Tag Archives: Alta

Greener Fairways In Coachella Valley’s Future!

Posted on by

What does a $20M pledge for a new medical school, the opening of a privately-funded law school, and a new four-year undergraduate degree program all have in common?

Answer: The Coachella Valley – All of these bright new developments are occurring NOW within the Coachella Valley!

The Coachella Valley can also boast:

  • Two new private homebuilders have entered the sub-market;
  • Several public homebuilders have closed on multiple finished lot opportunities; and
  • A 25-year real estate veteran backed by “New York money” has  closed on and currently entitling a 7,800 unit community

Home Sales Activity

New home sales: Toll Brothers experienced five sales at its new Alta project, located in South Palm Springs, within the first month of its opening!  By selling homes with a price point range from the mid-$700,000’s to the mid-$800,000’s, Toll Brothers is demonstrating how the high-end home market is returning to the Coachella Valley.

Home Resales:  According to MarketWatch, resale home prices have risen 13% since September 2011. For the first time in years, resale inventory is below 4,000 homes and number of months supply is under four months. Last year in April, over 5,700 homes were on the market (approximately 5.7 months of inventory). While prices are still low, both sales pricing and absorption are heading in the right direction!

Noteworthy Permit Activity

The City of Rancho Mirage has issued more new home permits so far this year than all new home permits issued in the City in 2010 and 2011 combined!

In case you missed it:

Stone James led a panel discussion on land in April at the Desert Valleys Building Association’s economic update, “Cut to the Chase for 2012: Our Economic Future.”  The topics and insight generated from the panel discussion are well-summarized and quoted in an article by Mike Perrault at The Desert Sun (via MyDesert.com). Read the article to see what Stone and his fellow real estate experts had to say: Panel: Housing the Best Bet for New Growth.

Source: Stone James, Marketing Consultant, (760) 219-7227

Advertisement

Coachella Valley: 1, 2, 3… Cha Cha Cha…

Posted on by

Some impressive numbers are driving growth within the Coachella Valley. 10,000… 300,000… and 3,600,000… According to the Social Security Administration, these are the numbers of Baby Boomers who are turning 65 years old each day, each month and each year, respectively, for the next 19 years! 

Ranked by CNN Money.com as the second Best Retirement Destination in the United States, Palm Springs (and the rest of the Coachella Valley) is experiencing growth and demand today not seen in many other markets across the US.

From a land investment perspective, demand and activity within the Coachella Valley and Imperial Valley is decidedly picking up.

  • Toll Brothers is demonstrating that selling new homes in the Coachella Valley for $740,000 IS possible.  The Nation’s top luxury homebuilder sold FIVE homes in its first month of sales at their new Alta project in Palm Springs.
  • With the majority of the finished lot opportunities spoken for within the Valley, interest in entitled but undeveloped land is picking up.
  • D.R. Horton is having success finding qualified home buyers for Renaissance at the Gallery in Palm Desert.  With homes ranging from $269,990 to $355,000 the community is at about 50% build-out and is seeing increased interest from potential buyers. 
  • In 2011 the volume of resale home transactions within the Coachella Valley was 96% of the 2004 market peak (7,275 vs. 7,574). Conversely, 2011 new home building permits are at the lowest levels since before 1983 according to Marketwatch, LLC.

CLOSED DEAL IN IMPERIAL CO.!  The Coachella/Imperial Team (Stone James & David Landes) represented the buyer (investor) and the seller (lender) in the sale of 222 acres of prime farmland located within Brawley city limits.  This Imperial County buy-and-hold asset has an approved Specific Plan for 1,149 residential units.  Contact Stone or David for more details on the deal.

Source: Stone James, Marketing Consultant, (760) 219-7227