Archive for April, 2009

America’s 10 Wealthiest Towns

Wednesday, April 29th, 2009

America’s 10 Wealthiest Towns

Palm Springs is well-known as being the hot spot for Hollywood’s rich and fabulous in the 60s. The glamour of Coachella Valley’s hotels and resorts attract a substantial amount of visitors every year. So how does Palm Springs compare to the rest of the country in terms of wealth?

BusinessWeek has compiled a list of America’s wealthiest towns based on the residents’ 2008 net income and net worth. Here are the top 10 wealthiest communities:

1. Brookville, N.Y.; average income: $328,404; average net worth: $1,670,075
2. Atherton, Calif.; $380,535; $1,648,161
3. Rolling Hills, Calif.; $324,190; $1,647,622
4. Kenilworth, Ill.; $334,634; $1,619,702
5. Hillsborough, Calif.; $300,943; $1,668,732
6. Roslyn Estates, N.Y.; $298,935; $1,664,191
7. Hidden Hills, Calif.; $318,843; $1,630,085
8. Oyster Bay Cove, N.Y.; 317,661; $1,625,524
9. (tie) Chevy Chase Village, Md.; $311,170; $1,635,311
(tie) Los Altos Hills, Calif.; $298,510; $1,653,676

Here is the complete BusinessWeek video.

Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties.

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What to do During Your Next Weekend Vacation to Palm Springs

Thursday, April 23rd, 2009

Palm Springs was once a place to escape from Hollywood for the movers and shakers of the ‘60s. Today, the desert town nestled in Coachella Valley is a cool destination for people looking to relax and soak in the sun by the pool while taking in the architecture of the past.

When coming to Palm Springs for a weekend getaway, you will find many activities to keep yourself entertained for the entire trip. Because of its size, Palm Springs can be easily experienced with a self-guided bike tour. Big Wheel Tours rents bicycles starting at $30/day. Visit www.bwbtours.com or call 760-802-2236 to rent your bike or set up a tour. Pedal the Downtown Loop to check out the local hot spots and surrounding terrain.

After you’ve worked up your appetite seeing all that Palm Springs has to offer, you’ll want to treat yourself to a unique and delicious restaurant for dinner. Johannes is a restaurant that offers modern Austrian food, combining classic Central European specialties like spaetzle and sauerkraut with additional ingredients and flavors, ranging from polenta to wasabi. Visit www.johannesrestaurants.com or call 760-778-0017 for additional dining information.

It just wouldn’t be a trip to Palm Springs if you didn’t spend some time lounging poolside at one of the infamous resorts in town. Try the Colony Palms Hotel (572 North Indian Canyon Drive; 760-969-1800; www.colonypalmshotel.com) for some exquisite beverages, towering palms and glistening pools. If you desire appetizers or any other food, the Purple Palm restaurant is an appealing option with poolside tables available.

Whether you are traveling from New York or Las Vegas, looking for peace and quiet or glitz and glamour, you can find everything you desire in Palm Springs.

Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties.

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Video: Patrick Stewart Properties Raffle A 2-Night Luxury Stay in Idyllwild

Wednesday, April 22nd, 2009

Patrick Stewart Properties has recently expanded to the Garner Valley, Idyllwild area. We gave away a 2-night stay in a luxury cabin in Idyllwild during the grand opening ribbon-cutting ceremony at Windermere’s Smoketree Commons office in South Palm Springs. Visit Windermere Video Blog to see the complete video.

Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties.

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Making Home Affordable Program: What’s in it for you?

Friday, April 17th, 2009

On March 4, 2009, President Obama and the U.S. Department of the Treasury launched the Making Home Affordable program as part of a comprehensive strategy to get the housing market back on track. With this program, up to 9 million American families may get the opportunity to modify or refinance their home loans to a more affordable payment.

The program has two sub-programs; The Home Affordable Refinance program and the Home Affordable Modification program. Under the Home Affordable Refinance program, 4 to 5 million homeowners who have a Fannie Mae or Freddie Mac mortgage and a solid payment history will be eligible to refinance their loan. Normally, these borrowers would not be able to refinance because their homes have depreciated in value. With the new refinance program, these homeowners can take advantage of today’s lower mortgage rates or refinance their adjustable-rate mortgage into a more stable one. An important fact to be aware of is that the refinance program expires on June 10, 2010. This means the refinance transaction must be closed and funded on or before that date.

The Home Affordable Modification program is another option that will assist 3 to 4 million homeowners who are at-risk of foreclosure by lowering monthly mortgage payments. Guidelines set forth by this program are expected to become industry practice in applying affordable and sustainable mortgage modifications. A borrower is eligible for this program if their loan was made before January 1, 2009. Additionally, the borrower’s loan must be less than $729,750. If the amount owed is more than the home’s current value, the borrower is eligible as well. Non-eligible borrowers included those who are currently unemployed and those whose loan balance is more than $729,750. Investment properties are not eligible either. The deadline for modification is December 31, 2012.

Banks and credit unions are making every effort to prepare for the new program. Be patient while going through this process as it may take some time before lenders are fully up and running with the Making Home Affordable program.

Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties.

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Get the Facts about Mortgage Modifications

Friday, April 17th, 2009

What is a mortgage modification?
A mortgage modification is an adjustment to a home loan that reduces your monthly payments.

Who can get one?
Borrowers who are able to show that there is a significant chance your mortgage can get back to good standing. You are not likely to be approved for a modification if you took on a loan that was much too big for your income, even if pressured by a lender. Unfortunately, if your mortgage became troubled due to a lay off or unforeseen expenses and the situation doesn’t look like it will improve any time soon, your chances of getting a loan modification are not so good. However, if you got laid off and have another job secured for the near future, it might be possible to make a temporary adjustment to your loan until you start receiving income again.

How do I apply for a loan modification?
Don’t be fooled by all the advertisements from counselors and lawyers saying they can help you for a small fee. You don’t have to pay for counseling or legal help, everything you need is free. Talk with a mortgage counselor at an agency certified by the U.S. Department of Housing and Urban Development. Visit www.hud.gov and click on the foreclosure avoidance counseling link. Another option is to contact the bank or company handling your loan directly. Something important to be aware of is that lenders ultimately have the final word. Meaning that even if you qualify for a loan modification, a lender is not required to offer you one.

Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties.

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