Archive for July, 2009

Declining home prices are coming to an end!

Friday, July 31st, 2009

While we specialize in Palm Springs real estate, we also like to keep our finger on the pulse of the real estate market as a whole in order to provide you with the most up-to-date information available. The New York Times recently wrote an article announcing the exciting news that a 3-year descent in home prices seems to be ending across the United States. Eight major cities including Chicago, Cleveland, Denver and San Francisco have showed a price increase in May.

Why is this happening?

One reason home prices are changing is because of foreclosures. See, foreclosures make up about a third of all existing home sales and the demand for purchasing homes remains strong. So, these foreclosures are being bought without greatly impacting median price.

There’s also a rise in demand from first-time home buyers who want to take advantage of the $8,000 federal tax credit which expires in December.

For the first time since early 2007, the top 20 major cities in the Unites States showed average home prices to be flat, rather than down. Which means the only way to go from here is up!

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

Tags: ,
Posted in Palm Springs Real Estate, Real Estate News | No Comments »

Your Personal Palm Springs Tour

Wednesday, July 22nd, 2009

Your two favorite Palm Springs Realtors are here to give you a personal online tour of Palm Springs, California.

Palm Springs is located in Riverside County approximately 100 miles east of Los Angeles on the western edge of the Coachella Valley. The area was first inhabited by the Agua Caliente band of Cahuilla Indians and the United States Government established the city of Palm Springs in 1896.

By 1950, Palm Springs became a getaway town for Hollywood’s rich and famous. As of the 2000 census, the city population is approximately 43,000 with an additional 27,000 people residing in vacation homes during the wintertime. People flock to Palm Springs during the winter in particular to escape harsh climates of other states.

Palm Springs’ naturally warm, dry climate is due to its location in a valley surrounded by beautiful mountain ranges. The San Jacinto Mountains on the west, the Santa Rosa Mountains on the south and the Little San Bernardino mountains to the north give Palm Springs its notably warm climate.

For visitors and residents alike, Palm Springs is full of fun activities to keep you and your family entertained all day and night long. Golf is a Palm Springs favorite as over 30 different golf courses are spread throughout the city. In fact, Palm Springs is the home of the PGA West Jack Nicklaus Tournament Course, named as one of Golf Magazine’s top 100 golf courses.

Beyond golf, you can enjoy a ride in a colorful hot air balloon to get a birds-eye-view of Palm Springs in all its glory. If you prefer to stay a bit more grounded, an abundance of nature hikes in Coachella Valley provide exercise as well as an opportunity to see the valley’s indigenous plants and animals.

So no matter where you’re from or where you’re heading, Palm Springs offers a little something for everyone.

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

Posted in Palm Springs | No Comments »