Is the California real estate market rebounding finally? According to many Real Estate Experts, what happened to the Real Estate Market across the state of California foretold the downward spiral of home prices, and overall home sales, across the country.
It appears that California Home Sales appear to have turned a corner. In May, the Median Sales Price of a CA home increased to $267,570 - up over 4% from April, according to the California Association of Realtors, as reported in today's Wall Street Journal by Reporter Stu Woo.
The California Inventory of Unsold Homes also continues to fall. Today's report shows a 4.2 month supply of homes unsold, versus 5.6 months supply in April, and 8.7 months of supply in May, 2008. In an average market, there is a 7 month supply. However, the Realtor Association calculates median home prices are still 30.4% lower than they were this time last year.
Today's report seems consistent with the Palm Springs real estate market. Sales have been continually increasing in all price ranges, since January. In our office, June sales to date have been the strongest in over 2 years. Although lower priced homes seem to be the busiest sector of the market, we're starting to see a number of sales in the over $1 million price range as well.
Although we're not seeing panic buying, many of those buyers that were sitting on the fence are realizing that perhaps the market has finally hit the bottom. Its not unusual to have multiple offers on well priced properties lately, often with homes selling for over the asking price.
it feels like we've weathered the storm! If you'd like to find out more about the Palm Springs real estate market, please contact me for more information.
Palms Springs is fortunate that it has probably the highest concentration of mid-century architecture found anywhere in the world, which is pretty impressive for the size of our city of only 45,000. We are internationally known for our architecture, making us famous, and additionally making us a key architectural tourist destination.
Last night unfotunately, the City Council and Mayor voted once again against saving an architecturally historic site, the Town and Country Center, http://www.friendsoftcc.com/ , failing to recognize its value to the city.
I just wanted to take some time to remind people what Historic Preservation is and why it IS important-Unfortunately our Palm Springs leaders couldn't recognize the importance of the Town and Country Center despite preservationists efforts, but perhaps this will assist other groups trying to save their historic gems in their cities. The following was taken from the City of Costa Mesa's historic quidelines, which I think are relevant:
"The Costa Mesa City Council recognizes the importance of protecting historic resources for the following reasons:
To encourage public knowledge, understanding, and appreciation of the City's past.
To foster civic and neighborhood pride and a sense of identity based on the recognition and use of cultural resources;
To preserve diverse and harmonious architectural styles and design preferences reflecting phases of the City s history and to encourage complementary design and construction;
To enhance property values, and to increase economic and financial benefits to the City and its inhabitants; and
To protect and enhance the City's attraction to tourists and visitors, thereby stimulating business and industry."
Best wishes to other preservationists in the world! Obviosuly I'm an avid architectural historian and preservationist myself- so if I can assist you and support you in your causes, please drop me a line!
For those of us that live in historic neighborhoods, here are some useful tips for preservating the architectural and historic value of your homes. Preservation can increase prestige and quality of life, and may increase property values. Often there are tax breaks available for those living in neighborhoods declared historic.
Palm Springs is filled with many historic neighborhoods. (Click here for a map) If you're interested in preserving yours, please read on.....
Tips for preserving your neighborhood
From the pages of the CA-Modern magazine By Dave Weinstein
Reach out for supporters. Build support among neighbors by demonstrating the architectural and historic value of your homes. Sponsor tours, hold block parties, mount exhibits. Provide sign-up sheets to recruit supporters. Bring in speakers with enthusiasm, a sense of humor, and a non-threatening manner. Include everyone. Being non-threatening is crucial. Most people don't want to give up control over their homes. Make sure to include everyone in the process.
Educate the neighborhood. Start 'community education' early on, says Cindy Olnick, communications director of the Los Angeles Conservancy. "It can take years to educate your neighbors and get consensus on it," she says. "It won't work without consensus."
Shoot down myths. Be prepared to combat 'rumors and misinformation' about the ill effects of preservation rules, advises Dwayne Howard, who pushed for the historic designation at Mar Vista in Los Angeles. Olnick emphasizes the point by pointing out one common myth: "Some people say you won't be able to change your curtains if you live in a historic district."
Emphasize value. Focus on how preservation can increase prestige and quality of life, and may increase property values as well. For ammunition, check out the paper 'Historic Designation and Residential Property Values.'
Form a committee. To spearhead the effort, "Organize a small committee to set direction and to handle most of the legwork and document preparation," advises Suzanne Shea, who followed this strategy in creating a single-story overlay for her Eichler neighborhood in Sunnyvale.
Get online. Start a neighborhood website.
Review CC&Rs. Consult neighborhood CC&Rs to see if they call for architectural review. Ditto city zoning codes.
Recruit diverse volunteers. If new architectural guidelines are needed, Denise Jerome of River City Commons in Sacramento suggests to "find volunteers...willing to work for two years on the guidelines, with varying skills or hobbies such as landscape designer/architect, horticulturist, architects, logical design, handyman, writing, organizing, project management, photography, document management, perseverance, legal areas."
Appraise home exteriors. Survey your neighborhood house by house to determine how architecturally intact it remains. For survey forms and instruction, contact your local planning department or the state Office of Historic Preservation. Also, find out if someone has already done such a survey or plans to do one. The city of Los Angeles is gearing up for SurveyLA, a citywide survey of potentially significant structures. Caltrans is also surveying neighborhoods throughout the state that may be affected by future highway work. And some local preservation organizations have surveyed historic areas.
Use surveys as educational tools. Don't let your completed survey molder! Use it to increase appreciation for your neighborhood's assets. Publish it with photos and put it on the web. Place copies in libraries, community centers, and at city hall.
Win over government. To win backing of city or county government, Doug Kramer of Rancho Estates in Long Beach suggests: "The key thing is to have an association and to ensure that association is communicating effectively with their council person, with their homeowners, with their neighbors."
Anticipate opposition. "Shortly before the planning commission and city council hearings, go to city hall and check in the file for your application, note if anyone is objecting and what their concerns are," Shea says. "Also, read the planning staff analysis and recommendations, so you can be prepared to respond to any concerns at the hearings."
Get supporter turnout. "Make sure to have a large turnout at hearings," Shea says. "Have many people speak, but keep it brief and each cover a different aspect. Don't repeat yourselves."
Dramaticize your case. At public meetings, dramatic presentations help. To illustrate why two-story homes wouldn't work in their neighborhood, Sunnyvale residents displayed a slide of one of their neighbors trying to enjoy pizza at home -- while waving through his wall of glass at what a neighbor in a proposed two-story home would be able to see -- everything!
Investigate registries. To seek a spot on the National Register of Historic Places or the California Register of Historic Resources, contact the state's Office of Historic Preservation. Applications are reviewed by the office's staff, then by the Historical Resources Commission. The commission makes recommendations for national recognition to the National Park Service.
Review prior successes. Talk to residents of other neighborhoods who have created overlay zones or instituted architectural review to find out how they did it. Several of these neighborhoods have been profiled in CA-Modern. Stay strong. And, Denise Jerome urges, "Be persistent, and don't give up hope."
Please take a moment to electronically sign our petition at
http://www.ipetitions.com/petition/TownandCountryCenter/ in support of the Class 1 historic site designation of the Town & Country Center (T&CC) (1948). The T&CC is an architectural masterpiece designed by A. Quincy Jones and Paul R. Williams.
The city council will meet to discuss the Class 1 historic site designation of the T&CC at 6PM, Wednesday, June 24, 2009 (as always, subject to last-minute rescheduling) and you are encouraged to attend. The designation is the only item on the agenda that evening. Although the city staff and the city's Historic Site Preservation Board have recommended designation, the owner/developer does not support the designation and has lobbied against it. See http://www.pspreservationfoundation.org/tcc.html for additional background information on the T&CC issue.
If you would like to assist in this petition effort, please forward this petition to like-minded concerned citizens. If you would like to do even more to help, please contact us at info@pspreservationfoundation.org.
Real Estate Sales Activity for Palm Springs, Week Ending 6-14-09
Presented by Paul Kaplan
Sales volume is up, consistently increasing over the past few months. As can be seen, the busiest sector of the market remains to be the under $400,000 price range, which represents appox. 90% of this past weeks sales.
After a severe economic storm of more than 365,000 California foreclosures since early 2007, the state's long-awaited 90-day foreclosure moratorium law goes into effect Monday.
Startting Monday, loan servicers must prove to the state they have comprehensive loan modification programs in place - or be denied rights to foreclose on their own schedules. The new law is supposed to make lenders try harder to keep borrowers in their homes.
The law will largely press lenders to follow the Obama administration's Making Home Affordable Program that began in March. That encourages lenders to cut interest rates or rewrite loans to 40-year terms to get payments below 38 percent of a borrower's monthly income. Other options include reducing principal and tacking missed payments to the back of the loan. Under the law, California officials also can encourage short sales or deeds in lieu - options in which banks accept less than owed - for borrowers who want to leave or don't qualify for modifications.
This is basically how the new law will work:
• Lenders will submit applications to the state outlining their loan modification programs. That gives them a 30-day exemption from a moratorium.
• If the state OKs a lender's program, the firm is permanently exempt from the 90-day delay on foreclosures.
• If the state rejects the program as inadequate, a lender has 30 days to upgrade it and be reconsidered.
Leyes said consumers will be able to see a list of lenders that comply with the state's requirements by mid-July.
Great buy for a mic-century classic desert bungalow
Rare opportunity to own this nearly 1/2 ACRE property with vintage mid-century artist's bungalow high in Cathedral City Cove. This is truly a special and SERENE PROPERTY with AMAZING rare valley views, city light views, & panoramic mountain views. This artist retreat oozes charm & character throughout featuring: natural wood beam and tongue & groove wood ceilings, classic kitchen, a cozy space yet has sizable rooms with great flow & views from EVERY ROOM. It's the perfect home to enjoy your morning coffee while watching the sunrise & admiring the natural beauty of the MATURE desert landscaped grounds (the diverse mature plants/vegetation are PRICELESS). This is truly a property to be admired and to create your personal PARADISE & don't forget it is located on Paradise Way in THE COVE. (This is one of the original homes built in the upper cove and is situated on one of the PREMIUM estate-like lots).
1 bedroom 1 bath
Approx 758 SF
Lot size 18,731 (HUGE) Offered at $122,760
For more information, please call me at 760-285-8559
1. Take a hike - Southern California's most breathtaking scenery and tallest mountain ranges... The Coachella Valley Hiking Club 760-345-6234, Desert Trails Hiking Club 760-340-2256
2. Ride your bike - Palm Springs has miles of well-marked and maintained trails. Pick up a map at the Leisure Center, 401 S. Pavilion Way, 760-323-8274 or at the Official Visitor Center - 800-347-7746
3. Visit Villagefest - Every Thursday night from 6-10 PM October - May 7-10PM June-Sept. Downtown Palm Canyon Drive becomes an old fashioned street fair, with musicians, food, arts and crafts vendros, and a Farmers Market. Between Amado and Baristo Road.
4. Have a picnic- Ruth Hardy Park, Sunrise Park and Demeuth Park offer pleasant, shady spots to picnic, complete with tables, barbecures, and playground equipment.
5. Village Gallery Walk - You can spend the afternoon gallery hopping and enjoying fine art, sculptures, and unique boutiques on Palm Canyon Drive. Check out the local papers for the frequent art fairs held in Frances Stevens Park and Sunrise Park.
Please enjoy a windsheild tour of the Racquet Club Road Estates neighborhood in Palm springs. This development was built by the Alexander Construction Company, with homes designed by William Krisel, AIA, from 1959 to 1963. This tour features the variety of homes available in this area as well as a brief history. Enjoy!
Paul Kaplan
www.MidCenturyModernPS.com
760-285-8559
Pacific Union Real Estate,
Palm Springs, CA
Here are some FAQ's regarding qualifying for the $8000 tax credit when you purchase your home:
Who is a "First-Time Homebuyer"?
You are considered a first-time homebuyer if you (or your spouse) have not owned a principal residence during the three year period ending on the date of purchase.
What property is eligible?
All principal residences within the United States are eligible. This includes single-family attached and detached homes, manufactured homes, and houseboats. The definition of principal residence is identical to the definition under the $250,000/$500,000 capital gain exclusion rules.
When must you purchase your home?
You must close the purchase before December 1, 2009. If you build the home you are treated as having purchased it on the date you first occupy it.
How much is the credit?
2009 purchase: Lesser of 10% of the home's purchase price or $8000.
When is the credit claimed?
2009 purchase: 2008 or 2009 tax return. You can purchase in 2009 and take the credit on your 2008 taxes. You can amend your 2008 return to do this if you have already filed.
Is an unused credit refundable?
Yes, any unused credit is refundable, even if you have little or no federal income tax liability to offset. Wouldn't that be a nice check to get?
Isn't the credit just an interest free loan? Won't I have to repay it?
No repayment.
What other situations would require me to repay the credit?
2009 purchase: Entire credit amount must be repaid if home ceases to be your principal residence within the thirty-six month period beginning on the purchase date.
--If you sell the home, convert it to business or rental property, or the home is destroyed or condemned and not replaced within two years, you'll have to repay at least part of the credit claimed. --Repayment will not exceed the profit on sale, if sold to an unrelated person. --The spouse receiving the home in a divorce settlement is responsible for any repayment. --Repayment is not required if you die. Now there's a tax plan.
Are there income limits to claiming the credit?
--Full credit available for single and head-of-household taxpayers with modified adjusted gross income (MAGI) below $75,000 (Married Filing Joint (MFJ) is $150,000). --No credit if MAGI exceeds $95,000/$170,000. --Maximum available credit phases out between $75,000 and $95,000 single and $150,000 and $170,000 MFJ.
--If two or more unmarried individuals buy the home together, they can allocate the credit amongst the qualified first-time buyers using any reasonable method. For instance, non-qualified parents can help qualified children buy the home, and the qualified children would claim the credit. --It is not yet clear how future job-related moves, foreclosures, divorces or other life events will effect the use of the credit. --ALWAYS consult a qualified tax professional with any questions.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Is the California real estate market rebounding finally? According to many Real Estate Experts, what happened to the Real Estate Market across the state of California foretold the downward spiral of home prices, and overall home sales, across the country.
Palms Springs is fortunate that it has probably the highest concentration of mid-century architecture found anywhere in the world, which is pretty impressive for the size of our city of only 45,000. We are internationally known for our architecture, making us famous, and additionally making us a key architectural tourist destination. 
For those of us that live in historic neighborhoods, here are some useful tips for preservating the architectural and historic value of your homes. Preservation can increase prestige and quality of life, and may increase property values. Often there are tax breaks available for those living in neighborhoods declared historic.
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After a severe economic storm of more than 365,000 
1. Take a hike - Southern California's most breathtaking scenery and tallest mountain ranges... The Coachella Valley Hiking Club 760-345-6234, Desert Trails Hiking Club 760-340-2256
2. Ride your bike - Palm Springs has miles of well-marked and maintained trails. Pick up a map at the Leisure Center, 401 S. Pavilion Way, 760-323-8274 or at the Official Visitor Center - 800-347-7746
3. Visit Villagefest - Every Thursday night from 6-10 PM October - May 7-10PM June-Sept. Downtown Palm Canyon Drive becomes an old fashioned street fair, with musicians, food, arts and crafts vendros, and a Farmers Market. Between Amado and Baristo Road.
4. Have a picnic- Ruth Hardy Park, Sunrise Park and Demeuth Park offer pleasant, shady spots to picnic, complete with tables, barbecures, and playground equipment.
5. Village Gallery Walk - You can spend the afternoon gallery hopping and enjoying fine art, sculptures, and unique boutiques on Palm Canyon Drive. Check out the local papers for the frequent art fairs held in Frances Stevens Park and Sunrise Park.
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