Palm Springs Home Prices May Rise
A recent article in our local Desert Sun newspaper entitled Fewer Coachella Valley Homes for Sale reported that Palm Springs home prices may rise in the not too distant future. To support this, the article stated that the Palm Springs area inventory went down by more than a 1000 homes in the last four months. Further, our desert area MLS has reported that the unsold active inventory is down about 22% from 5681 properties for sale in September a year ago, to 4418 properties this September.
The reduction in our valley inventory is probably due to a combination of factors – lots of cash investors attracted by low prices, those sellers unwilling to sell at current prices and thus not listing, and sellers pulling their properties off the market. Also, there’s a general suspicion that banks are slowing the introduction of newly foreclosed homes into the inventory. In fact, the article went on to state that the number of bank owned properties for sale today has dropped 39% since one year ago.
Home Prices in Palm Springs May Rise
Where inventories are low, I think it possible that, in selected areas, our home prices in Palm Springs may rise with these shifting conditions. There are two things that drive this – low inventory and desirable location. Thus, the more desirable the location, the more likely this will happen. It’s striking that what’s happening in Palm Springs mirrors what is happening throughout “California and throughout the nation.” Although I am not a fan of gross national averages, the article did state that nationally, the number of listings is presently down to the lowest point since 2007. So we can see that statistics do indicate that something new is going on throughout the nation’s real estate market. It usually follows that inventory drives prices, that is to say:
The more scarce the inventory, the higher the prices.
Knowing that all these factors create a situation in which home prices in Palm Springs may rise, it’s going to be very interesting to track our market conditions in the next few months, as our busy selling season is just beginning. I’ve been saying the same thing for many months, and the Desert Sun article just adds emphasis to my position that, while mortgage loans are at historically low interest rates, and prices are still way down, this remains a great time to be buying a home in Palm Springs! For the entire article, read Fewer Valley Homes for Sale.
Dick Sakowicz is a REALTOR with ReMax Real Estate Consultants who lives in Palm Springs and serves the greater Palm Springs area.
Palm Springs Revitalization
Palm Springs revitalization will get a boost if we vote YES on Measure J. The Palm Springs City Council after much debate has finally taken a concrete step toward finding new funding for dynamic downtown growth. I believe the highest priority is to resolve the vexing problem in the revitalization of Palm Springs – the resurrection of a 21st century version of the Desert Fashion Plaza. Over the years we have all seen various Palm Springs revitalization proposals for the Desert Fashion Plaza developed, submitted, debated and disappear because the economic basis for implementation was not supportable or could not work, given the design constraints placed on the plan by the city.
Revitalization of Palm Springs
I do not represent that I am an expert on the subject of urban planning but it seems to me as a citizen of this city, Measure J for the revitalization of Palm Springs represents a pathway to a solution and is a better alternative than doing nothing. It provides a tangible financial tool for the creation of a credible partnership between business and local government. It provides working capital that our city planners can utilize and, when added to private sector investment, may finally result in a plan that can be implemented. Most importantly, none of the proceeds for Palm Springs revitalization in Measure J will go out of Palm Springs to some other community, nor will any of these funds wind up in State coffers. This will result in LOCAL funding for LOCAL Palm Springs improvements.
Palm Springs Votes on Future Growth
The detractors of Measure J, the “Palm Springs Taxpayers Association”, have raised no real arguments against the measure and are offering no alternatives. We need your support when Palm Springs votes on future growth. Our elected local city officials that we empower to develop, evaluate, and implement our city improvements have struggled with this issue for many years. They are unanimously behind this measure. The business community appears to support it, and it now needs the voters to endorse it.
Vote on Future Growth of Palm Springs
On November 8, 2011 please vote on the future growth of Palm Springs. For more detail read – Vote YES on Measure J.
Dick Sakowicz is a REALTOR with ReMax Real Estate Consultants who lives in Palm Springs and serves the greater Palm Springs area.
It’s Thanksgiving Day in Canada, Columbus Day in the U S
It’s Thanksgiving Day in Canada, Columbus Day in the U S. On the second Monday in October each year since 1957, our Canadian neighbors have officially celebrated their blessings and the bountiful harvest of the season. This public holiday is called Thanksgiving Day, or Jour de l’Action de grace in Quebec. For most of Canada, Thanksgiving is a statutory holiday, with the exceptions being the Atlantic provinces of Prince Edward Island, Newfoundland and Labrador, New Brunswick and Nova Scotia.
While the actual Thanksgiving holiday is on a Monday, Canadians might eat their traditional meal on any day of the three-day weekend, with Sunday or Monday being the most common. This autumnal tradition in Canada corresponds to European Harvest Festivals. It also corresponds to our own US Thanksgiving weekend in November with similar events including parades and football games. Canadian Thanksgiving time includes an Oktoberfest Parade and the Canadian Football League’s doubleheader known as the Thanksgiving Day Classic, all broadcast nationwide. Adding to the holiday spirit of Thanksgiving in both countries are the pumpkins, sheaves of grain, cornucopias, corn, and other harvest symbols used for decorations in businesses, homes, and churches.
Canadian celebrations of harvest had gone on for centuries with the indigenous peoples holding festivals, ceremonial dances and other practices, long before the arrival of Europeans. The more recent history of Thanksgiving in Canada can be traced back to the 1578 voyage of Martin Frobisher from England in search of the Northwest Passage. A few years later French explorers and settlers, led by Samuel de Champlain, arrived in Canada in 1604 and also held huge feasts of thanks.
Today, as on every second Monday in October, the Thanksgiving celebration of harvest time in Canada coincides with Columbus Day in the United States, which honors Christopher Columbus’ arrival here in 1492. Columbus Day is observed throughout most of the states; however, a few have chosen to rename the anniversary for historical or cultural events more closely aligned with their own region and populace; and Alaska doesn’t celebrate Columbus Day at all.
So, in conclusion, whether you are a Canadian celebrating Thanksgiving Day, or a US citizen observing Columbus Day, we hope that it’s a good time for all!
Palm Springs VillageFest Extends Its Hours
Palm Springs VillageFest Extends Its Hours.
VillageFest, the weekly street fair in beautiful downtown Palm Springs, just began its fall hours last Thursday. Located along Palm Canyon Drive between Baristo and Amado Roads, this very popular street celebration will now take place from 6 to 10 p.m. every Thursday evening.
Palm Springs VillageFest, organized more than 20 years ago, is an event to be enjoyed by kids of all ages. It features more than 200 booths with art, handcrafted items, music and lots and lots of food. Many shops, galleries and restaurants also stay open late on Thursday evenings. Special events at VillageFest already planned for this season include the annual “Halloween Spook-tacular” on Oct. 27 featuring trick-or-treating, a pumpkin patch, and a children’s costume contest.
If you have not attended VillageFest, check it out. It’s one of the reasons Palm Springs is so special. Whether you’re a full time or part-time resident, the Palm Springs VillageFest is just one more local tradition that you’ll love in making Palm Springs your home. For additional information, go to VillageFest.
Record Low Mortgage Rates Available for Palm Springs Home Buyers
Freddie Mac announced today that for the first time in history the mortgage rate on a 30 year fixed mortgage loan has fallen below 4%, creating record low mortgage rates available for Palm Springs home buyers. The 30 year mortgage rate was 3.94% today. This benchmark 30 year rate is now available to US Citizens. See NYT Summary Box.
Low rates on shorter term US mortgages are now being made available for Canadian buyers in Palm Springs. Until recently, it has been very difficult for Canadians to obtain mortgage loans for property in Palm Springs, where they typically are seeking a second home to enjoy in the sun during their own severe weather back home. They are also shopping to find attractive investment properties in Palm Springs. So all in all, this is very good news for Canadian buyers of Palm Springs real estate. The current low mortgage rates on loans available to US citizens have had a positive downward influence on the now historically low rates for Canadian citizens and other foreign nationals.
To check this out I called my local mortgage broker associate at First Bank to find out what impact these historically low rates for US citizens had on low interest loans that are available to Canadian borrowers. He said that some of his portfolio loans available to Canadian borrowers are as low as 2.75%, a super low rate. So the carry home message is, if you are a Canadian buyer interested in buying your winter retreat in Palm Springs, now is the time to act. Our prices continue to remain low, the Canadian dollar is still almost at parity with the US dollar, and we have a great selection of single family homes and condos. Lastly, you now can obtain a mortgage loan at historically low rates to help fund your purchase. Remember winter is just a few weeks away. For more information, call me at 760 861-0952.
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