Palm Springs & The Coachella Valley Real Estate Blog

BY PATRICK STEWART PROPERTIES

Keep up to date on trends in the Palm Springs real estate market and news about Patrick Stewart Properties. Here you’ll find timely articles, press releases and other useful info you’ll want to know.

Subscribe to RSS Feed
March 9th, 2010

Coachella Valley Real Estate Market stabilizing

Featured Property

Featured Property

But valley homebuyers still looking for best
deal

Debra Gruszecki • La Quinta Sun • March 4, 2010

Home sales in the Coachella Valley rose 22 percent in January, proving the area to be more resilient as
sales sputtered across California. California’s 27,858 sales of new and resale homes and condominiums were down 5.4 percent from 29,458 for January. In the Coachella Valley, MDA DataQuick reported 748 sales in January.

The boost comes after a year’s worth of sales tracked by Real Data Strategies for The Desert Sun
revealed a real estate marketplace that in 2009 was dominated by the sale of entry-level homes.

Price trumped the valley’s home sales activity in 2009, the Brea firm’s data from the Multiple Listing
Service showed. While the valley’s 9,238 sales in 2009 represented a 25 percent increase from the 7,359 sales in 2008, the dollar volume of the product sold fell nearly 15 percent.

It was a telling sign that buyers who jumped into the market, still getting hammered by foreclosures and
distress sales, are looking for the best bang for the buck. That put the squeeze on big-ticket sales,
causing average sales prices for homes under $500,000 to fall into the affordability range of
$182,369.

How did La Quinta fare?

Real Data Strategies said the La Quinta market is at a stabilization point. Pricing decreases have slowed.

“Home value has seen one-year price decreases of under 10 percent,” said Bob Thomas, who studies
the local market for the nationally recognized real estate data collection firm. Still, sellers have to be realistic when it comes to price. Out of all the 2009 sales in La Quinta — 1,137 —the number of homes sold at prices under $500,000 was 786. The average sale price was $257,378. That’s down from the 2008 average of $283,501, but the drop is not nearly as significant as it’s been in other areas of the valley, like Indio, Cathedral City or Desert Hot Springs.

The city also has recorded its share of $1 million-plus homes, some 91 in 2009.Data also suggests that sellers are getting more realistic about price, given the sales-to-original listing ratio of 89 percent.

Still, Real Data Strategies founder and president Patrick Veling said 2010 is likely to be driven by
distressed home sale activity. That is likely to keep prices down. It’s also likely to keep qualified or cash-worthy buyers interested in the Palm Springs market.

“It’s as good as the market is ever going to look, in my opinion,” Inland Empire economist John Husing
said.

Chapman University economist Esmael Adibi offered these pointers for real estate agents: “Explain to
sellers that they have to be realistic when setting price. Advise potential buyers that a principal
residence is not an investment. It should be treated as their home.”

Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick-Stewart Properties today.

February 23rd, 2010

Palm Springs Realtors see sales surge in Coachella Valley

palm springs

Palm Springs Realtors are working overtime as home sales in the Coachella Valley have surged in recent months.

According to the California Desert Association of Realtors, home sales increased by about 30 percent from 2008 to 2009. Between November and December 2009, sales increased by about 21 percent.

In comparison, nationwide home sales were up 4.9 percent from 2008 to 2009, according to the National Association of Realtors (NAR).

Lawrence Yun, NAR chief economist, pointed to the $8,000 Federal tax credit as part of the reason for the surge in sales.

“It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said in a press release. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit.”

The federal tax credit of up to $8,000 for first-time home buyers and up to $6,500 for some current homeowners expires April 30.

Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.

February 19th, 2010

Palm Springs Realtors celebrate Modernism Week highlighting Palm Springs architecture

Patrick Stewart Properties

Each year for the past five years, Palm Springs Realtors, architects, historians, developers and residents, have celebrated Modernism Week as a way to acknowledge the unique and influential design of the Palm Springs community.

Modernism Week, which began in 2006 as an outgrowth of the Modernism Show, is a celebration of mid-century modern design, architecture and culture.

This year, Modernism Week kicked-off on Feb. 12. The event is filled with a variety of events including architecture tours, films, lectures, an architecture symposium, educational events as well as parties in many of the mid-century modern homes that define our community. The event extends through Feb. 21.

Homes like this architectural gem by Palm Springs architect James Cioffi, and this timeless Old Las Palmas estate designed by decorator Vance Burke are just two examples of why Palm Springs and the Coachella Valley are world renowned not only for their architectural history, but their spectacular climate, natural beauty and uniquely enviable lifestyle.

Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.

February 18th, 2010

Palm Springs Realtors: Palm Springs/Lower Desert becoming more affordable for first-time buyers

There’s some good news being reported this week for new home buyers and Palm Springs Realtors.

According to the California Association of Realtors (CAR), Palm Springs and the Lower Desert continue to rank high on the state’s affordability index for first-time home buyers. Affordability increased to 74 percent of prospective first-time home buyers in 2009.

According to the report, this is significantly higher than the statewide average affordability index of 64 percent and comparable to an overall affordability index in the United States of 77 percent. An affordability index of 74 means 74 percent of individuals or families looking to purchase a home in the area can afford the average monthly payments for a Palm Springs/Lower Desert median priced home of $172,320. CAR calculated the median home price in December 2009.

CAR’s affordability index is calculated based on the total monthly payment a household would be expected to make on a median priced home (including taxes, principal, interest and insurance). In order to be considered “affordable,” the total monthly payment has to be less than 40 percent of a household’s income.

The median household income for California residents is about $57,014, according to the latest figures from the U.S. Census Bureau. So, a household earning $4,751 per month could afford a total monthly payment of about $1,900 a month, which puts the Palm Springs/Lower Desert median priced home well within reach.

Palm Springs/Lower Desert ranked as the fourth most affordable region of the state compared to 15 other regions. Only Sacramento County, Riverside/San Bernardino and the High Desert scored better.
San Louis Obispo County was ranked the least affordable at 48 percent affordability.

For more information about the CAR study, visit: http://www.car.org/marketdata/marketdata/ftbhai/.

Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.

February 9th, 2010

The ‘Dragnet’ house in Palm Springs gets an updated look

Formerly Jack Webb home

Formerly Jack Webb home

The new owners of the home originally owned by Jack Webb wanted to respect the house’s history without living in the past.
By Barbara Thornburg

February 6, 2010

The first time Robin Mininni saw the 1960s Palm Springs home, she hated the décor: the black-and-white giant floral prints on curtains and bedspreads, uncomfortable-looking ’50s furniture set against turquoise living room walls, and bedrooms painted in a sunshine-yellow “so bright it hurt your eyes,” she recalls with a laugh. “It was anything but calm and sleep-inducing.”

But the layout of the low-slung house was ideal for Mininni and her husband, Michael. Snowbirds from Illinois, they were looking for a Palm Springs home large enough not only for them but also for family and friends looking to escape Midwestern winters too.

The four-bedroom, four-bath, U-shaped home opened onto a beautiful saltwater pool and a backyard garden studded with towering palm trees. The couple also loved the neighborhood of Deepwell, where, according to local real estate agent Patrick Jordan, William Holden had owned a home at 1323 Driftwood Drive complete with a pet python that swam in the pool and periodically joined in at parties. Loretta Young lived on the corner nearby, and Elizabeth Taylor and Eddie Fisher once leased a house two doors down from the Mininnis, Jordan says.

Perhaps the most exciting selling point for the couple: The late American actor, television producer and director Jack Webb — most famous for his role as Sgt. Joe Friday in the TV series “Dragnet” — had built the home in 1960 right after the NBC crime show’s eight-season run. According to former Deepwell resident-turned-local historian Ron Root, author of “The Unofficial History of Deepwell,” Webb constructed the house next door to the home of his ex-wife, singer Julie London, so he could keep watch over her. But Joseph Hahn, an attorney who owned the property from 2003 to 2007, says that the couple’s relationship was cordial and that Webb moved next door because of their young children. (In the ’70s, Webb cast London and her husband, singer Bobby Troup, as nurse and doctor in his TV medical drama “Emergency!”

Robin Mininni recalls seeing a signed picture of Webb on the home’s lava-rock bar during her brief look when the home was on the market.

“It was the one thing I recall really liking when I saw the house,” says Robin, a substitute teacher who was a “Dragnet” fan as a kid. “I was hoping the owners would leave it. When we arrived, Jack’s photo was sitting on the bar.”

Adds husband Michael, a former managing director and principal of Chicago Futures Group: “I grew up watching ‘Dragnet.’ I don’t think I ever missed a program. After we bought the house, friends gave us the entire ‘Dragnet’ series as a housewarming present.”

Although the nearly 50-year-old home was in relatively good condition, the interior lacked a sense of style, so Michael called in Palm Springs decorator Christopher Kennedy.

“They wanted to respect and honor the modern house but didn’t want a museum of period furnishings,” says Kennedy, a designer known for evoking a Midcentury look without decorating clichés. “We furnished it with new pieces inspired from the era. I think of it as a vintage home updated for today’s living.”

Kennedy kept the home’s original appointments: the lava-rock fireplace, the foyer’s wood-slat partition, as well as the unusual accordion shutters on the living and dining room windows. And of course, he preserved the lava-rock bar, now complemented by his Windows bar stools in a wasabi-hued leather.

“It’s easy to imagine Jack sitting at the bar with Julie London or some other gorgeous star sipping a martini,” Kennedy says.

The first order of business for the designer was to paint over the Tiffany-blue living room walls. He selected a subtle shade that mirrors the desert floor outside. For above the fireplace, Kennedy commissioned a diptych created by artist Shawn Savage and inspired by an abstract artwork of the period. The pair of paintings evoke the era as well as reflect the house’s new sand-and-chocolate color palette. The midcentury chandelier outside the front door, with its elongated plastic cones in orange, green and aqua, prompted accent colors throughout the home, the designer says.

New and custom furnishings inspired by the period are easy to mistake for vintage originals. A 21st century sunburst mirror hangs over a selection of period-looking glass vases on the foyer’s new walnut table. To accompany the new white limestone dining table with brass legs, Kennedy designed an upholstered armchair that he named Robin after his client; in homage to Webb, side chairs were dubbed Jack.

All the custom furnishings — dining chairs, bar stools, sofas, headboards and ottomans — were made on a larger scale than furnishings typical of the period, Kennedy says, to offer more comfort. A 66-inch-tall upholstered headboard in the master bedroom is a case in point. A pair of large bachelor chests and windows draped floor to ceiling in a luxurious silver silk imbue the suite with Old Hollywood glamour, as does the master bathroom’s mirror-faced cabinetry.

It all feels appropriate for Deepwell, a name purportedly coined after scientist Henry Pearson drilled a 630-foot-deep well in the 1920s. Jordan, a listing agent for Patrick Stewart Properties in Palm Springs, describes the area as an enclave of celebrity getaways from the ’50s and ’60s — “a lush, private neighborhood,” he says. “Its own sort of Peyton Place.”

For the Mininnis, Kennedy turned the covered patio adjacent to the pool into their own alfresco hideaway, an outdoor living room where you’ll often find them ensconced on a cushy sofa watching old movies on their plasma screen or basking in the hot tub under the swaying palms.

“We like to sit out here at night and gaze at the stars,” Robin says, “and toast Jack.”

For photo galleries of past home profiles, go to latimes.com/homesofthetimes. Comments: home@latimes.com.

Copyright © 2010, The Los Angeles Times

February 2nd, 2010

Homes pride of Racquet Club Estates in Palm Springs

modernism_week2Special to the Palm Springs Sun

Palm Springs is home to 25 unique neighborhoods organized through the city’s Office of Neighborhood Involvement — and the Racquet Club Estates neighborhood is an example of one area particularly known for its array of stunning mid-century modern homes.

Indeed, the neighborhood is home to a host of modern jewels designed by the well-known development companies Alexander and Meiselman — as well as to seven spectacular steel homes designed by famed local architect Donald Wexler, and the Albert Frey-designed Vista Del Monte Elementary School.

In fact, if one were to take a walking tour of the area, the first thing that would likely grab your attention is the distinct architecture. Our mid-century modern homes feature low-slung sweeping roof lines, clerestory windows, decorative block applications and stored stucco treatments that are indicative of the desert modern era.

The architecture is complemented and enhanced by our proximity to Mt. San Jacinto and the Palm Springs Aerial Tramway. The largest number of homes is in the Alexander development called Racquet Club Estates. Over time, residents as well as the real estate community began referring to all the homes in the area as Racquet Club Estates — which it was officially named once the neighborhood was formed in April 2008.

With nearly 550 single-family residences, the Racquet Club Estates Neighborhood Organization is one of the largest of Palm Springs’ neighborhood organizations. Our organization area is roughly contained within the streets of San Rafael, Avenida Caballeros, Vista Chino and Indian Canyon Drive.

Early celebrity residents of Racquet Club Estates included Debbie Reynolds, Ruta Lee, Jackie Coogan and Victor Mature. Today’s celebrity residents include actor Udo Kier, who maintains an Alexander home as well as the John Porter Clark-designed former Francis Crocker Library, which Kier has converted into a private residence. Another long-term resident is the most famous Cheetah of ‘Tarzan’ movie fame — who resides in an Alexander home on Francis Drive aptly named Casa de Cheetah.

Since our formation as a neighborhood organization, Racquet Club Estates has hosted two annual picnics at Victoria Park, and we held our first home tour during Modernism Week in February 2009. We’re gearing up for our next tour, slated for 10 a.m. to 1 p.m. Feb. 14. Tickets are $45. A reception will follow at M Modern Gallery.

Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.

January 14th, 2010

Coachella Valley Real Estate: Home Sales Are Increasing

january-2010-blog-2-pic

Coachella Valley is growing everyday; it is actually one of the fastest expanding areas in California. The Coachella Valley is growing by 53 people a day. This high population growth is also helping home sales. Many people are seeing the greatness of living within Coachella Valley. Although there might not be a beach like many other California cities there is gorgeous weather, with many more sunny days. Another pay off of living within the Coachella Valley is not sitting in traffic for hours to commute to and from work. These things alone could intrigue people to move to this beautiful destination.

Home sales are increasing as the population increases as well. People are moving to Palm Springs, Rancho Mirage, Palm Desert, La Quinta, etc. for many different reasons. Some are making these locations their new home because of job opportunities while others are retiring from the work force, and are choosing Coachella Valley. Many home sales are even occurring because people who have owned vacation homes in the valley are now becoming permanent residents, and buying a new place to settle in.

Another reason for such an increase in sales is that the home prices are the most affordable they’ve been lately. This is attracting all sorts of buyers. Many first time home owners are also taking advantage of the tax breaks that are being offered. The affordability is also important because many people that are moving to Coachella Valley for jobs are working in the service industry, and might not have the same income as people looking for homes in Palm Springs to retire to. This is improving the Coachella Valley market because there are a variety of homes through out the Eastern and the Western parts of the valley for all different types of buyers. As the resort style areas like Palm Springs and Indian Wells are growing there is a need for services and the affordability of homes gives an opportunity for more people to work in such beautiful and luxurious places, and still live close by.

Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.

January 13th, 2010

When to Renovate or Repair Your Home

When you renovate your home, you are essentially removing an old feature and replacing it with a completely new one. For example, replacing your old windows in your home with completely new ones would be considered a renovation. In contrast, a repair simply fixes your existing home feature. So the question remains; when do you renovate and when do you repair your home?

Often, home renovations are seen as the easy way to go, however they do not always prove as cost effective as home repairs. Newer products typically don’t last as long as their older counterparts since few things are made with the same high standards of quality that were applied in the past. That being said, there certainly have been some advancements in technology that has helped improve many home construction products such as electricity and heating systems.

Some questions to ask when deciding between repair versus renovation are:

  • Which strategy will lead to improved efficiency?
  • Which one will lead to improved appearance?
  • Is appearance more important than efficiency?
  • Does the existing feature perform well enough to warrant its repair?

Do research on the feature you wish to repair or replace. See what you can discover about the cost of replacing it, any available product discounts as well as alternative ways to fix it.

Interested in buying or selling property in the Palm Springs or Coachella Valley area? Contact Patrick Stewart Properties today.

January 13th, 2010

New Park being Built in Palm Springs

Great News! We are getting a brand new park in Palm Springs, and it’s 100 percent funded by federal stimulus funds. The park is located on the southwest corner of Gene Autry Trail between Vista Chino and Via Escuela. The initial ground breaking ceremony was delayed due to rain; however plans to continue construction on schedule are still in effect.

The park will include bocce ball courts, benches and drinking fountains as well as beautiful walkways and shade structures. What’s more, new sustainable landscaping will line the streets and medians which will help enhance the natural beauty of the neighborhood.

More than just a pretty picture, the park will actually create dozens of construction jobs in the Coachella Valley area. The $1.8 million project is expected to open in the spring and will serve as a stunning gateway for everyone who enters Palm Springs.

Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.

January 13th, 2010

Palm Springs Realtors See Increase in Home Sales

january-2010-blog-1-pic

Seems like the real estate trends are moving upwards again. In the Palm Springs area real estate agents are seeing that people are actually getting comfortable with making offers, and not just looking. Over the past few years the real estate market has really taken a hit, but more recently the market seems to be getting better. People are more serious when it comes to looking at houses, as now there is a better market and buyers don’t want to pass up on great opportunities.

Agents are seeing people making commitments and making more offers. Agents are also noticing that some buyers are getting back into buying homes as investments; while other buyers are first time buyers and or second home buyers. It is not unusual in Palm Springs for residents to own a home there and somewhere where it probably is colder. Although many people choose to retire to Palm Springs some are more fortunate to own a second home in Palm Springs. Either way is great because home sales are up.

Some are speculating to what the cause of the home sales increase is. There are a few different things that are helping generate home sales in the Palm Springs area. For one, the tax breaks being extended until April 30, 2010. This opportunity has given people more time to find what they are looking for in a home, and there are many great options through Patrick Stewart Properties. Another factor is that many people who live up in the Northern part of the U.S. and Canada turn to Palm Springs as an area to get out of the cold. Palm Springs is rated as one of the top places to retire, and who wouldn’t want to retire is such a luxurious location with amazing weather. With that in mind, the Canadian dollar is at such a high value many Canadians are committing to purchasing their second homes in the U.S., with quite a few choosing Palm Springs. Whether or not people are moving to Palm Springs for retirement or just visiting to get out of the cold it is great to see that homes are selling again.

Interested in buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.