The Real Estate Corner Desert Market Update
NUMBER OF SALES
Home sales are up Valley-wide. The total three-month sales are up 2.9%. On a city by city basis, six cities show higher sales, with three; Palm Desert, Desert Hot Springs and Palm Springs showing the largest increase in sales.
The three cities with the largest sales declines are Indio, Indian Wells and Cathedral City.
INVENTORY OF HOMES FOR SALE
While home sales are up, inventories are down. Typically our inventories dip to to their lowest point every year toward the end of September, but this year inventories are even lower.
Low inventory acts as both a positive and negative; it’s positive for sellers and future home sellers as it tends to move home prices higher. But, it’s also a negative in that low inventory puts the brakes on the number of sales. If interest rates continue to increase, that can put a damper on sales as the cost of borrowing money for a mortgage becomes more expensive.
MONTHS SUPPLY OF HOMES FOR SALE BY CITY
The month’s of supply ratio is down valley-wide compared to one year ago in every city. Most have less than 4 month supply except two; La Quinta which currently has a 4.5 month supply and Indian Wells with a 6 month supply of homes to sell.
MONTHS SUPPLY OF HOMES FOR SALE BY PRICE BRACKETS
When we look at the supply of homes by price category, we see the supply is lower across all price brackets compared to one year ago. The biggest change is homes priced above $800,000. Last year the higher price points were taking 7.5 months – 1 year to sell. Now, it’s taking on average 5.3 – 8 months
The tipping point when using this metric is 6 month’s. 6 months is considered a “Balanced Market”, not particularly favoring either Home Buyers or Home Sellers. Less than 6 months, the market is tipped in the Sellers favor, otherwise known as a “Sellers Market”. More than 6 month supply is viewed as a “Buyers Market”.
As home prices or the cost of buying a home, (rising interest rates), increase – sales will start to slow putting downward pressure on pricing. Markets are always in a state of flux, moving from one market to another and rarely stopping at “balanced” for long.
While there is typically a lag period between market shifts, the lag time is shorter as the number of sales are increasing. Home sellers quickly see an improving market and strive to maximize the price they can ask. When prices increase too fast or too far ahead of sales, potential home buyer’s become reluctant to make offers, fearing they could be buying at the peak.
DISCOUNT FROM ASKING PRICE
In 2018, when negotiating a sale price with buyers; home sellers are discounting their listed price an average of 2%. One year ago, sellers needed to discount an average 2.4% off their asking price to close a sale.
For example, this ratio means if a home is listed at $400,000 it’s selling at an average of 98% of their asking price, or $392,000. a discount of $8,000. This metric also shows a strong and improving real estate market here in the Desert.
When we look at the story each of these metrics are showing for the Desert Real Estate Market, we can see an improving but pretty balanced market. In addition, we can see that the market has had and continues to show sustained growth. Making now the right time to be a participant in the market.
The Desert Lifestyle is unlike any other, as we head into our season now is a great time see what the Desert has to offer. Check out these FAB Desert Homes!
Palm Desert Golf Cart Parade 2018
Sunday, October 28th from 12:00 – 3:00 p.m.
It’s time to kick off a new season in the Desert with the Palm Desert Golf Cart Parade! This years theme is “Celebrating our Super Heroes” Our community will showcase and celebrate all of our different types of Super Hero’s including our Police Officers, Fireman, Veterans, Teachers, Parents, the list is endless. Come be a part of the pageantry and fun as scores of whimsically decorated golf carts and bands march down El Paseo.
Palm Desert is a progressive city with an eye on the future – this picturesque desert community has a Dynamic Big City Vibe; with Exclusive Country Clubs, Fine Dining, Art Galleries, Live Theater, World Class Championship Golf and home to the valleys only zoo, The Living Desert, which combines an indigenous zoo with an authentic arboretum. Be a part of what makes Palm Desert the place to be, check out these FAB homes for sale in Palm Desert!
Palm Springs Aerial Tram Road Challenge
October 27, 2018 starting at 7:00 a.m.
If you’re looking for a challenge, then this event is for you! The Palm Springs Aerial Tram Road Challenge 6K run / walk starts at 400 ft elevation and climbs to over 2,600 ft elevation. This is not your typical weekend 5k. This is the 32nd annual event with more than 1,500 participants from around the world come together each year to take the challenge.
Nestled at the base of the San Jacinto Mountains, Palm Springs is known for its crystal blue skies, year-round sunshine, palm tree lined streets and starry nights. Home to the Annual Palm Springs International Film Festival & Modernism Week, Palm Springs has fun & entertainment for all ages. Be a part of what makes Palm Springs the place to be, check out these FAB Homes for sale in Palm Springs
Halloween Chili Cook Off and Car Show at the Palm Springs Air Museum
October 27 from 11:00 – 2:00
Join the fun at the Palm Springs Air Museum’s 11th Annual Chili Cook-Off and Car Show. Volunteers from the Museum cook up their favorite recipes and you decide who’s is the best. It’s a goolish feast for the eyes and the tummy.
Palm Springs is known for its crystal blue skies, year-round sunshine, palm tree lined streets and starry nights. Home to the Annual Palm Springs International Film Festival & Modernism Week, Shopping, Fun and Entertainment for all ages. Be a part of the Palm Springs Lifestyle, check out these FAB homes in Palm Springs
La Quinta State of the City and Business Expo
The Greater Coachella Valley Chamber of Commerce together with the City of La Quinta are hosting the 2018 Business Expo where local business professionals will be recognized for their accomplishments and contributions to their community.
La Quinta Mayor, Linda Evans, will give her State of the City Address with an update on the new bike path that will connect La Quinta to the CV Link, which will span from Washington to Jefferson. Work is expected to begin June of 2019. In addition she will talk about the Highway 111 corridor revisioning, traffic signal synchronization, the SilverRock event site, and the X park skate park.
La Quinta is a city on the move with big plans for the city’s future and you can be a part of it, check out these FAB homes in La Quinta!
Every year comic fans from all over the world come to Palm Springs for a weekend of fun events, costumes, and comic stars.
Comic Con is an action-packed event filled with exhibits, shows, celebrities, costumes, contests, and more! Attendees can mingle with cosplayers, celebrities, creators and their favorite artists. This year, there’s a zombie walk, supersonic speed dating, a live symphony, and an arcade expo. For Comic geeks, there’s nothing better than visiting the Palm Springs area for Comic Con.
Comic Con Palm Springs has brought together some of the most passionate and talented people from the world of comic books and entertainment to produce an exciting new comic con in one of the most famous and fun cities in the world. We’ve spent years working, observing, and listening to what people want and sought from their comic con experiences. Not only working with talent and exhibitors, but also being passionate fans ourselves, we wanted to apply all the great ideas and suggestions everyone had – yours and ours together. Each year we plan to make Comic Con Palm Springs something special.
Comic Con Palm Springs is a 3 day event being held from 24th August to 26th August 2018 at the Palm Springs Convention Center in Palm Springs, CA. This event showcases products from Consumer & Carnivals, Sporting Goods, Toys & Games industries, products like Anime, pop culture, toys, video games, comic books, photography, cosplay and much more.
The Idyllwild Arts Foundation presentation of the Idyllwild Jazz in the Pines, featuring various genres of blues-based jazz and works by more than two dozen bands with art, food and breathtaking majestic pines as a backdrop and lot’s of cool fresh air.
The Idyllwild Art Campus was temporarily evacuated due to the Cranston Fire. Many feared Jazz in the Pines Festival would have to be cancelled. But thanks to the hard work and invaluable help from over 1,400 fire fighters, the campus was saved. This year is the Silver Anniversary of the Festival and it will go on as planned. The difference this year is the Jazz Festival will be much more than just a celebration of music. It’s a celebration of survival.
President and Head of School Pamela Jordan of the Idyllwild Arts Academy, which produces Jazz in the Pines as a fundraiser, said “This special year now takes on a new level of significance as our community will gather to celebrate our own fortitude, and that of the over 1,400 firefighters who valiantly battled the Cranston Fire to protect us”
The festival opens at 11:00 a.m. on Saturday, August 11, 2018.
Some of this years performers will be
Saturday, August 11
11:00 – 12:15 Idyllwild Jazz in the Pines – French Quarter
Ruby and the Red Hots
Ruby and the Red Hots is a San Diego-based rockin’ blues, R&B, funk, and jazz band. For over 25 years their earth-shaking music has made audiences all over the U.S. and abroad simmer as they’ve performed arrangements of classics as well as original compositions. Ruby (Etoile Ruby Presnell), with her unique and powerful voice, beauty, and sensual stage presence, is known as the “first-class sultry lady of blues.”
12:45 – 2:00 Idyllwild Jazz in the Pines – Main Stage
The Chase Jackson Sextet
This year, one of the new groups at the festival will be the Chase Jackson Sextet. While he will be new to this stage, Jackson is already a popular jazz musician. He has several awards from the Berklee Jazz Workshop, a popular venue for Idyllwild Arts jazz students.
2:30 – 3:45 Idyllwild Jazz in the Pines – Main Stage
Evan Christopher Clarinet Road
Christopher is recognized for his embrace of the early jazz legacies of New Orleans clarinetists Lorenzo Tio Jr., Sidney Bechet, Barney Bigard, and Johnny Dodds. Christopher is an Idyllwild Arts Academy elder statesman as one of the school’s first jazz graduates and student of jazz faculty elder statesman Marshall Hawkins. He toured with singer-songwriter A.J. Croce in the early 1990s and eventually joined the Jim Cullum Jazz Band in San Antonio, where he appeared nightly as their featured clarinetist. Christopher is permanently based in New Orleans, but is a charter member of the Seahawk Modern Jazz Orchestra based in Southern California. Evan will be joined be fellow at Idyllwild Arts Academy graduate and Grammy-winning trombonist Jason Jackson.
2:00 – 3:30 Idyllwild Jazz in the Pines – French Quarter
Euphoria Brass Band
Euphoria Brass Band is a San Diego-based musical collective that serves up a contemporary mix of old school New Orleans traditional brass band jazz, funky street beats, and new school edginess with a West Coast feeling. They recall the early days of New Orleans street bands. Euphoria Brass Band was created in 2011 by New Orleans transplants Ron Bocian and David Bandrowski and local jazz radio DJ Drew Miller. They quickly assembled a top-notch, hard-hitting horn section: Steve Ebner (trumpet), April West (trombone), David Jackson (tenor sax), J.P. Balmat (baritone and alto sax, clarinet), and Wayne Rice (sousaphone). Euphoria Brass Band was nominated five years in a row for various San Diego Music Awards. Embracing the exciting spirit of improvisation with a hard funk edge, Euphoria Brass Band has become known for their incendiary high-energy shows, guaranteed to get a crowd smiling, dancing, and having a good time.
4:15 – 5:30 Idyllwild Jazz in the Pines – Main Stage
Graham Dechter – A Quartet feat featuring John Clayton, Jeff Hamilton and Tamir Hendelman
Graham Dechter plays with the kind of swinging authority and seasoned maturity that belies his youth. The Los Angeles native shows a deep reverence for the jazz guitar tradition in his warm-toned renditions of ballads, bossas, bebop, and blues. A formidable soloist and consummate accompanist, he imbues standards with rare enthusiasm and an inherent bluesiness while carving his own path with affecting original compositions.
Sunday, August 12
1030 – 11:45 Idyllwild Jazz in the Pines – French Quarter
Chuck Alvarez is a Los Angeles-based guitarist/singer/songwriter with roots in blues-rock, who has also earned a reputation for R&B, light jazz, and Americana. Alvarez has composed for nine musicals for national and international audiences.
10:45 Idyllwild Jazz in the Pines – Stephens Hall
Jazzgrass creates an unusual blend of jazz and bluegrass instruments in surprising yet delightful combinations. A cello plays duet with the mandolin, a trumpet and trombone horn section backs up a banjo, a saxophone and a guitar rip out smooth and engaging solos. The tempo ranges from upbeat stomping to mellow swing. The improvisations in these tunes catch the expression of free spirit. In 1999, Idyllwild resident Barnaby Finch put the band together to honor the newer and more progressive side of Bluegrass music. In 2011, he recruited some talented locals to play with him. Don Reed is a virtuoso on mandolin, dobro, and guitar. Sam Zorn, on fiddle, covers everything from jazz to Celtic music. On bass is Bill Saitta, one of the busiest musicians in the Desert, and drummer Jeff Olson also plays with David Benoit. Pianist Barnaby Finch, formerly music director and touring member of Lee Ritenour’s band, has played with Ronnie Laws, Alphonse Mouzon, Boz Scaggs, and Lionel Richie. His piano was featured on the Lionel Richie/Diana Ross hit, “Endless Love.” From 1982 to 1989, Barnaby toured with George Benson, for whom he was conductor and musical director from 1987 to 1989.
4:15 – 5:30 Idyllwild Jazz in the Pines – Main Stage
Casey Abrams featuring special guest Haley Reinhart
Casey Abrams’ story is that of a born natural. But it’s also the story of a person who studied diligently and worked hard, striving toward his dream of a life in music. Casey’s childhood resonated with music. Mother Pamela Pierce is a screenwriter and teacher, plays piano and sings. Father Ira Abrams taught at Idyllwild Arts
Academy. At age ten his family moved to Idyllwild and Casey attended the Idyllwild Summer Arts program prior to enrolling in the Academy. He gained proficiency on guitar, upright bass, cello, drums and the sitar. He credits his jazz and upright bass instructor, the
legendary Marshall Hawkins, for helping him develop into the musician he is today. Casey tried out for and won a spot on American Idol, describing the experience as his ticket to getting his foot in the door. Not long after his Idol experience, Casey found himself in London recording his debut album, working with renowned producer Martin Terefe. Even though his prodigious artistic gifts and wide-screen creative vision augur many great things in the future, his ambition at heart remains very simple: to make music that people love.
Escape Room Palm Springs is great fun for family, friends and team building with co-workers. Choose from six escape rooms and games.
Merlin’s Magic School is in trouble. The entire school was accidentally cursed during a talent show, and only you and your team are able to save everyone by finding Merlin’s hidden spell book. In this game you’ll have to figure out what to do with magical objects, get help from a magical creature, and work your way into Merlin’s secret study. What’s in there?!
Bank Heist, you and your crack team have been assembled to pull of this caper involving sneaking past the banks high tech security, hacking your way into a computer and deciding how you’ll break into the vault. Your objective? Get as much loot as you can before the police spoil all the fun.
Locker Room, Trapped in an abandoned locker room, you and your team will battle wits with a sadistic serial killer. Uncover the fate of the prisoners captured before you and if you’re clever enough, maybe you’ll save more than just yourselves. Both mental and physical challenges will test your mind and spirit.
Vampire’s Lair, A man and woman in Salem, Massachusetts in the late 1690’s fall in love and are set to marry. Shortly before the wedding, the man finds a magic spell in his fiancee’s handwriting – the spell was to make him fall in love with her by unnatural means. He rejects her, call off the wedding and called her an evil witch. “I’ll show you an evil witch!” she vows, and turns him into a vampire, but that’s not all, he finds his coffin impossible to open! Now it’s up to you and your team to uncover the secrets of their love affair and help the vampire reclaim his coffin.
Jack the Ripper, Transport yourself to the slums of Victorian London where you’ll help Scotland Yard solve the Jack the Ripper murders, hopefully without ending up as a next victim. You and your team will uncover evidence that will help you identify the killer as you work through the game. But if you think identifying the world’s most notorious serial killer will be simple, then you don’t know jack.
Escape Room Palm Springs opened in the Fall of 2017 and has been a hit with fans near and far. They’re continually updating / tweaking secret details to keep the games fresh and new so you can go over and over and never get tired of the fun.
Make closer connections with the family, Have a fun afternoon with friends, or even build stronger relationships among your office staff. You’ll experience an unforgettable bonding experience where no special skills are required.
Ever wonder how much income you need to buy an average home in other areas of the country?
@HowMuch.net just published a map showing How much income you need to buy the average home in each state in the U.S.
They collected average home prices for every state from Zillow and then plugged that information into a mortgage calculator to figure out monthly payments. The interest rates used varied from 4 to 5% depending on the market, a 10% down payment, and total cost of housing not exceeding more than 30% of gross income. Using this rule as the benchmark, they calculated the minimum salary required to afford the average home in each state.
The Top Three Places Where You Need the Highest Salaries to Afford the Average Home 1. Hawaii: $153,520 for a house worth $610,000 2. Washington, DC: $138,440 for a house worth $549,000 3. California: $120,120 for a house worth $499,900 Here’s a quick snapshot of housing affordability across the United States.
Home much income do you need to buy the average home in each state; Check it out!
The Coachella Sports and Entertainment Stadium Authority plans to build The Shield at 1 Coyote Way, a $300 million, 12,000-seat mixed-use stadium in Thousand Palms.
David Miller, the founder and coach of the SoCal Coyotes developmental football team in the desert, launched the Coachella Sports and Entertainment Stadium Authority (CSESA) with the goal of creating this sprawling facility.
The proposed sports complex would include a hotel, medical facilities, a senior living village and retail and be located on 125 acres of land owned by the H.N. and Frances C. Berger Foundation in the area between The Classic Club golf course and Interstate 10.
It will be called The Shield at 1 Coyote Way, and its primary focus will be to offer a place to allow the desert to be a player in the $15.3 billion youth sports industry, hosting camps, conferences, tournaments and championship games, etc.
The land where The Shield will be built is owned by the Berger Foundation, and they’ve agreed to sell it to Richmond Honan Development and Acquisitions LLC, a firm based out of Alpharetta, Georgia.
The Berger Foundation supports organizations who promote health care, social services and education in an effort to help people help themselves, has been wanting to do something big with this plot of land for years but never found the right project until Miller and his group came around.
According to Doug Vance, vice president of Real Estate at the Berger Foundation, when they purchased the land in 2003 the original idea was to build a university on it, but that did not pan out.
“There has been many other potential investors that have come along over the years and nothing ever seemed to exactly fit,” Vance said. “But when Coach Miller brought The Shield concept to the Berger Foundation with all the charitable things he does for the children here in the Coachella Valley, we were very interested and then when we looked into Richmond Honan as a developer they also had the same goals and interests that we do to help the community.”