I had an Agent call me last week..

"I have a listing I'd like you to take over..call me."

I did.  Turns out it was her own personal residence and it was also a Short Sale.  Unfortunately, she self-listed and worked it for 8 months.  Got several sale date postponments and now..sale date is set for 2/6.  Uh-oh!

Several things jump out here..

1.  With all the Short Sales being done, all the classes being given, all the written updates that come across my e-mail and websites with regards to Short Sale Rules..why would a Realtor NOT know she couldn't self-list?

2.  Same as above..but with regards to the Sale Date.  I was called Wednesday, Sale date is today, Monday.

I got it listed, got price cheap, got an offer on Saturday, tried my best to initiate a Short Sale and contact everyone alive at Bank of America.  I didn't think I could save it..but she's a fellow Agent so I took a whack at the Pinata.  

Title says it's not gone through the sale yet and I'll call again in the morning to see if I can pursuade them to let me try a Short Sale one more time..not likely.

I so wish she'd called me long ago!  She was a slam dunk for a HAFA short sale and would've received Relcation assistance as well as "settled for less than owed" instead of a Foreclosure.  

If you want to list your home as a Short Sale in the Palm Springs area, give me a call NOW!  Before the timing becomes too difficult.  Explore your options early..just as you would with any other business decision.  

Losing your home is scary, but not being in control of the situation is even scarier..

77540 Barons Circle, Palm Desert, California, (Listing #21446840), is a former model home in the private, gated community of Whitehawk.  Priced at just $100/sf, this home will go quickly at $289,900.  Whitehawk has low monthly HOA's of $110/month and is ideally located near the overpass to the I-10 Fwy, with the entrance off of Country Club.  

The homes in Whitehawk were built in the late 90's and this model home was completed in 1996.  Approx. 2900 sf with 4 bedrooms & 4 baths, the usual model upgrades run throughout the property.  Marble floors, granite, vaulted ceilings, arbors & splash pool, gorgeous landscape and beautifully furnished. The Seller is living here and keeps it in impeccable condition.  Easy to show, a delight to see..Seller's loss is going to be this Buyer's GAIN!

Bank of America has the Purchase Money Loan and all Seller docs are in.  Negotiator has been assigned..waiting for that offer.  There is a HELOC, also with B of A.  The HELOC has already been negotiated and terms agreed upon for Short Sale approval.  Furnishings available outside of Escrow.

This one is a fantastic opportunity and won't last long.  Bring an offer!  Sale date is near, although I will get it extended to process this Short Sale.  Take a chance on this one..it'll be worth it!

I wonder if people considering a Short Sale in California know about the Debt Forgiveness expiration date?  This is something that must be considered if you are one of these potential Sellers....

Critical that homeowners considering listing their home as a Short Sale do it in 2012..and in time to CLOSE by 12/31/2012. Why??? The Debt Forgiveness Act expires then! In California, although you will receive a 1099 for the debt that was forgiven, the debt is wiped out on primary and secondary residences..both first and second PMl’s. This helps you so much if you are not insolvent. Consult your CPA, then get that property listed and CLOSED in 2012.

Will the law be extended? I sure hope so. If not, Palm Springs and the La Quinta area will see more Foreclosures. We are really stabilizing in La Quinta. Prices are actually going up! Investors are finding that First time Buyers are able to beat them out in their bids!

Debt Forgivenss Act explained

If you are underwater on your mortgage and considering a Short Sale, get it listed NOW! Your final closing HUD must be dated no later than 12/31/2012 to qualify for your debt forgiveness. Consult your CPA, then get your property listed and CLOSED in 2012! Don’t wait and take a chance!

Will it be extended??  Most likely..but stranger things have happened, so why not move forward before it becomes an issue???

What a curious head line..when every year it's been about prices DROPPING.  I have noticed since mid 2011 and certainly in this first month of 2012..there are alot of BUYERS here in the Palm Springs Valley.

The bottom or entry level prices have been pretty stable for the entire past year.  In fact, it is a noticeable price/sf increase.  Not alot, but 1 or 2% points.  There is less inventory in total.  Foreclosure and Short Sales are down in numbers and multiple offers is the norm.

In the mid-tier..$500-$850,000, I have seen a steady uptick in buyers.  This price point has come down rather dramatically over the past year.  It will most likely not drop much more.  Settling at about 30-40% of peak price/sf.

The Luxury Home Market is the hot ticket right now here in the Palm Springs Valley.  Investors in the 1 million and up price point are buying.  Home Buyers that had been waiting for this luxury market to drop are stepping up and writing offers.

Real Estate in the Palm Springs Valley; Economic Roundup

Good article and the overall numbers support what I am seeing on the street.  That is not normally the case, but it appears that the steady numbers and small price increases in my Valley have convinced nearly everyone that it is a good time to buy!

It's been written about before, but judging by the questions that my Short Sale Sellers are asking, it's still a gray area.

                                        "Can my Lender come after me for the difference?"

In California, the answer is a resounding "NO!"  (Exceptions of course..read on)

Jan. 1, 2011 saw Section 580e of the Civil Code of Civil Procedure come into effect.  July 15, 2011 saw it expanded to offer more Seller protections..

What types of Loans are covered under section 580e? (One to four residential units)

• PML (Purchase Money)
• Rate and term refinance
• Cash out refinance
• Owner occupied
• Rental
• Second home or Vacation home

La Quinta's own PGA West hosted the Human Challenge (formerly Bob Hope Classis) and it was HUGE!  As a local, the added traffic congestion and travel time can be so irritating!  But..breathe and be thankful that people care enough to come to town, fill the Hotels, eat at our restaurants, dance at our night spots, hike, swim, see a polo game and yes..GOLF!

This tournament is huge and Mark Wilson came through for the win!

Along with the Humana this weekend were League Playoffs at both Empire and Eldorado Polo Fields, Farmer's Market in Old Town on Sunday, Art Under The Umbrellas' in Old Town on Saturday..I tell you, La Quinta's winter season is rockin and rollin!

La Quinta is the home of some of the most spectacular golf clubs in the world!  Plenty to choose between with approx. 120 golf courses.  Many of them are offering substantial reductions in playing fees and also membership fees..

Indio, California has it's own horse properties.  Indio is becoming best known as the host city for the Coachella Music & Art Festival, but it also offers a myriad of housing opportunities.  From Tract homes, to more rural areas, this sleepy city is growing in popularity.

The Country Estates section of Indio, offers small, horse friendly homes and ranchettes.  Not as many as there used to be due to development, but still quiet and horsey.

Avenue 49 in Indio is one of the prettiest streets in the Valley.

Croquet Court off of 49th Avenue in Indio.  18 custom home sites around the corner from the polo fields.

Indio, California has a ton of opportunites right now.  Whether you are looking for a great investment property or a horse investment property..Indio, Calif. has it all!  View all Indio, CA listings here..

The Palm Springs Valley has posted a large drop in overall Foreclosure numbers for the last month of 2011.  There are several reasons for this..

1.  Holiday Moratoriums by Lenders.  This has obviously gone away now.

2.  More Loan Mods being appoved.  I hope this is true.  Should keep Foreclosure Numbers down.

3.  Short Sales are being processsed quicker and CLOSED.  Should help keep Foreclosure numbers down.

Realty Trac reports that it took an average of 348 days to complete the foreclosure process nationwide.  This is up from 336 days in the third quarter and up from 305 days in the fourth quarter of 2011.  And we think Short Sales take a bit of time!

PALM SPRINGS VALLEY FORECLOSURE ACTIVITY..BY CITY

La Quinta:  Total of 121.  Down a whopping 30%

Indian Wells:  Total of 11.  Down 8%

Palm Desert:  135 Total.  Down approx. 15%

Indio:  89 Total.  Down 30%

Palm Springs:  180 Total.  Down approx. 22%

Rancho Mirage:  66 Total.  Down 3%

Thermal:  37 Total.  UP 94%

California:  984 Total.  Down 20%

Will this trend continue?  I can tell you that here in La Quinta and the Palm Springs Valley, there are huge numbers of Buyers.  In the past two weeks, I have had Buyers from France, Canada, La Quinta Investors, and Orange County.  All were cash, but my Investors are now getting bumped by first time home buyers with cash or loans in place!  That's actually driven up the price/sf and we are all THRILLED!

Our winter paradise continues to appeal...

55825 Medallist Dr., offered at $1,000,000, is a gorgeous, semi-custom home listed at PGA West, La Quinta.  This Tuscan inspired home is in the exclusive, gated community of Norman Estates.  Norman Estates is an enclave of 58 semi-custom homes behind their own private gate, which is within the gated community of The Norman Course, at PGA West.

These homes were designed by award winning architect, Frank Stoltz, and built between 2005-2006.  Four distinct floor plans, one of which won Architectural design for best single family home in 2007, the homes come in 3 different exterior elevations.  The general look of the neighborhood is Mediterranean with very large lot sizes..especially for a golf course community.  Lot sizes run from approx. 14,000 sf to approx. 20,000 sf.

55825 Medallist Dr. is a modified Plan 1.  The owners are the original ones and oriented their home to capture the Southwest Fairway and Mountain Views, while also including an interior courtyard that is cool and shady the entire year.  The Golf Cart Garage has been enclosed, custom shelving units installed along with A/C, to create an office which also adds approx. 200 sf to the home.  Total size is approx 3,400 sf.

This was one of the premier lots at the Norman Estates.  Close to 19,000 sf, elevated and pie shaped, the home has massive views and fantastic light.  2 bedrooms + 2.5 baths in the main home and also offering a courtyard, detached Casita.  The Casita is very large with a bedroom area, sitting area, walk-in closet and full bathroom with undercounter refrigerator.  French Doors open to the interior courtyard so your guests can enjoy their morning coffee without disturbing you.

The home site has extensive, lush citrus (7 types!) + rose gardens, along with paths to the saltwater pool and waterfall spa.  The outdoor cook station has a built-in BBQ and Bar area to maximize your indoor/outdoor living experience.  

This one is prime!  Viewing by appointment only..

This home is an equity sale and the Sellers are NOT distressed..just need to relocate closer to the office.  This is one of the only homes listed at Norman Estates, PGA West..and a very special home site!

Palm Springs, California is known for it’s history..mostly known for it’s Celebrity History to be more accurate. But there is much more. Nellie Coffman’s Inn was the catalyst for much of Palm Springs original business growth. People came to the desert for both rest and relaxation, and also to try to heal Tuberculosis. It was thought the dry air and warm temperatures would help cure it..and they did appear to help. Our many hot springs added to the healing process.

Back to Palm Springs first bank. None of the big banks wanted to touch Palm Springs due to our seasonal life here..who could make a profit on people that only lived her 6 months a year? Bank of America offered Palm Springs citizens a deal..and they took it!

Nellie Coffman was Palm Springs, Californias' biggest supporter.  She believed in the City in the middle of the desert and was so instrumental in putting it on the map.  Kudos to Nellie!