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by The KCM Crew
If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! We recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.
The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found at a discount.
Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.
The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.
But not all who are buying luxury properties have a home to sell first.
In a recent Washington post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:
“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”
The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs, and are looking to step into a luxury home… Now’s the time to list your house for sale and make your dreams come true.
by President Jamie Duran, Orange County, San Diego, and Desert Companies
We want to Thank President Jamie Duran of Coldwell Banker Residential Brokerage for this Presidents Message! And we were honored to have been the ones that handled the Sells of these hallmark properties that were features in numerous books and received several architectural awards for its “timeless architecture.” As quoted by us :These are stunning estates with rich history, remarkable design, and incredible vistas. The transactions fell into place beautifully and we were fortunate to be involved with the sales”
346 Tamarisk Rd – Zanuck Estate – Sold /$4.9M
64725 Acanto Drive – Pond Estate – Sold /$7.5M
2212 Southridge Dr – Boat House – Sold /$1.75M
We Cat Moe & John Nelson of Nelson-Moe Properties Coldwell Banker Presidents Premier Properties would also be HONOREDif given the chance to SELL your “Timeless Architecture” Estate as well! Contact us TODAY!
We were very HONORED to have been the ones that listed this Iconic architectural property in the desert of Palm Springs!
Earlier this year after four years of working with Lloyds Bank of London, we announced the listings of the iconic architectural properties at Southridge. Today as an update we are proud to announce the successful closing of escrow of the famous Lautner/James Bond House. This sale marks a historic bench mark as the highest sale in Palm Springs history – a sign of a healthy direction in our Real Estate market as Palm Springs continues to attract the next generation of successful investors from outside the area. We are honored to have another very happy client and appreciate the opportunity given to us. Known as the Elrod House this monumental, world famous residential sculpture was designed by 1968. Organic shapes, monumental construction and world class design create an extraordinary experience of space that Lautner himself described as “timeless” architecture. The 60′ wide circular living room has a conical dome that fans out in nine petals between nine clerestories angled up to bring in light. Retractable curved glass walls open the entire living room and pool terrace to panoramic views of Mt San Jacinto, Mt San Gorgonio and the full sweep of the valley below and mountain ranges beyond. The very rock of the ridge is incorporated into the design throughout the home. A very rare opportunity to acquire an inspiring example of architectural perfection. SOLD!!!
But surprisingly, it’s located in the desert of Palm Springs
Text by Jennifer Tzeses Posted July 8, 2016
The “ship” is situated next to a road and surrounded by palm trees.Photo: Courtesy of Hawaii Life Real Estate Brokers
Part irony, part wishful thinking, this Palm Springs, California, home, aptly named Boat House for its shiplike exterior, happens to be located in the heart of the desert. Built in 1992 by architect Michael P. Johnson for race-car driver Jim Jeffords, the property is located on the side of a hill in the gated community of Southridge. Inside the towering glass walls, the interiors feature 14-foot ceilings. Vistas of the arid landscape and valley take center stage in the living room at the bow of the “ship.” There’s also an open-plan kitchen with sliding privacy screens, a dining area, and three en suite bedrooms, including the master suite, which features a skylight and fireplace and overlooks the living room. Outside, there’s an infinity pool and large sun deck, both with beautiful views. Listed for $2 million, this 3,905-square-foot home has 3 bedrooms and 3 baths. Contact: Coldwell Banker, 760-325-4500; coldwellbankerhomes.com
Walls of glass and wood beams surround the living room.
Photo: Courtesy of Hawaii Life Real Estate Brokers
A skylight crowns the master suite.
Photo: Courtesy of Hawaii Life Real Estate Brokers
The pool area offers amazing views.
Photo: Courtesy of Hawaii Life Real Estate Brokers
Thank you Jennifer Tzeses with Architectural digest for including our “Boat House” listing as one of your recent articles you can also see it here: http://www.architecturaldigest.com/story/ship-home-palm-springs
Famous for appearing in Diamonds are Forever, the concrete masterpiece returns to the market
by Patrick Sisson
A famous modernist home in Palm Springs designed by John Lautner, known by many for its brief appearance in a Bond film, has recently been re-listed, quickly drawing attention and offers. The one-of-a-kind dwelling, which hasn’t been open to the public for years, returns to the market after a lengthy legal battle and is asking $8M, according to The Desert Sun.
Real estate investor Michael Kilroy purchased the Elrod Home, as well as two other properties (the Steve McQueen House and Boat House), for $11 million. Years later, Kilroy fell on hard times and in 2012, UK-based lender Lloyds Bank sued Kilroy, claiming he had stopped payment and owed $1.8 million. In addition, the nearby Southbridge Property Owners Association also sued, claiming Kilroy owed $150,000 in fees.
Last April, Kilroy filed a petition for bankruptcy, and the creditors agreed he had until the end of 2016 to sell. Last week, local broker Nelson Moe Properties listed the home.
Designed for a noted interior designer and considered a key example of Lautner’s exemplary means of blending architecture and nature, the Elrod House is one of the most famous Modernist homes in Palm Springs. Highlights of the home’s layout include a circular concrete canopy framed by glass windows and a projecting pool deck that seems to float above the landscape.
This isn’t the only John Lautner-designed home to be in the news this year. In February, it was announced that his famous, dramatically slanted Sheats-Goldstein Residence, which made a cameo in The Big Lewbowski, was donated to the Los Angeles County Museum of Art (LACMA).
2175 Southridge Drive, Palm Springs, California [Nelson Moe Properties]
Thank you Patirck Sisson with L.A. Curbed http://www.curbed.com/authors/patrick-sisson for including our iconic famous high end real estate home as one of your articles!
Article by Real Estate News
Rising home prices? C’est la vie, say a majority of today’s high-net-worth (HNW) individuals. According to new research Coldwell Banker Previews International®/NRT commissioned from Ipsos MediaCT, 54% of HNW individuals say they plan to make a real estate investment this year, up from 48% in 2014. The report surveyed the wealthiest 1.5% of the U.S. population with an average net worth of $8.5 million, and their outlook on real estate was generally positive.
An overwhelming majority — 94% — expect their property to grow, on average, 16% in value over the next five years. However, appreciation is not their primary motivator for wanting to buy. Those considering a purchase are twice as likely to be looking for a residence for personal use, as opposed to purely for investment/rental purposes. Still, 40% of respondents cited investment attractiveness as a reason to be in the real estate market.
“Property has been a mainstay of high-net-worth investor portfolios for decades, but what is notable now is that so many those investors continue to be bullish about real estate, even in the face of rising real estate prices in many U.S. cities,” says Ginette Wright, vice president of marketing for Previews®/NRT. “Financial market uncertainty and other recent global economic factors, such as a potential slowdown in China, all seem to have contributed to their view of real estate as a safe haven.”
Young, Free and Willing to Pay a Premium
Even younger affluent generations are taking an interest in real estate. The survey found that 69% of HNW millennials (those under age 35) say they plan to purchase a new property in the coming year — running contrary to the myth that millennials are reluctant to enter the housing market. Compare that to 50% of Gen Xers (ages 35-49) and 17% of baby boomers (50 and older), who expect to purchase new property in the coming year. Millennials are also leading the movement toward embracing a “live anywhere” lifestyle, a trend spotted in last year’s survey.
In addition to being more inclined to invest in real estate, younger wealthy consumers are also purchasing homes at substantially higher prices than baby boomers. Gen Xers paid an average of $5.24 million for their last home, and millennials spent $4.96 million. Baby boomers, who tend to be in downsizing mode, reported an average closing price of $1.55 million on their last home purchase.
Most Wanted: Tech and Green Features
What features and amenities do HNW individuals most desire? A home that’s move-in ready was at the top of their list, followed by modern appliances and technology, as well as the latest in “green” features. A growing share of HNW individuals say that a fully automated and wired home environment and a LEED-certified green home are becoming more important.
California pending home sales continued to gain steam in June, registering seven months of continued annual increases and the fifth consecutive month of double-digit increases, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
In a separate report, California REALTORS responding to C.A.R’s June Market Pulse Survey saw a reduction in floor calls, listing appointments, and open house traffic, compared with May. The Market Pulse Survey is a monthly online survey of more than 300 California REALTORS, Which measures data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.
Pending Home Sales data:
• California pending home sales were up 12.5% on an annual basis from the revised 107 index recorded in June 2014, marking the seventh straight month of year-to-year gains and the fifth straight month of double-digit advances.
• Statewide pending home sales fell in June on a month-to-month basis, with the Pending Home Sales index (PHSI) decreasing 2.6% from revised 123.6 in May to 120.4, based on signed contracts. The month-to-month decrease was slightly below the average May-June loss of 1.9% observed in the last seven years.
• A shortage of available homes in the San Francisco Bay Area stified pending sales in June, pushing the PHSI to 127.9, down 5.3% from 135.1 in May down 0.9% from 129.1 index recorded in June 2014.
• Pending home sales in Southern California continued last month’s increase by rising 4% in June to reach an index of 109.6 up 14.2% from June 2014 index of 96.
• Central Valley pending sales fell in June dropping 8.2% from May to reach an index of 99.5 in June but up 14.2% from 87.2 index of June 2014.
Equity and distressed housing market data:
• The share of equity sales – or non-distressed property sales – declined slightly in June to make up 92.4% of all home sales, remaining near the highest level since late 2007. Equity sales make up 92.6% of all home sales in May and 89.9% in June 2014. The share of equity sales has been at or near 90% since mid-2014.
• Conversely, the combined share of all distressed property sales (REOs and short sales) rose slightly in June, up to 7.6% from 7.4% in May. Distressed sales made up 10.1% of total sales a year ago. Ten of the 43 counties that C.A.R. reported showed month-to-month decreases in their distressed sales shares, with Alameda and Santa Clara having the smallest share of distressed sales shares at 1%, followed by San Mateo (2%), Contra Costa (3%), and San Francisco (3%). Glenn had the highest share of distressed sales at 27% followed by Merced and Siskiyou (both at 23%) For more information, visit http://www.car.org, CALIFORNIA ASSOCIATION OF REALTORS®
Posted on May 11 2015 – 3:56pm by Suzanne De Vita
With housing on a steady path to recovery, home prices have risen approximately 20 percent in the last three years, according to the Federal Housing Finance Agency (FHFA) and Standard & Poor’s (S&P) Case-Shiller house price indices – and both consumers and industry professionals expect that upward trajectory to continue this year.
The anticipated increase is the result of intersecting economic indicators – macro-level factors painting the big picture that is today’s housing market.
So what’s impacting prices these days?
Wages and Inflation – As much as the economy’s improved, a recent RealtyTrac analysis illustrates disconnect between house price growth and wage growth. Between 2012 and 2014, home prices increased by 17 percent; wages, in contrast, increased 1.3 percent – a 13 to 1 disparity. Furthermore, home prices continue to outpace inflation rates, growing twice as fast in 2014, according to S&P.
But inflation rates as they stand likely affect home prices indirectly, argues renowned economist and Nobel Laureate Robert Shiller. Because pay increases often boost perceptions of buying power, inflation may have a greater impact on consumer confidence, which, in turn, could ignite housing activity.
Interest Rates and Inventory – Inflation rates, however, do tend to influence interest rates. While it’s reasonable to assume rising mortgage interest rates equal falling house prices, in truth, there’s little evidence of a causal relationship between the two. In fact, higher mortgage rates have a tendency to predicate a decrease in purchases, rather than a dip in prices, concludes Mark Palim, Fannie Mae Vice President, Economic & Strategic Research Group.
That said, interest rates do play a role in overall affordability. In many markets, today’s rates have significantly propelled demand.
“The biggest factor in price gains has been the current low interest rates spurring demand,” says Gabe Sanders of BlueWater Real Estate in Stuart, Fla. “And our low inventory, which makes buyers willing to spend more, since they can’t find enough available lower-priced properties.”
In Sanders’ market, prices on the lower end have risen much more than those of mid-range homes, with the largest gains seen under $400,000 in Martin County and under $200,000 to $250,000 in St. Lucie County. This demonstrates what many nationwide are experiencing – escalating prices, due to a shortage of affordable listings, have adversely tipped the scale, especially for first-time homebuyers.
To counter the lack of inventory and rise in prices, new construction gains are essential, says Lawrence Yun, chief economist for the National Association of REALTORS®. Post-crash, single-family construction has been slow to pick up steam, primarily because of construction costs that fail to meet buyer expectations.
Demographics – In addition, generational shifts have historically affected demand and moved prices in the housing market. Currently making waves are baby boomers and millennials, though many of the latter have been priced out due to statistically lower incomes and sluggish wage growth. And like toppling dominos, too few first-timers bodes ill for move-up buyers or those seeking to relocate.
International interest can also drive home prices, particularly in luxury markets. In Beverly Hills, Calif., global demand, coupled with the area’s high-end status and pleasant climate, impacts prices considerably, says Endre Barath, Jr. of Berkshire Hathaway HomeServices California Properties.
“Prices in the 90210 zip code are trending upward and are getting close to an all-time high,” Barath says. “Looking at the current rate of sales versus the current inventory, we are still in a seller’s market, but getting close to a balanced market.”
Oil Prices – Another distinct market trend could also affect home prices in the near future. Following the decline in oil prices, markets with oil economies, such as Texas, Louisiana and Oklahoma, may see home prices drop at the end of this year and into 2016, Trulia reports. Conversely, non-oil-producing markets, particularly in the Northeast and Midwest, may see a boost in prices. These findings mirror oil and home price fluctuations since the 1980s.
While there are many more variables factoring into the equation, house prices remain subject to these predominant large-scale influencers. I put it to our readers – where do you think prices are headed?
We thought this article was a good one and would like your thoughts in where do you think prices are headed? And if you would like our thoughts contact us we would be happy to discuss this with you.
By Brian Honea
On April 8, 2015 @ 7:59 am In Daily Dose,Featured,Market Studies,News
An early look at the realtor.com national monthly housing data, which is based on the first three weeks of March, showed that housing demand is surging and median list prices are rising faster.
The median age of inventory declined by 13 percent month-over-month in March despite a 2 percent increase in inventory for that same period, according to realtor.com. Meanwhile, the median list price for a home rose nationally by 3 percent month-over-month and 11 percent year-over-year up to $220,000 for March.
“It’s still a seller’s market,” said Jonathan Smoke, realtor.com chief economist. “Realtor.com data shows that supply is not keeping pace with surging demand. We expect rising prices to persuade those who may be on the fence about listing their homes to do so in the coming months, leading to closer parity between supply and demand.”
The realtor.com data concurred with Fannie Mae’s March 2015 Housing Survey  , which also showed signs of a seller’s market. The percentage of respondents in Fannie Mae’s survey who said they believe now is a good time to sell reached an all-time survey high of 46 percent while the percentage of people surveyed who said now is a good time to buy declined slightly to 20 percent, possibly indicating a move toward a more balanced housing market.
Smoke determined the 20 hottest housing markets in the nation based on the number of listing views relative to the number of listings when looking at March data and website traffic. Realtor.com said these markets should see plenty of activity in the next few months as homebuying season gets underway. The top 20 markets were: 1. Waco, Texas; 2. New Orleans-Metairie, Louisiana; 3. Ann Arbor, Michigan; 4. Denver-Aurora-Lakewood, Colorado; 5. Santa Rosa, California; 6. Fort Wayne, Indiana; 7. Vallejo-Fairfield, California; 8. San Diego-Carlsbad, California; 9. Columbus, Ohio; 10. Detroit-Warren-Dearborn, Michigan; 11. Manchester-Nashua, New Hampshire; 12. Boston-Cambridge-Newton, Massachusetts-New Hampshire; 13. Austin-Round Rock, Texas; 14. Boulder, Colorado; 15. Springfield, Illinois; 16. Charleston, West Virginia; 17. Pittsburgh, Pennsylvania; 18. Tampa-St. Petersburg-Clearwater, Florida; 19. College Station-Bryan, Texas; and 20. Lansing-East Lansing, Michigan.
Selling in the winter offers at least two positives – less competition and new customers. During the winter, most people have taken their listings off the market, but agents can help buyers who have been forced into sudden moves, like executives with job transfers who are looking to purchase a property quickly.
To take advantage of the season, make sure your home is properly staged for the winter. This can help your property receive a higher offer and get off the market sooner.
Start on the Outside
There is no question that curb appeal is one of the first things that attract a potential buyer, but more often than not, they are forgiving of a snow-covered property during the winter months. Most buyers understand that snow piles up in the yard and trees stay barren during cold weather.
What they will not tolerate however is the inability to get to your open house because of bad weather. If heavy snow threatens before the open house, you may need to provide alternative directions to visitors or move the showing to when the weather is more favorable.
If snow covers the ground, clear a safe path from the street to the front door. Spreading sand or salt on the walkway can improve footing. Do not forget to also clear a pathway to any outdoor areas that you want buyers to visit, such as a storage shed or guest house.
Make it Comfortable
Be sure to ask your client to turn on the heat in all the rooms for a warm walk-through. Before the open house begins, walk through the property and check the warmth level in each room. If any room or area feels chilly, buyers may assume that the home lacks adequate insulation or has heating issues.
If the source of the cold air is a draft from a hole or a poorly sealed window, seal any gaps to eliminate the problem. Poor air circulation may also be an issue. You can remedy this by moving furniture away from vents wherever the room allows.
What buyers see can affect their perception of warmth. Barren areas, solid colors, shine and reflective surfaces reinforce a “cool” aesthetic and are best reserved for summer staging. In the winter, ensure that warm fabrics, rugs, pillows, curtains, bed linens and tablecloths adorn the home for visual warmth. Layer throws and pillows on sofas and beds so visitors can envision cozy days spent on the couch. Use richly textured materials such as furry blankets and wooden accessories.
Bring in the promise of warmer times by putting containers filled with winter-blooming plants in strategic locations. Place a hanging plant near the entry, a winter bouquet on the dining room table or a bunch of small flowers on the side tables flanking the couch.
Staging your winter listings should not take any more time, effort or money than in the summer. Adequate preparation and a bit of attention to detail can make the difference between marketing a cozy home that buyers will bid on and a property that languishes on the market for months because it seems as cold as the weather outside.