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