Dine at the Famous Elrod House, Featured in the James Bond movie, Diamonds are ForeverPalm Springs Life magazine is sponsoring a fun sweepstakes:
To enter, Click Here. GOOD LUCK!! I hope I win and will see you there too! Palm Springs or Seattle??? The Coachella Valley gets flooded by a summer storm!Desert dwellers were still cleaning up Monday after a surprise desert thunderstorm Sunday that wreaked havoc on the Coachella Valley, knocking out power to thousands of customers and flooding roads, homes and businesses. At 6;00 yesterday, I was on my typical early morning walk with the dogs....it was rare that there was a slight sprinkle in the summer....within minutes the rain started to pick up, as we raced home....seconds later, the sky blackened, and the floodgates opened!!! I've never seen it so heavy! Thunder, wind, lightning, our own little huricane!...an inch of rain in less then a hour. We don't see rain that often in the desert, but when we do, it can be a very hazardous event. Later in the day, while driving around, the damage was evident everywhere. Streets were flooded, many were closed, mud everywhere...definately flash flood weather. Unfortunately, many business experienced damage, so much so that the governor declared a state of emergency at the local level today. What a mess! The good news, the sun was back out today, business as usual. For more info, see: http://www.mydesert.com/apps/pbcs.dll/article?AID=/20080721/NEWS01/807210305/1006/news01 Should buyers wait to see if prices continue to drop?I get this comment often from buyers. "I think I want to wait 6 months to see if property prices will continue to drop before buying." In response, who knows, maybe they will continue to drop? But is waiting really the best way to get a better deal on a house? The biggest risk in this equation is interest rates and getting a loan. With everything happening in the mortgage industry these days, it seems to be continually more difficult to borrow money. if rates happen to go up, even if the selling price goes down, you'll end up in the long run paying more for the property. For example: BUY NOW: Buy a house for $500,000 today, with 20% down, good credit, your interest rate will be probably around 6.375% on a 30 year fixed. Payments = $2,495 BUY LATER: Lets say you wait a year, and compare if the value of the house declines 5%. So then you're paying $475,000 for that same house. If interest rates go up just 1% to 7.275%, your payment on that same house will be higher Payments = $2,624 thats $129 more a month, or $1,548/year, $46,440/30 years Also, if you find the house you love now, it might not be available in a year. And even if it was, what would it have saved you by waiting? You'd miss out the enjoyment of owning either a 2nd home for another year, or you keep renting for another year. If you're a Canadian buyer, you have the additional advantage of the Canadian dollar's strength right now. Again, if that should go down, that will affect the net price you're paying on a property as well. Again, no guarantees with anything, just something to consider. No one knows if prices will continue to fall, maybe we are close to the bottom and they'll even start to climb? ..and no one knows if interest rates will continue to rise either. Its a risk you have to take. However, hopefully this helps put it in perspective if it really makes sense to wait before you buy.
Recent article in CNN Money on the Housing Rebound - First Time Buyers taking advantage of the marketThis was posted at the end of June, but is an interesting article in CNNMoney.com On the path to a housing rebound We've experienced an influx of first time buyers in the past few months, as houses have become more affordable then they have been in years. As a resort community, owning a 2nd home again is also becoming more realistic once again. Condos are available for under $100,000; 3 bedroom pool homes are starting below $300,000. Many buyers are coming from the coastal cities like LA, Orange County and San Diego because Palm Springs is a much more affordable alternative for home ownership. If you've thought about buying but were on the fence, it might be time to look at the market to see just how affordable it is to purchase a home.
Indian Lease Land in Palm SpringsWhat is Indian Lease Land? In 1876, Pacific Railroad laid the tracks between Los Angeles and Yuma, Arizona. The U.S. government deeded the Agua Caliente 52,000 acres throughout the Coachella Valley (6,700 acres lay within the city of Palm Springs). The government gave the railroad a checkerboard of every square mile of land for 10 miles on either side of the railroad right-of-way. The Agua Caliente tribe got the non-Pacific Railroad owned squares. The city of Palm Springs is built on a "checkerboard" consisting of alternating Indian and non-Indian land. Some of the best neighborhoods in Palm Springs are on Indian land. Over 23000 residential properties are located on Indian lease land, which give the home owner the right to the property for the duration of the lease. Most Indian leases are administrated by the Bureau of Indian Affairs; a homeowner doesn't deal with the Indian owners directly, but instead usually with the appointed property management company or Bureau of Indian Affairs office. Mortgages are available on lease land. Some leases do have minimal downpayment requirements and other specific conditions, however it is not difficult to get a loan on lease land. Interests rates tend to be the same for Lease and Fee Simple land. However, WE RECOMMEND GOING WITH A LOCAL LENDER THAT IS FAMILIAR WITH LEASE LAND. (Contact Paul for more information.) The price of the lease varies generally between $1400 and $6000 per year depending on the property. Some lease payments are paid annually; others are divided and paid monthly. Lease land typically consists of long term land leases that are commonly renewed well in advance of their expiration dates. Typically, Indian Lease land properties have increased/decreased in value at the same rate as Fee Simple land (land that is not lease land). Lease Land vs. Fee Simple Financial Benefits The primary difference between buying land and leasing it is obvious; lease land reduces the cost of a home by 20 to 30% on average. Once a structure is built the land beneath it can be of no other use to the homeowner. So, by owning on leased land, the homeowner gets the use of the land without the capital outlay - and can afford a far more luxurious home for lease money. futhermore, since no one actually owns a home until the loan is paid off, most so-called "land owners" don't really own their property for 30 years. Prices are traditionally 15% to 20% less for comparable properties on fee land. Due to the price the amount of the property taxes are also reduced
While many things determine resale values, all available figures indicated that resales of homes on leased land have climbed in the exact proportion as other homes in the same areas. The condition in which you keep your home has far more influence on its resale value than the fact it is or is not on lease land.
Of course. you can give or sell your home on leased land just as easily as on fee land. however if you are concerned about your heirs 65 years from now, there are four realistic questions you should ask yourself:
Probably because it is easier to understand. Just as a variable annuity gives you the possibility of gaining from both fixed interest rates and asset appreciation, a home purchased on leased land gives you a monthly savings along with the possibility of home appreciation. It can be an investment hedge whether home prices are rising or falling. during an "up" period, your home will increase in price. in a "down" period, the dollars you did not spend on land, but invested in a fixed interest savings, will continue to increase. Today building on lease land is no longer an advantage reserved for business and investment buyers. now, in Palm Springs, it is something any home buyer can enjoy. If you would like to learn more about the Indian lease land, please contact the bureau of Indian Affairs, TESA Branch in Palm Springs at (760) 416 3289 Presented courtesy of Financial Title Company. None of the above statements can be guaranteed. Before you get into a transaction on Indian lease land, you should read and review all contracts, leases and information about the specific lease. We recommend you consult with your accountant, attorney and tax advisor prior to making any purchases on Lease OR Fee land.
First time buyers flocking to affordable Palm SpringsI've noticed a change in my buyers' profile in the past 6 months. I'm seeing more and more first time home buyers entering the marketplace. My last four sales have been to first time buyers. Why are they coming to Palm Springs? With recent price reductions, Palm Springs is once again affordable to first time buyers in California. Many smart property virgins recognize this opportunity and are entering the market- in Palm Springs, home ownership can be a reality- some live in Los Angeles, Orange County, San francisco, where, regardless of declining prices in those markets, its still not affordable. These days, in Palm Springs, you can buy a condo for around $100,000, or a single family home in the $300,000s. Some first time home buyers, purchase in the desert as a 2nd home, while maintaining inexpensive apartments in coastal cities. Many will rent them out seasonally to help supplement their mortgage payments. The added bonus of owning here? The ease of lifestyle- you can actually drive to the store in less then 5 minutes for groceries, minimal traffic, walk to restaurants and shopping. New FHA guidelines on lending, have opened up some great opportunities for first time home buyers as well- including allowing assistance from relatives for down payments, lower down payment requirements, looser credit score limits, etc. We have lenders available to help you with all your financing options and questions. I've been working with first time home buyers for years, and I'm here to help make the buying process as easy as possible, explaining everything thoroughly every step of the way. For those people that always wanted to buy a home but thought you never could afford it, take a look at Palm Springs- now's the perfect time to convert your dreams into reality. I'm here to help you!
The Canadian Invasion in Palm Spring continues....Smart Canadians are continuing to enter the Palm Springs real estate market, taking advantage of historically low prices, and the strong buying power of the Canadian dollar. Many are looking to purchase during the summer, so they'll have a desert escape to enjoy this winter.
We have been working with a number of clients from all over Canada, in the past few months. Because of the challenging mortgage environment for foreign nationals (as well as US Citizens), we now have an in house lender who specializes on staying up to date on the current loan requirements for Canadian citizens wishing to purchase in the US. He will be able to inform buyers of the minimum down payments currently required (this seems to be changing daily!) as well as any requirements necessary to have your money "seasoned" in a US account prior to transfering it to your purchase. Experience counts. It can be a complicated process purchasing in the US, which is why we have hired an expert to help our clients every step of the way. Our goal is to make buying a home in the desert, as easy as possible. We have the experience, knowledge and professional service you'll need to purchase your desert home. For more information, please click here. We'll be happy to help you through the entire process from qualifying for a loan, finding the perfect property, negotiating the purchase and managing the entire process from start to finish. We will provide you with a thorough explanation of each step, so you are up to date on every aspect of the transaction. Thinking about renting your property as a vacation rental to supplement your mortgage? We can assist you with that too. Let us know how we can help. Don't forget, we're also offering Free Airfare when you buy a house from us. Click here for more info and to sign up for this program. Thanks!
Free Air Fare when you buy a home in Palm SpringsFree Airfare to Palm Springs when you buy your new desert home from Paul Kaplan. Now through the end of September, when you purchase your new home in Palm Springs from Paul, you'll be reimumbursed for two (2) FREE roundtrip airline tickets to Palm Springs. We will reimburse you up to a total of $2,000, depending on the amount of your home purchase, at the successful close of escrow. Puchase Price of: How does it work? Bring your receipt for your airline ticket(s) and at the close of escrow, you'll receive the reimbursement! Click Here for more information. We look forward to helping you find your perfect desert resort home. Book Signing with Julius Shulman June 28 in Palm SpringsSaturday, June 28, 2008
Cocktail Reception and Book Signing Julius Shulman: Palm Springs
Celebrated Photographer Julius Shulman and Co-authors Alan Hess and Michael Stern 7 p.m. Screening of the new DVD Julius Shulman: Desert Modern 8 p.m. Cocktails and Treats! First Anniversary Celebration and Book Signing 515 North Palm Canyon Drive, Palm Springs, CA 92262 760•864•1300 • bjustfabulous.com See you there! Palm Springs Celebrates Marriage!Palm Springs is Ready to Celebrate!! Palm Springs is Open for Business! As of June 17, 2008, same-sex couples are able to legally marry in the State of California. The City of Palm Springs invites same-sex couples to come to our welcoming community and experience this historic opportunity. We are prepared to help you with all of your wedding needs and embrace you on this, the most wonderful day of your life. Join couples from around the country and exchange your vows in the beauty and romance of the desert!
Palm Springs Mayor Steve Pougnet invites you to the First Annual Palm Springs Marriage Celebration held Saturday, June 21st from 7-10pm in Downtown Palm Springs on La Plaza between Indian Canyon and Palm Canyon. Gay, Straight, or whatever, please join the celebration in Palm Springs! See you there. Paul |
Paul Kaplan, MidCentury Properties & Architectural homes in Palm Springs Palm Springs, CA More about me… Christies Great Estates/Pacific Union GMAC Real Estate Office Phone: (760) 285-8559 Cell Phone: (760) 285-8559 Email Me ;) Links;) Tags (Tag Cloud);) Archives
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Elrod House Dinner - 
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