Timeless Architecture

This amazing property is located in the historic Mesa neighborhood. Today the Mesa is a unique and eclectic collection of architectural style producing a beautiful neighborhood nestled in an awe-inspiringetting. The diversity does not stop there. The individuals who occupy the homes are as unique as the architecture, with occupations and interest spanning every conceivable endeavor. There is one other unique attribute to the Mesa. It is truly a neighborhood of friendly residents, living close to the Garden of Eden on the East slops of the San Jacinto Mountains.

For more information about this property, please contact Patrick-Stewart Properties at (760) 325-9091. This Property is shown by appointment only.

Sales of high end homes in Palm Spring and nationwide are making a big comeback after two years of double digit declines.

“We’re seeing a revival in the high-end housing market,” said Lawrence Yun, chief economist at the National Association of Realtors (NAR), who was quoted in the report featured on CNBC News. “It was so depressed, particularly last year, but it’s really improved. There’s much greater sales activity on upper end homes now.”

High-end homes are one of the few bright spots in the nationwide housing market, according to figures from the NAR.

In February this year, sales for homes priced at $1 million or more increased 38 percent nationwide from a year ago, according to the NAR. The Northeast is up 49 percent alone, while the West is up nearly 35 percent.

Lower interest rates, bank lending and consumer confidence are combining to fuel the comeback, according to the report.

“Rates are down for jumbo loans,” said David Adamo, CEO of Luxury Mortgage, a mortgage banking firm based in Stamford, Connecticut, who was quoted in the CNBC report. “Banks are seeing benefits in making these types of loans and are doing more re-financing now. I also think more people feel confident in the economy at the higher incomes.”

A 30 year fixed is currently at 5.58 percent for a million dollar loan, while last year at this time it was almost 7 percent, according to the report

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

A key, national index of home prices saw significant gains this January, with California cities showing price increases from San Francisco to Palm Springs.

According to the Standard & Poor’s/Case-Shiller index of 20 metropolitan areas, home prices nationwide rose 0.3 percent from December 2009 to January 2010 on a seasonally adjusted basis, marking the eighth consecutive month of home values improving or at least holding steady.

Prices across California are up almost 4 percent from the bottom in May 2009, but still almost 30 percent below the May 2006 peak, according to the report. The Coachella Valley, including Palm Springs and surrounding communities, saw some of the largest gains in the state.

According to the local California Desert Association of Realtors, the Coachella Valley’s real estate market reported a 14.8 percent jump in median home price in February compared to January. In the same period, the valley posted a monthly sales gain of 5.6 percent.

The valley’s median home price in February also rose to $179,090 — up from $156,000 in February 2009, according to the California Desert Association of Realtors.

“It’s good news,” said Scott Newton, a real estate broker and president of Palm Springs Regional Association of Realtors, who was quoted in an article that appeared in The Desert Sun on March 31. “The market is starting to balance out.”

California home sales will likely get an additional boost in coming months when a new government stimulus package is enacted.

State lawmakers recently passed a tax credit of up to $10,000 for homebuyers beginning May 1. The state allotted $100 million for first-time buyers and another $100 million to help those who purchase newly built homes.

The state-wide tax incentive take over just in time as the federal first-time homebuyer tax credit of up to $8,000 is scheduled to expire at the end of April.

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

Sunmor neighborhood and Palm Springs early 1960's

Patrick-Stewart Properties encourages you to join the House Tour of Sunmor Estates! A Gem of Midcentury Architecture – a house tour of beautiful modernist ranch homes constructed in the late ’50s and early ’60s by the famous Alexander Construction Company and local builder Robert Higgins. The tour concludes at a home that has undergone a green remodel featuring special insulation, solar electric panels, solar thermal water heating and other ecological innovations. sunmorpostcard

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

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.

1. Do not blindly trust the person who comes out to appraise your home.

Ultimately, it’s up to you to make sure your Palm Springs home is not valued below your sale price or loan limit. Many banks have recently been put under scrutiny for pressuring appraisers to inflate property values. As a result, banks are now required to work with independent appraisers in an effort to stop buyers from overpaying. However, some appraisal-management companies hire employees who get the job done quickly and cheaply. You want to have an appraiser who knows the area best and takes their time to do a quality inspection.

Photo by Karol

2. Prepare your home the same way as you would for an open house.

Remember, it’s the appraiser’s job to look at your house through the eyes of a buyer. Keeping that in mind, take a step back and see if your house has that curb appeal to attract buyers, and tidy up inside so it is presentable.

3. Do your research.

A main factor in your house’s appraisal is the recent sales prices for houses comparable to yours. Appraisers may not know if there are any unusual circumstances behind those numbers however, so it’s important to investigate yourself and see if you can provide additional information. Ask your neighbors about the circumstances of the recent sales. Also, ask a Palm Springs Realtor to help you identify the latest comparable sales in your neighborhood.

4. Write a “house resume” to give to the appraiser.

Appraisers are busy and usually on a time schedule, so they may overlook some of the best features your home has to offer. Before he begins his inspection, hand him some information on its best characteristics, including:

• any recent upgrades (new windows, any custom work)
• property perks (views and landscaping)
• neighborhood benefits (schools, shopping, public transport)

5. Follow up and double check the report for any errors.

Lenders are required to give you a copy of the finished report. Make sure you request a copy, check for errors and make sure comments accurately describe your property. If you do happen to find a mistake, contact the appraiser directly and politely ask him to recheck his work. If he is not willing, file your complaint with the California real estate appraisal board. While your lender cannot meddle with the appraisal directly, it’s worth letting them know about your complaint as well.

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

However, the statistics also reveal that home prices have dropped by nearly 38 percent since last year. In May 2008, the median price of a home in Riverside County was $290,000 compared to $180,000 median price in May 2009. This figure should come as no surprise to everyone who’s been living in the civilized world, as we all know that times are tough and the economy has changed drastically over the past year.

When you look at the entirety of Southern California, home sales have increased by nearly 23 percent from May 2008 to May 2009 while home prices fell about 33 percent.

These statistics seem to be showing that we are currently in the early stages of the market returning to a more normal balance of home sales across the entire price spectrum.

Interested in buying or selling property in Coachella Valley? Contact Patrick Stewart Properties today.

(photo by Nathan Bittinger)

Next week, Riverside County supervisors will be looking over requests for neighborhood revitalization program funds. These funds will help to purchase, fix-up and resell foreclosed and abandoned homes within the county. The requests for more than $16 milllion come from three cities- Desert Hot Springs, Lake Elsinore and Norco -and four non-profit agencies- the Coachella Valley Housing Coalition, Neighborhood Partnership Housing Services Inc., the Riverside Housing Development Corp. and the Riverside County Housing Authority.

The Riverside County Economic Development Agency will be disbursing the county’s money for the purchase and resale of foreclosed and abandoned homes. These homes will be resold to residents with a low to moderate income. Qualifying homebuyers must not have owned a property in the last three years and cannot make more than 120 percent of the county’s median income. Buyers are also required to attend classes that teach people how to be responsible homeowners.

The request for The Board of Supervisors to release these funds will take place on Tuesday.

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

(photo by Darlene)

For the tenth consecutive month this April, Coachella Valley’s real estate sales have been higher each month than they were the year before. Additionally, sales have been continually rising month by month since July 2008.

California’s new home credit took affect in March, resulting in 76 new home sales in Coachella Valley. With regards to existing home sales, the data reveals that sales have been 50 percent higher each month when compared to the same month one year ago.

So what does all this data mean to you? It means that investors have come back to the market. It also means if you’re reading this and looking to sell your home, don’t over-analyze the data and try to up the asking price of your home. For hesitant buyers, don’t be afraid to look for the good deals out there. The bottom line? The housing market is recovering.

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

The survey revealed that 78 percent of potential first-time home buyers believe that now is a good time to buy a home. Despite the economy’s recent challenges, 85 percent of people recognize that current home prices are affordable. Furthermore, 73 percent of people surveyed said that taking advantage of current prices is a major factor in their purchasing decision.

Revealing a general optimistic outlook on the real estate industry, 68 percent of people surveyed say that now is a better time to buy than six months ago. With all the news about foreclosed homes across the nation, one might think every one is trying to get their hands on one of these properties. Interestingly, only 56 percent are thinking about buying a foreclosed or short sale home.

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