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.

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.

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.

With approximately 42 percent of the population over the age of 50, Palm Springs makes for a welcoming post-work hometown. Mountain views and year-round sunshine add to the town’s appeal, as well as the many cultural activities in the area that offer family-friendly educational entertainment.

Perhaps one of the most appealing aspects of Palm Springs for those looking to retire is its general affordability. For example, the average 3-bedroom home in Palm Springs is currently worth a reasonable $250,000. And while there are certainly mansions in Palm Springs worth millions, the typical home price combines value with affordability.

For a snapshot of these and other stats on Palm Springs, check out the Palm Springs snapshot. To compare Palm Springs to other cities ranked as best places to live check out this comparison list.

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

Sunrise at the Tramway, photo by bossco

A variety of fun activities in Palm Springs including golf, horseback riding, hiking, shopping and fine-dining ensure entertainment for all ages. During the summer, residents and tourists love to keep cool at Knott’s Soak City, a water park offering 18 slides and a giant wave pool. If you’re looking to stay indoors for the day, don’t miss cultural attractions such as the Palm Springs Art Museum or the Palm Canyon Theatre.

If it’s adventure you crave, you can’t miss the Palm Springs Aerial Tramway. It is the largest rotating aerial tramway in the world and is one of the biggest attractions in the Palm Springs area. Opened in September 1963, the tramway begins at the Valley Station and passes up North America’s steepest mountain face on its way to the Mountain Station at 8,516 feet above sea level.

The town is a popular destination for tourists, so it sees population fluctuations throughout the year. Investing in a vacation home can prove to be quite profitable as you can rent it out to tourists during peak tourism times of the year. Another distinguishing characteristic of Palm Springs is its gay and lesbian population, which is seven times the national average. Same sex couples seeking a welcoming and friendly place to live will find just that in Palm Springs, California.

For more information about Palm Springs and the surrounding areas, contact Patrick Stewart Properties today.

Data also shows that the total inventory of Coachella Valley is the lowest since 2005. This means that buyers are taking advantage of the current market.

One reason why Palm Springs may be keeping some of its market strength is because of its second home market and strong Canadian clientele. A lot of the current deals on homes are expected to go away in the near future which is why buying a home in Palm Springs now will prove to be a good long-term investment.

The general economy and the housing market tend to work hand in hand. Therefore, it seems apparent that one cannot recover without help from the other. We seem to have seen the rock bottom of the economy and the real estate market, and while we’re not out-of-the-water yet, we’re certainly on our way up to the surface.

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

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.

An important first step came Tuesday, with the county’s roadmap for the $48.5 million windfall from the U.S. Department of Housing & Urban Development to cap blight and stabilize neighborhoods. The real estate revitalization plan, targeting areas hardest hit, comes at a time Riverside County is reporting more than 29,107 foreclosed properties — nearly 3.8 percent of all housing — as of Oct. 31. When the pre-foreclosure properties and units at “auction” are added to the mix, the count jumps to 52,000, or nearly 7 percent of all housing units. While Palm Springs has not seen the worst of the real estate crisis, it hasn’t been isolated either. Home prices in Palm Springs have dropped to near 2003 levels, with many of the recorded sales being short sales of foreclosures.

The HUD funds, directed primarily toward areas that lie within Community Development Block Grant Program boundaries, would be split according to the 51-page plan into four primary activities:

• Buying, rehabbing and reselling property to first-time home-buyers: $20 million.
• Acquiring, rehabilitating and renting to to very-low income people: $1.85 million.
• Enhanced first-time buyer program: $9.7 million.
• Acquiring and rehabilitating foreclosed, vacant multi-family properties, new construction of multi-family rental projects: $12.1 million.

The 51-page outline calls for redevelopment of vacant or demolished properties for nonresidential uses, including public facilities, or mixed residential and commercial uses. The outline also sets aside funds — up to 10 percent of the grant or just under $5 million — for the county to administer the program. Tom Freeman, spokesman for the Riverside County Economic Development Agency, called the plan an important step in the process to take out as much distressed property as possible within the 18-month timeline parameters set out by HUD.

“We lobbied heavily for the funding,” said Fred Bell, executive director of the Desert Chapter of the Building Industry Association. “We knew prior to any analysis by the county that we had an area that was very hard hit.” Bell said it represents a good allocation of funds, but told county officials some challenges remain: Foreclosures continue across the region. Cities will have to apply for the funds, and competition may be keen to obtain the federal dollars. Concern has been raised about administration costs borne by the county, as well as the costs borne by cities that participate in the programming.

With all the seemingly bad news out there, savvy buyers would do well to view this funding as a possible turning point in the real estate market and buy. There are many great properties out there that are now affordable and definetely fairly priced. You can never pick the bottom of the market, but you can read the signs and follow the message. Happy Hunting.

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