acid!!

 To see the video, click here. 

 

My #1 spot for the Sounds of Summer had to be special, it had to be something that had a profound effect on me and a whole generation of beachgoers. It had to be good in order to beat out "Rock Lobster".  So in honor of Estelle Getty (aka Sophia Patrillo of the Golden Girls) who died this week, I am going to set up the #1 Sounds of Summer.

 Picture it, San Diego, June 13th, 1975.  It was a beautiful day at Mission Beach.  The skies were clear, kids were playing, people were riding the Giant Dipper at Belmont Park.  There are thousands of people enjoying the gentle surf, without a care in the world.  This scene was being played out all over the country.

Then on June 20th, 1975, everything changed.  This was the sound that everyone on the beaches across the United States will never forget:  Make sure to crank up the volume for this one:   CLICK HERE.

Pictures are compliments of Flickr

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you want to know what is happening with the Palm Springs Real Estate market, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com 

Palm Springs Homes are Selling, News at 11

When ever I am attending a dinner party or out for cocktails with friends, there are several topics that are usually off limits: Politics and Religion.

But when I meet someone new and they find out that I am a REALTOR, then the barrage of questions comes flooding in. Some of them go like this:

1. “What is the difference between a short sale and a foreclosure?”
2. “Do you think the Palm Springs Real Market has hit the bottom?”
3. “What is happening with Port Lawrence?”
4. “Do you think it’s good time to buy?”

 

I will usually answer these questions this way:

 

1. How much time do you have for an explanation?
2. The answer is yes.
3. Check out my blog, Blog of the Desert, and read my article on Port Lawrence.
4. The answer is absolutely!!

The number one question that I get asked by everyone is: “What homes are selling in Palm Springs?”

As you can see on the chart, there have been 292 single family homes sold YTD in the city of Palm Springs, with an average days on market of 109 days.

To answer everyone’s question, “What is selling in Palm Springs?”, here it is: Homes in the $250,000 to under $300,000 have been the top sellers in the real estate market in Palm Springs. In the last 6 months, there have been 42 homes in this price range that have sold, with average time on the market of 93 days. A very close second place has been the $350,000 to under $400,000 price range, in which 39 homes have been sold.

Many of these homes represent the short-sale (pre-foreclosure) and foreclosed homes that have been flooding the real estate market. Savvy buyers have been purchasing these homes at bargain basement prices, and will reap the benefits as long as they keep the home for a minimum of 5 years.

So what do these number mean to the potential Palm Springs home buyers and sellers?

 

Let’s take another look at the chart. Say you are selling your home in Palm Springs, and it is priced at $649,500. According to the data, homes in the price range of $600,000-$649,999 have an average time on the market of 159 days and 11 homes have sold in the 6 month time frame.

During the same time frame, 16 homes sold in the $549,000-$599,999 price range and were only on the market for an average of 85 days. As a seller, you need to really look at the numbers and price your home according to the current market data or it will just sit on the market.

condo stats

 

For you buyers, I have some pearls of wisdom that you need to share with you as well. The chart to the right represents the total condo sales in Palm Springs for the last 6 months. There were a total of 362 condos that have sold, with an average time on the market of 144 days.

The $200,000-$249,999 price range did very well YTD, with a total of 77 condos sold.

Many people think that the days of multiple offers are a thing of the past. This is simply not true. If homes and condos are priced aggressively, the onslaught of multiple offers will occur.

For instance, my client wanted to place an offer on a mid-century modern home that was priced at $285,000. I knew that this home would sell quickly, so I informed my client that they needed to be aggressive with their offer. We made an offer of $295,000, $10k over the asking price, with a closing in 30 days. To our surprise, we were turned down. It turns out the winning offer was $285,000 cash, and a close of escrow in 10 days.

The moral of the story: Homes are selling in Palm Springs, News at 11. For the buyers, now is the time to take advantage of some of the lowest home prices that the Coachella Valley has seen in a very long time. If you wait for “the bottom to hit”, you are already too late. For the Palm Springs home sellers, the numbers don’t lie. Home prices have gone down. If you want your home to sell, you need to price your home aggressively.

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Same article posted at Blog of the Desert

 

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you want to know what is happening with the Palm Springs Real Estate market, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com 

Heat, Humidity,Cliches, Oh My!!!- A Palm Springs Real Estate Market Report for June 2008

cloud There's never a dull moment living in Palm Springs. Summertime, and the living is not easy. The heat & humidity of the summer is upon us and it seems to be bringing out the worst in everybody.

People flying off the handle, City Hall fining honest business owners for having signs in their storefronts, and Fox News still telling the world the "Sky is Falling". Being bombarded everyday with depressing news will start wearing anyone down. I'm a pretty optimistic person, but there are some days that I just want to stay in bed all day.

Every so often, a random set of positive cliches start playing my head: "It's alway darkest before the dawn" "The glass is half-full, not half-empty", and "Winners never quit, and quitters never win".

As I was preparing the June 2008 Palm Springs Real Estate Market Report, another cliche just popped into my head: "Every cloud has a silver lining".

I am not going to post that this year's real estate numbers are lower than last year. We already know that, and why point out the obvious?

sign There are currently 1326 acitve listings in the city of Palm Springs. Of these 1326 listings, 104 properties are contingent sales in escrow and 108 properties are pending sales in escrow. Pending sales in escrow are transactions where all the contractual contingencies have been removed, and the sale will go through.

The first "silver lining" I discovered: Of the 108 pending escrows in Palm Springs, 40 of these transactions occurred during the month of June alone. That's huge!!!

The second "silver lining" of the Palm Springs Real Estate Market is the increase in the median home price. The average median home price last month was $403,360, which was a 5% increase over last month. The median home price for May 2008 was $381,665.

sales

There were 102 homes & condos sold in Palm Springs during the month of June.

During this time, the homes were getting over 94% of the listing price. What the information is telling me: Homes that are priced to current market trends are getting the best prices, and are being sold sooner.

The last "silver lining" is how long homes are on the market. The average days on market of homes sold in Palm Springs for the month of June is 131 days. This is 11 days shorter than the YTD total of 144 days, and is 9 days shorter than the May 2008 of 140 days.

What does this all mean to you? If you are selling your home in Palm Springs, make sure you price your home competively, or it will just sit on the market. And to you, the Palm Springs home buyer? I will finish this blog post with my favorite cliche, just for you:

"Don't put off until tomorrow what you can do today."

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you want to know what is happening with the Palm Springs Real Estate market, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com  

Same article posted at Blog of the Desert

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The Fannie Mae/Freddie Mac Controversy
p align=centerstrongimg title=Fannie Mae src=http://activerain.com/image_store/uploads/1/4/6/9/5/ar121629830759641.gif height=77 alt=Fannie Mae width=353 /img title=Freddie Mac src=http://activerain.com/image_store/uploads/8/7/4/6/3/ar121629835936478.gif height=124 alt=Freddie Mac width=250 //strong/p pThere has been a lot of talk the past week and a half on Wall Street and through the United States Government about solvency issues that a href=http://www.fanniemae.com title=Fannie Mae target=_blankFannie Mae/a- the Federal National Mortgage Association- and a href=http://www.freddiemac.com target=_blankFreddie Mac/a may be experiencing, the what if's were they to collapse without the Government bailing them out and the impact it would pose on the existing status of our economy and housing market./p pBut before we go into those topics..../p p align=centerstrongWho are Fannie Mae and Freddie Mac?/strong/p pAccording to the a href=http://www.fanniemae.com/aboutfm/index.jhtml;jsessionid=Y32GNQA4UR3OVJ2FECISFGQ?p=About+Fannie+Mae target=_blankAbout Us/a page of Fannie Mae's website, Fannie Mae was created in 1938, under President Franklin D. Roosevelt, at a time when millions of families could not become homeowners, or risked losing their homes, for lack of a consistent supply of mortgage funds across America. The government established Fannie Mae in order to expand the flow of mortgage funds in all communities, at all times, under all economic conditions, and to help lower the costs to buy a home. You can learn more about Fannie Mae at: www.FannieMae.com/p pAccording to the a href=http://freddiemac.com/corporate/about_freddie.html target=_blankAbout Us/a page of Freddie Mac's website, Freddie Mac is one of America's biggest buyers of home mortgages, is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Essentially, they do the same thing as Fannie Mae./p pThese two entities are unique in that Fannie Mae (a href=http://finance.yahoo.com/q?s=FNM target=_blankFNM/a) and Freddie Mac (a href=http://finance.yahoo.com/q?s=FRE target=_blankFRE/a) are openly traded on the New York Stock Exchange, run like a publicly traded companies and held accountable to their stockholders, span style=text-decoration: underline;strongHOWEVER/strong/span, the companies are unique in that they are government-sponsored enterprises, established by federal law. This unique business structure allots each company special privileges in a sense that profits are redistributed through stockholders, but potential losses are passed onto the tax payer! Fascinating...isn't it?!/p pBoth companies are highly regulated on the risks they can take on and hold nearly half of the mortgages owned in the United States!/p p align=centerstrongSolvency Issues/strong/p p align=centerstrongProblem:/strong/p pThe major issue brought to the table with regards to Fannie Mae and Freddie Mac revolves around solvency issues./p pBy standard accounting principles, it has been claimed that Fannie Mae and Freddie Mac are insolvent./p pI looked up the definition to a href=http://dictionary.reference.com/browse/insolvent target=_blankinsolvent/anbsp;on Dictionary.com and here is what I found:/p pemIn*sol*vent/em/p pem-adjective /em/p table border=0 cellpadding=0 width=100% tbody tr td valign=top width=24 p1./p /td td valign=top pnot solvent; unable to satisfy creditors or discharge liabilities, either because liabilities exceed assets or because of inability to pay debts as they mature./p /td /tr /tbody /table pcitenbsp;/cite/p pciteSource: Dictionary.com Unabridged (v 1.1)/citeembr /citeBased on the Random House Unabridged Dictionary, copy; Random House, Inc. 2006./cite/em/p p align=centercitestrongSolution?/strong/citestrongem/em/strong/p pOn July 14supth/sup, The Federal Reserve opened its lending window to Fannie Mae and Freddie Mac to head off any short-term funding problems and on Sunday, July 13supth/sup, Treasury Secretary Henry Paulson outlined a number of immediate steps Congress can take to bolster investor confidence in the two government-sponsored enterprises./p p align=centerstrongStock Woes/strong/p pFannie Mae (a href=http://finance.yahoo.com/q?s=FNM target=_blankFNM/a)/p p52 Week Range: $6.68 - 70.57/p pClosed out this pastnbsp;Wednesday at $9.25/share./p pnbsp;/p pFreddie Mac (a href=http://finance.yahoo.com/q?s=FRE target=_blankFRE/a)/p p52 Week Range: $3.89 - 67.20/p pClosed out this pastnbsp;Wednesday at $6.83/share./p pnbsp;/p p align=centerstrongImpact on the Economy/strong/p pThe Treasury secretary and Fed Chairman Ben S. Bernanke made statements recently that they are trying to prevent a collapse of the companies that would exacerbate the worst housing recession in 25 years and deepen the U.S. economic slowdown./p p align=centernbsp;/p p table cellspacing=0 border=0 cellpadding=0 width=100% tbody tr td p align=centerstrong-Rate Volatility Meter-/strong/p p align=centerstrongspan style=text-decoration: underline;Medium/span/strong-Rates will take a few increases or decreases through the week, with movements of 0.25%-0.375% within a given day.strong/strong/p pnbsp;/p /td /tr /tbody /table nbsp;/p pimg src=http://activerain.com/image_store/uploads/5/4/4/1/0/ar121629910901445.jpg height=186 alt=Scott Gormley width=136 //p pWritten By:/p pScott Gormley/p pBroker/Owner/p pOak Valley Mortgage/p pDirect: 530-592-8362/p pEmail: a href=mailto:Scott@OakValleyMortgage.comScott@OakValleyMortgage.com/a/p pWebsite: a href=http://www.oakvalleymortgage.com/www.OakValleyMortgage.com/a/p pYou Find the Perfect Home, We'll Find the Perfect Loan!/p

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