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Walk Away From Your Mortgage?

Michael Layton (Keller Williams Realty) — Sun, 29 Nov 2009 20:09:28 -0600

Here is a Link to a story published in the San Francisco Gate. In it the writer details an Arizona law professor who has produce a 50+ page paper encouraging homeowners who are under water to walk away from their mortgages. Especially in non recourse states like California. Putting forth the idea that the consequences are not that bad and when there is no hope of recovering the purchase price much less equity why not?

Pretty wild stuff. It is easy to see the appeal to homeowners - take away the guilt the shame and the stigma of a foreclosure and place the blame on the bank and move on. However, having traveled extensively I have been to foriegn countries where the concept of a mortgage does not exist. There the landscape is littered with partially constructed buildings as people can only build when they have the cash. No one loans money to construct a house. This hardly seems like the ideal solution.

I think in cleaning up the mortgage mess there has to be a middle ground to avoid either extreme. The banks - though easy to dislike - are not 100% at fault and a system of no credit would certainly not be good for the real estate or real estate finance industries.

An interesting read for sure - I want to get my hands on a copy of this paper.

What are We Waiting For?

Michael Layton (Keller Williams Realty) — Sat, 28 Nov 2009 11:57:05 -0600

Working in this market and dealing with short sales I have hit on a question that I can't seem to find an answer to. Once a bank has had the chance to digest a short sale what is the hold up in putting it through?

Obviously bad loans are no laughing matter. The banks can't roll over and play dead for every home owner who calls up and can't make their payment. I think most of professionals in the business understand that. A loan modification or in this case a short sale takes more than one quick and easy phone call to the bank. Investors need to be consulted, market conditions and homeowners situation needs to be assessed. Appraisals and a BPO need to be turned in. Due diligence is a sensible business like approach to this scenario.

What I am addressing here is the "post" period of the short sale process. When the bank has had their appraisal, a BPO - client documentation of income and expenses and usually a couple of months with no payments from the borrower. It is crystal clearthe borrow can't or won't pay, crystal clear what the property is worth and what the market conditions are (mostly declining). Yet from this point the banks I have dealt with are taking around 90 more days to generate an approval letter. In my market place this usually means 1) extreme risk of vandalism if property is empty 2) more deferred maintenance issues if property is occupied 3) loss of motivated, qualified and willing buyers 4) loss of value 5) high risk of homeowners taking bankruptcy further entangling the property. And yet, they wait. Why? During the initial period of checking everything out I can understand but once all the facts are on the table doesn't it seem like the best course of action to get the property in the hands of a buyer - off the books - and collect the highest amount of cash possible on the bad loan? At some level it would seem like that would be the banks duty to the investors on the loan or in the bank.

I have personally watched as properties declined as much as $60,000 in value while the bank sat on all the information and a willing buyer who walked away into another property. I also have watched as struggling homeowners decide to take bankruptcy and the property sits and deteriorates away to a fraction of its former value. If anyone knows why I would be curious to hear the reason. In the meantime I will still be wondering what we are waiting for?

Highly Customized Home - Now at a GREAT price

Michael Layton (Keller Williams Realty) — Sat, 28 Nov 2009 11:38:08 -0600

Remodeled And Improved Just For You

Overview
Maps
Photos
Features
Description
Neighborhood
Market Stats

$379,900

Single Family Home
For Sale

Main Features

3 Bedrooms
2 Bathrooms
Interior: 1632 sqft
Lot: 10,019 sqft

Location

2981 N Davis
Palm Springs, CA 92262

Michael Layton

Keller Williams Realty
(760) 272-5500
michael@psagent.com
http://www.PSagent.com

Listed by: Keller Williams

Our recent listings

Opportunity In S. Palm Springs
Remodeled And Improved Just For You
Biltmore Colony Bank Owned
Palm Springs Furnished Condo
Riviera Gardens Villa Unit

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See more Palm Springs, CA real estate for sale

The Right Price - The Right Place

Michael Layton (Keller Williams Realty) — Sat, 28 Nov 2009 11:35:29 -0600

Opportunity In S. Palm Springs

Overview
Maps
Photos
Features
Description
Neighborhood
Market Stats

$419,000

Single Family Home
For Sale

Main Features

3 Bedrooms
2 Bathrooms
Interior: 2400 sqft
Lot: 10,454 sqft

Location

1380 E Mesquite Ave
Palm Springs, CA 92264

Michael Layton

Keller Williams Realty
(760) 272-5500
michael@psagent.com
http://www.PSagent.com

Listed by: Keller Williams

Our recent listings

Opportunity In S. Palm Springs
Remodeled And Improved Just For You
Biltmore Colony Bank Owned
Palm Springs Furnished Condo
Riviera Gardens Villa Unit

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See more Palm Springs, CA real estate for sale

Open Sunday 11/29/2009

Price Reduction On South Palm Springs Condo

Michael Layton (Keller Williams Realty) — Tue, 24 Nov 2009 10:47:07 -0600

Biltmore Colony Bank Owned

Overview
Maps
Photos
Features
Description
Neighborhood
Market Stats

$154,900

Condominium
For Sale

Main Features

1 Bedroom
1 Bathroom
Interior: 748 sqft
Lot: 860 sqft

Location

900 E Palm Canyon Drive
204
Palm Springs, CA 92264

Michael Layton

Keller Williams Realty
(760) 272-5500
michael@psagent.com
http://www.PSagent.com

Listed by: Keller Williams

Our recent listings

Biltmore Colony Bank Owned
Palm Springs Furnished Condo
Riviera Gardens Villa Unit
Golf Course Lot In South Palm Springs
Remodeled And Improved Just For You

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See more Palm Springs, CA real estate for sale

Dramatic Sales Stats in The CA Desert

Michael Layton (Keller Williams Realty) — Tue, 24 Nov 2009 10:42:58 -0600

Big changes in existing home inventory and homes going into escrow. 2 Year stats comparison here

Holiday Traditions In The Desert

Michael Layton (Keller Williams Realty) — Tue, 17 Nov 2009 10:34:41 -0600

While Christmas and the holidays this time of year conjur up visions of snowcapped mountains and pine trees Christmas time traditions are alive and well in the Southern Californian desert communites of Palm Springs and Palm Desert. Check out this link to read more

Palm Springs SageWood Condo For Sale

Michael Layton (Keller Williams Realty) — Tue, 17 Nov 2009 10:16:52 -0600

Palm Springs GOlf Course Tahquitz Creek

Michael Layton (Keller Williams Realty) — Thu, 20 Aug 2009 23:18:33 -0500

South Palm Desert - Selling Below Cost!

Michael Layton (Keller Williams Realty) — Tue, 18 Aug 2009 10:41:26 -0500

Palm Springs Palm Desert CA area Market Statistics

Michael Layton (Keller Williams Realty) — Tue, 18 Aug 2009 10:35:37 -0500

Palm Springs CA - Palm Desert CA - Market Statistics

INVENTORY DROPS - DAYS ON MARKET DECREASES - MONTHS SUPPLY OF INVENTORY AT 2 YEAR LOW

As the statistical chart below shows the Palm Springs -Palm Desert area real estate market is continuing to show a steady drop in the inventory of available homes for sale. Days on market has declined from 90+ to about 83 as of this writing and we are beating the national average on Months Supply Of Inventory.

Important to note is the ABSORPTION RATE. The rate at which homes are being purchased is reflected in the MSI figure. For Example in December of 2007 we had a 23 month supply of inventory with 8,458 homes on the market where as in December 2008 we had a 14 month supply of inventory with almost the same number of homes on the market. Tracking this is where you will see the market improving.

Month-Year/ MSI-local/ MSI-National Avg/ Total Homes on Market

Jul-09 /5.8/ 6.8/ 5,647

Jun-09 /6.3 /7.2 /6,220

May-09 /7.0/ 8.1/ 6,850

Apr-09 /7.4 /9.0 /7,510

Mar-09 /7.8/ 11.4/ 8,018

Feb-09 /12.1 /13.2 /8,299

Jan-09 /12.0/ 16.4/ 8,212

Dec-08 /14.6 /13.3 /8,111

Nov-08 /15.5/ 15.8/ 8,249

Oct-08 /13.2 /11.2 /7,900

Sep-08 /11.6/ 11.7/ 7,520

Aug-08 /12.2 /12.2 /7,369

Jul-08 /11.9/ 11.4/ 7,553

Jun-08 /13.4 /12.3 /7,979

May-08 /11.6/ 11.9/ 8,261

Apr-08 /11.2/ 12.7 /8,713

Mar-08 /12.9 /15.7/ 8,952

Feb-08 /14.8 /21.1 /9,003

Jan-08 /17.4/ 22.7/ 8,903

Dec-07 /23.0 /19.5 /8,485

Nov-07 /18.6/ 24.0/ 8,665

Oct-07/ 23.9/ 24.4/ 8,357

Sep-07/ 26.4 /45.3 /7,525

Aug-07 /23.4/ 15.7/ 7,065

Jul-07 /16.6 /14.7/ 7,215

____________________________________________________

For more market data and information in the Palm Springs California area feel free to contact Michael or Visit www.PSagent.com

Palm Springs Riviera Gardens Bungalow

Michael Layton (Keller Williams Realty) — Tue, 18 Aug 2009 10:11:21 -0500

Great Mid Century Sunrise Park Palm Springs

Michael Layton (Keller Williams Realty) — Sun, 07 Jun 2009 11:19:43 -0500

Mid Century In Palm Springs

$412,900

Location:
219 N Morsun Circle
Palm Springs, CA 92262

Map and Directions

Description

Mid-Century in Central Palm Springs

Mid-Century Style in the perfect setting. All the really great homes make you feel good about them from the minute you walk in the door. This home has that quality. Mere minutes from anything and everything in Palm Springs but tucked away on a quiet Cul-De-Sac on a beautiful lot. The house has a west facing back yard taking advantage of the stunning view just perfectly. Mature landscaping and shrubbery lend an estate like feel to the grounds.

The pool and spa are the focal point of the very private back yard. Enjoy both from the expansive covered lanai running the whole length of the back of the house. Open kitchen and great room design is a natural for parties. Laundry closet, 3 bedrooms and two bathrooms round out this great property.

Contact Information

Michael

760-272-500

Location

219 N Morsun Circle

Palm Springs, California 92262

UNITED STATES

Show Map

Links

Virtual Tour

FEATURES

Bedrooms: 3

Bathrooms: 2

Partial Bathrooms:

Square Footage: 1296

Subdivision: Sunrise Park

Parking Space: 2

Lot Size: 10890

Garage Size: Carport

School District: Palm Springs Unified

Year Built: 1958

MLS/IDX#: 41360264

Metro Area: Los Angeles

Status: For Sale

ATTRIBUTES

View

Mountain

Rooms

Laundry Room

Master Bath

Parking Type

Car Port

Off Street

Interior Amenities

Additional Storage

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Fireplace

Kitchen Island

Vaulted Ceilings

Heating Source

Electric

Floor Covering

Carpet

Exterior Amenities

Fenced Yard

Lawn

Near Public Transporation

Near Shopping

Patio

Sprinkler System

Swimming Pool

Building Exterior

Stucco

Wood

Architectural Style

Modern

Appliances

Range / Oven

Full Refrigerator

Sink Disposal

PRICING

Asking Price: 429,000

Flexibility:

Currency: USD

Additional Pricing Information: Home Warranty Included

Photo Gallery

View as Slideshow (13 Photos)

Sawitonline.com LISTING ID:: 474324

Photo Gallery

Sawitonline.com LISTING ID:: 474324

Photos

Features

Single Family Home
Pool
Western Views
Well Cared For Home
Walls Of Glass
Fireplace
Extra Storage closets
Indoor Laundry
Nicely Landscaped

Neighborhood Info

Palm Springs

Palm Springs - A combination of perfect weather, Hollywood glamor, and an intimate village atmosphere have kept Palm Springs on the A-List of great destinations. Enjoy fine dining, shopping, and our world-famous boutique hotels and intimate properties that surround a downtown area distinguished by our famed mid-century modern architecture. For fun, experience the Palm Springs Aerial Tramway, The Fabulous Palm Springs Follies, Palm Springs Pavilion Theater, breathtaking Indian Canyons, Knott's Soak City, or spend time at Palm Springs Art Museum, Palm Springs Air Museum, or Agua Caliente Cultural Museum. Whatever you seek in Palm Springs, rest, relaxation and fun awaits your visit!

Palm Springs real estate represents some of the best over all retirement/vacation home prices in the otherwise pricey California real estate market. The value for the money remains very high when compared to other areas of the state. The proximity to the 22 million southern Californians makes it a perpetually popular weekend getaway. The warmth of our winters makes it the perfect place to escape the cold and snowy weather in the North. While many of our visitors and second home owners come from the Pacific Northwest more and more are coming from Canada and beyond. The ease of arriving by air has greatly increased since the expansion of the convenient Palm Springs International airport. Once a sleepy little, winter vacation spot in the California desert the 7 cities that make up the Coachella valley have blossomed into vibrant year round communities. Palm Springs offers an enviable resort lifestyle that includes over 320 days of Sunshine per year.

For More about Palm Springs living click here. To Read Michael's Blog click here.

Neighborhoods and Architecture: Historic mixes with trendy and new blends with old in the neighborhoods of Palm Springs. From the ULTRA modern soaring rooflines of the multi million dollar ALTA neighborhood in South Palm Springs to the more traditional California Ranch homes of Tahquitz River Estates. Mid Century architecture abounds in the neighborhoods of Palm Springs. From Deepwell, to Ruth Hardy Park to The Movie Colony and Las Palmas and little Tuscany. Palm Springs is an architectural smorgasbord.

The Future: looks quite bright for Palm Springs. A slew of high quality projects are on the books with hotel projects such as the Hard Rock Hotel, Ace Hotel (now open) and Modrigan luxury chain coming in. In addition to that the Spa Hotel downtown is scheduled for demolition at some point next year with a stunning new resort set to take its place. The Wyhndam attached to the Palm Springs Convention Center is slated to become part of the Marriott family with a first class remodel. The City of Palm Springs continues talks to redevelop the old fashion plaza mall in downtown into a a series of condos/lofts and retail focusing on a boulevard leading up to the Desert Art Museum entrance.

Musically: the valley rocks with many shows coming to the casinos, the Agua Caliente in Rancho Mirage just opened THE SHOW the Valley's first dedicated casino theater. Reviews have been good and headliners have included the likes of Billy Joel, Melissa Etheridge, Martina McBride and Jay Leno. Two major music festivals now take place at the East end of the valley. Coachella Fest which draws over 50,000 people to see a variety of bands including many huge headliners such as Madonna, Prince and Paul McCartney as well as countless other acts from across the musical spectrum. On the country music side of things the Stagecoach Festival host a large number of major country and Western Acts.

Cinema: The Palm Springs area is home to dozens of film festivals each year. The largest one - an international event - is held every January drawing A list celebrities and Oscar winners. The excitement continues with Film Noir, Native American, Hispanic, Gay and Lesbian, Jewish and shirt film festivals held throughout the year. Playing host to many of these festivals is the Camelot Theater a real jewel in the crown of Palm Springs. A state of the art theater with an astounding variety of films showing year round. Located just off of Baristo Road at the intersection of Farrell.

Good Eats: Culinary delights are not far behind. The Tropicale continues to delight with amazing cuisine and a chic setting that is retro without being to kitchy. The Purple Palm and the Viceroy are also amazing culinary experiences. Hamburger Marys came to town a few years ago and now we have a custom built DINKS restaurant. The popular Koffi has expanded to South Palm Springs with a location at the new Oceo Townhome Complex directly across the street from the Ace Hotel on the corner of Camino Real.

Running out of things to see and do in Palm Springs in nearly impossible!

Listed by

Michael Layton

Keller Williams Realty
Phone: (760) 272-5500

Listing agent/broker: Keller Williams Realty

Tahquitz River - Special Home with Extra Large Flex Space

Michael Layton (Keller Williams Realty) — Sun, 07 Jun 2009 10:58:37 -0500

Opportunity In S. Palm Springs

$449,000

Location:
1380 E Mesquite Ave
Palm Springs, CA 92264

Map and Directions

Description

Opportunity is knocking. Are you ready? First time on the market in decades. This large home located in South Palm Springs has many special features.

A dramatic entry courtyard complete with fountain, a sunken wet bar, large an plentiful closets, a bonus room, an RV ready garage, storage loft and even a big workshop. Of course there is a pool spa and a very private backyard with mountain views. Three bedrooms and two full baths round out the rooms. There is a fireplace in the den.

Tile floors except in the bedrooms and privacy abounds with the split bedroom floorplan and the walls and hedges it feels like a grand estate. The master even has a private patio. With the enormous garage and adjoining workshop you could create a great hobby area from working on cars or motorcycles to an Artists retreat. The options are almost endless.

Come see what you can imagine in this unique space.

South Palm Springs - Unique Home

Located in Tahquitz River Estates - this unusual home offers a great opportunity to someone with Vision. Opportunity s knocking. Are you ready. First time on the market in decades. This large home located in South Palm Springs has many special features.

A dramatic entry courtyard complete with fountain, a sunken wet bar, large an plentiful closets, a bonus room, an RV ready garage, storage loft and even a big workshop. Of course there is a pool/spa and a very private backyard with moutain views. Three bedrooms and two full baths round out the rooms. There is a fireplace in the den.

Tile floors except in the bedrooms and privacy abounds with the split bedroom floorplan and the walls and hedges it feels like a grand estate. The master even has a private patio.

Come see what you can do to complete this picture.

Contact Information

Michael Layton, GRI, e-PRO

760-272-500

Location

1380 E Mesquite Ave
Palm Springs, California 92264
UNITED STATES

Show Map

FEATURES

Bedrooms: 3

Bathrooms: 2

Partial Bathrooms:

Square Footage: 2400

Subdivision: Tahquitz River Estates

Lot Size: 10454

Garage Size: 2

Year Built: 1948

School District: palm Springs Unified

MLS/IDX#: 41338805

Metro Area: Los Angeles

ATTRIBUTES

View

Mountain

Rooms

Master Bath

Walk-in Closet

Workshop

Parking Type

Garage - Attached

RV-Garage

Interior Amenities

Additional Storage

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Fireplace

Security System

Heating Source

Gas

Floor Covering

Carpet

Tile

Exterior Amenities

Courtyard

Patio

RV Parking

Sprinkler System

Swimming Pool

Building Exterior

Stucco

Architectural Style

Modern

Appliances

Range / Oven

Dishwasher

PRICING

Asking Price: 499,000

Flexibility: Negotiable

Currency: USD

Photo Gallery

View as Slideshow (22 Photos)

LISTING ID:: 441304

Photo Gallery

Entry Courtyard

Living Room

Pool Spa Mountain Views

Side Patio

Master

Master Bath

2nd Bath

Bed 2

Bed 3

RV Garage

LISTING ID:: 441304

Photos

Features

Single Family Home
Oversized RV Capable Garage
South Palm Springs Location
Pool/Spa
3 Bed plus Bonus room
Fireplace
Entry Courtyard
Proivate Master Patio
Large Kitchen
Fruit trees

Neighborhood Info

Palm Springs

Palm Springs – A combination of perfect weather, Hollywood glamor, and an intimate village atmosphere have kept Palm Springs on the A-List of great destinations. Enjoy fine dining, shopping, and our world-famous boutique hotels and intimate properties that surround a downtown area distinguished by our famed mid-century modern architecture. For fun, experience the Palm Springs Aerial Tramway, The Fabulous Palm Springs Follies, Palm Springs Pavilion Theater, breathtaking Indian Canyons, Knott’s Soak City, or spend time at Palm Springs Art Museum, Palm Springs Air Museum, or Agua Caliente Cultural Museum. Whatever you seek in Palm Springs, rest, relaxation and fun awaits your visit!

For More about Palm Springs living click here. To Read Michael's Blog click here.

Running out of things to see and do in Palm Springs in nearly impossible!

Listed by

Michael Layton

Keller Williams Realty
Phone: (760) 272-5500

Listing agent/broker: Keller Williams

Potential Pitfalls In Bank Owned Property Offers

Michael Layton (Keller Williams Realty) — Sun, 07 Jun 2009 10:03:49 -0500

Double Check that Closing Statement!

In my Southern California Desert marketplace the vibe is back. Lower priced short sale and REO (bank owned) properties are humming. We are getting great call and showing activity and about half the time there will be multiple offers on properties like these. It is refreshing to see this level of activity after such a slow start in the first month of the year.

That is the good news.

The bad news is the new level of errors I am spotting. Virtually every HUD1 (closing statement) I see contains a mistake. You must remain very focused on the paperwork in these transactions or you stand to lose big. Looking at the situation and trying to determine the root cause of this I identify several issues.

•a) Long distance escrows - typically in Bank properties the bank has pre-negotiated contracts with certain escrow and title companies. In most cases they are not local. There is no relationship there for me to rely on as I do when the escrows are with local companies. Talk about feeling like a number! To be fair I have had some excellent escrow officers in bank transactions but the norm is average to sub- average.

•b) The sheer volume of transactions. This applies to both the listing agent in the transaction and the escrow companies. They are handling so many files the chances for errors go way up. One agent in my market place has 169 REO listings. Need I say more?

•c) The complexity of these deals. Everyone wants a good deal and the bank owned properties, at least in my market place, are often the best deals you can find. However, this deal comes with a price. The very first thing that typically happens in a bank owned home transaction is that the purchase offer is followed up with a complex "Bank Addendum" these range from 3-21 pages in my experience. Translating all of that information and comparing it to the purchase contract is essential but not always easy. The opportunity for a misunderstanding goes up exponentially.

As with any contract you should read it but in this case you MUST read it. Several of the items that come up time and time again in my experience are:

•I) Repairs - the bank simply won't do them. You may have asked - you may have written it into the contract but read your addendum carefully the bank may have simply excluded them from the agreement. A good home inspection is crucial to understand what you getting into. Also, a home warranty is highly recommended, at least for the first year. These will typically cover the systems in the house for one low service call fee. I think these are must for HVAC and Pool equipment and not a bad idea for bigger appliances such as fridges.

•II) Inspection Periods - Banks like to shorten these. I have seen them try to cut them as low as 5 days.

•III) Non refundable deposits. - You sign the addendum and that's it. NO refunds on the deposit regardless of what you find in your inspections

•IV) Misc. Fees - These can be any amount for any reason. I have seen extra fees for as little as $15 and as much as $550. Typically these are nothing but extra revenue for the bank - be sure you know and look for hidden extra fees in the addendum.

•V) HOA fees - Be absolutely certain, if you are buying in a community that has an association, that the Bank is paying the full amount of the arrearages on the property you are buying. Banks are starting to dig in their heels and limit what they will pay the HOA for past fines and penalties. HOA's are finding it pretty hard to fight the big faceless nameless banks and are simply attaching the fees to the property for the new owners. Not a very nice welcome gift.

The rule of the day is caution and diligence. These deals don't come delivered on a silver platter there is homework to be done.

Michael Layton, GRI, e-Pro
Realtor

Palm Springs, CA
PSagent.com

Mid Century Masterpiece

Michael Layton (Keller Williams Realty) — Sat, 30 May 2009 22:23:01 -0500

Mid Century Masterpiece

Located in Central Palm Springs, on a quiet cul-de-sac this totally redone Mid Century home is a masterpiece of style and substance!

With over 1800 square feet on a 13,000 plus square foot lot space won 't be an issue. In addition to the total interior remodel the roof is new in 2004 as is the saltwater pool in 2005.

The house features multiple patios and courtyards for wonderful outdoor living and privacy.

Amazing opportunity to live the perfect Palm Springs desert lifestyle all wrapped up in one perfect package.

Contact Information

Michael

760-272-500

Location

220 N Morsun Cir
Palm Springs, California 92262
UNITED STATES

Show Map

Links

Virtual TOur

FEATURES

Bedrooms: 3

Bathrooms: 2

Partial Bathrooms:

Square Footage: 1852

Subdivision: Sunrise Park

Parking Space: 2

Lot Size: 13068

Garage Size: 2

Year Built: 1955

School District: Palm Springs Unified

Metro Area: Los Angeles

Status: For Sale

ATTRIBUTES

View

Mountain

Rooms

Dining Room

Laundry Room

Master Bath

Walk-in Closet

Parking Type

Garage - Attached

Interior Amenities

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Fireplace

Security System

Heating Source

Electric

Floor Covering

Concrete

Exterior Amenities

Courtyard

Fenced Yard

Near Public Transporation

Near Shopping

Patio

Sprinkler System

Swimming Pool

Building Exterior

Stucco

Architectural Style

Modern

Appliances

Range / Oven

Full Refrigerator

Washer / Dryer

Dishwasher

Sink Disposal

Microwave

Trash Compactor

PRICING

Asking Price: 595,000

Flexibility: Negotiable

Currency: USD

Photo Gallery

View as Slideshow (19 Photos)

Sawitonline.com LISTING ID:: 1972620

Photo Gallery

Drive Way

Entry

Front Of Property

Living Room

Dining Room

Side Patio

Kitchen

2nd Bedroom

Master bath

Master Bedroom

Side Patio

Patio

Backyard

Night By The Pool

Sawitonline.com LISTING ID:: 1972620

Palm Desert CA Market Statistics

Michael Layton (Keller Williams Realty) — Sat, 30 May 2009 10:41:05 -0500

Palm Desert is enjoying a sales boom like most of the Desert communities. Low interest rates and great first time buyer programs coupled with low prices are making a traditionally slow season a little busier!

Sales stats for Palm Desert:

Current Sales Stats: There are 436 homes and 535 condos currently for sale in Palm Desert. There were 79 homes and 66 Condos that went under contract in the month of May. There were 40 homes and 40 condos for a perfect match in the sold category!

The most expensive home sold in Palm Desert in May of 2009 was a one million two hundred and fifty thousand dollar home on 72-342 Bajada Trl in Stone Eagle. This beautiful golf community is located along the Westerb edge of Hwy 74 in South Palm Desert. There are not too many homes in this newer golf course community so someone got an amazing deal. The home was originally priced at 2 million plus.

TWO YEAR STATS: Check Out These Stats for a great Perspective on the Market

Month	For Sale	Under Contract	Sold	Days On Market	New To Market
April 07	12,006	737	724	96	2,105
April 09	10,575	1,379	939	94	1,559

This Chart shows some awesome movement in the reduction of total inventory and an increase in total sold volume. Days on market is dropping some too and new listings come on are dropping off as well. Keep in mind the two years stats are for the entire Desert - not just Palm Desert.

Palm Springs Market Activity May 2009

Michael Layton (Keller Williams Realty) — Sat, 30 May 2009 09:50:00 -0500

The Month of May was surprisingly busy in Palm Springs. Typically mid April is the end of our traditional season and many snowbirds leave. With graduations and people gearing up for summer May has not really be a strong month for sales in the past.

However, this year with the great first time buyer programs and unprecedented bargains in REO and Short sale properties the Activity was fantastic.

For Palm Springs proper our sales activity was as follows:

In May of 2009 we had 58 homes & 70 condos sell with another 75 condos going into escrow and 97 homes! In both cases and Increase over April. There were 508 homes and 506 Condos on the Market to date in 2009 holding more or less steady in both cases since our last report.

In May 2009 there was one home sold over 1 million dollars in Palm Springs. It was a $1,150,000 home in the Alta neighborhood of South Palm Springs.

Activity is keeping pace and it seems as though June will be just as busy. Multiple offers have returned and now if we could just get some easier financing for the mid range buyers it might get even better. Currently lenders are bending over backwards to make up for their hyper relaxed attitudes of just a few years ago. It is an interesting contrast but tough on the average buyer who just wants to get an affordable loan without having to provide enough paperwork to reach pentagon security clearance levels!

Interesting Facts About Palm Springs

Michael Layton (Keller Williams Realty) — Sun, 03 May 2009 13:22:05 -0500

Palm Springs Facts:

El Mirador Hotel was on the site of the current Desert Regional Hospital. The tower you see today is actually a replica of the original. The original burned in 1989 and was rebuilt in 1991. During World War II the hotel was actual bought buy the army and turned into a military hospital.

Celebrity Sightings: Barry Manilow, Suzanne Sommers and Sonny Bono all live or lived in the Mesa neighborhood just south of downtown Palm Springs. The neighborhoods behind and just south of the hospital are called the Movie Colony and Ruth Hardy Park - dozens of stars of yesterday called this area home at one time. From Bob Hope (yes, the UFO looking house on the hill is his but he had many other Desert properties), Dinah Shore, Frank Sinatra, Tony Curtis and Al Jolson, Barbara Hutton the Hollywood elite of the day enjoyed this desert paradise.

Golf: More than 120 Golf Courses populate the desert. The First one was the O'Donnell Golf Course right in downtown Palm Springs.

Yes, Sonny Bono really was a mayor of Palm Springs in 1988-1992. First woman pilot to break the sound barrier was Zaddie Bunker who was a Palm Springs resident. Amazingly she did it at the age of 73.

The Racquet Club of Palm Springs was founded By Charlie Farrell and Ralph Bellamy. Hollywood stars who created this icon of Palm Springs retreats. The original Bamboo room is still there today. Currently the remains of the club are undergoing renovations to be a condominium community.

The Plaza Theatre in downtown-currently hosting the long running Follies Show - once hosted syndicated radio shows by the likes of Jack Benny and Bing Crosby.

Luxury Pool Villa For Lease

Michael Layton (Keller Williams Realty) — Sun, 26 Apr 2009 11:29:57 -0500

Luxury Pool Villa In Palm Springs

Luxury Lease opportunity. Enjoy a first class Palm Springs experience in this private pool/spa villa. Vaulted ceilings, fireplaces, wet bar and atrium.

Available for 6 month or 12 moths furnished or unfurnished. Amenities include your own maintained pool and spa. Water filtration system, alarm system, double garage, even concierge glass and mirror cleaning every 90 days.

Big comfortable space. Master suite is truly luxurious with huge sitting area and deluxe wet bar. Bathroom features a sunken tub and large shower as well as Dual vanities and a totally private outdoor courtyard. Enjoy superior amenties like upgraded lighting fixtures, superior quality windows and doors as well as custom artwork.

Built in features such as shelving and desks are special touches, landscape lighting, gardner and pool service included. Enjoy the best of Palm Springs by renting the very best luxury villa.

Sundance Resort is a private gated community with a clubhouse, park like grounds, total privacy and seclusion. This villa rental features every luxury imaginable you won 't find a better Palm Springs retreat.

Contact Information

Michael

760-272-500

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Links

Virtual Tour Link

FEATURES

Bedrooms: 2

Bathrooms: 2

Floors in Building: 1

Partial Bathrooms:

Square Footage: 1855

Parking Space: double garage

Year Built: 1982

Metro Area: Los Angeles

ATTRIBUTES

View

Mountain

Rooms

Dining Room

Parking Type

Garage - Attached

Interior Amenities

Additional Storage

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Fireplace

Linens provided

Security System

Vaulted Ceilings

Wet Bar

Heating Source

Gas

Floor Covering

Carpet

Linoleum / Vinyl

Exterior Amenities

Courtyard

Barbecue Area

Clubhouse

Fenced Yard

Gated Entry

Guest Parking

Near Shopping

On-site Manager

Patio

Recreation Center

Swimming Pool

Tennis Courts

Building Exterior

Stucco

Wood

Building Amenities

On-site Manager

Clubhouse

Exercise Room

Security Gate

Tennis courts

Guest Parking

Recreation Center

Architectural Style

Modern

Appliances

Range / Oven

Full Refrigerator

Washer / Dryer

Dishwasher

Sink Disposal

Microwave

PRICING

Asking Price: 1775

per: Month

Currency: USD

Deposit: 1500

Minimum Lease: 6 months

Included Utilities: all but gas, elec & Phone

Availability Date: 2009-05-01

Photo Gallery

View as Slideshow (24 Photos)

Sawitonline.com LISTING ID:: 1970578

Photo Gallery

Grand Entry To Complex

Villa Entry

Lushly Landscaped Entry

Spacious Living Room

Fireplace, wet bar and built ins in livingroom

Livingroom has vaulted ceiling

Private Pool and Spa

3 acre park in center of complex

more park view

2nd Bedroom

2nd Bedroom Builtins

Main Bath

Master bedroom

Master Sitting

Sunken Master Tub

Perfect Seclusion

Expansive grounds

Spectaciular Views

Private pool

Back Yard is walled

Atrium

Diningroom

Kitchen

Club House

Sawitonline.com LISTING ID:: 1970578

First time Buyer Programs Make It Possible

Michael Layton (Keller Williams Realty) — Sun, 26 Apr 2009 10:46:24 -0500

The combination of loan programs and incentives for first time buyers and/or buyers of foreclosed properties are really starting to add up. The biggest issue right now is the confusion over who is qualified for which program.

A quick rule of thumb on the Federal $8000 tax credit is that you are considered a first time buyer if you have not owned a home for the last three years.

On a state and county level we have more programs for buyers including one that covers buyers of new homes - never lived in - regardless of their first timer status.

I compliled information on these programs on a page on my website and you can review it by clicking here.

FHA loans are available to first timers for 3.5% down. With the low prices out there this is a fairly easy sum to come up with. There is also a USDA program (I thought they just inspected meat until I found out about this program!) that helps buyers get into home in "rural areas" (with populations of less than 50,000) for less than 3% down. I recently helped someone use this program to get into a home for about 1.8% down.

When all is said and done, playing your cards right in this market can make home ownership very, very affordable.

Remodeled Home Open Sat 4-18 1-3pm

Michael Layton (Keller Williams Realty) — Fri, 17 Apr 2009 08:35:09 -0500

Michael Layton | Keller Williams Realty | michael@psagent.com | 760-272-5500

2981 N Davis Way, Palm Springs, CA

Remodeled Home With Views and the perfect indoor outdoor lifestyle.

3BR/2BA Single Family House

offered at $399,000

Year Built	1959
Sq Footage	1,632
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Car garage
Lot Size	10,018 sqft
HOA/Maint	$0 per month

DESCRIPTION

Beautifully remodeled home in the Racquet Club East neighborhood of Palm Springs California. Amazing views enhance the wonderful indoor outdoor lifestyle. Patios, covered spaces, a pool and breathtaking mountian views. Nicely landscaped and

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Walk-in closet
Hardwood floor	Tile floor	Living room
Dishwasher	Refrigerator	Stainless steel appliances
Washer	Dryer	Laundry area - inside
Yard	Swimming pool

COMMUNITY FEATURES

Garage parking

OTHER SPECIAL FEATURES

Remodeled Palm Springs Beauty

ADDITIONAL PHOTOS

Pool	Photo 2
Photo 3	Baths
Kitchen	Master Bedroom

Contact info:

Michael Layton

Keller Williams Realty

michael@psagent.com

760-272-5500

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 16, 2009, 11:54am PDT

Open April 18 11-2

Michael Layton (Keller Williams Realty) — Fri, 17 Apr 2009 08:29:41 -0500

Stylish S. Palm Springs Condo

You own the land in this wonderful gated community located in desirable South Palm Springs. Fully furnished (per inventory), wonderfully upgraded and ready for your enjoyment. Move right in and you can have it all.

2 Bed 2 Bath with redone bathrooms & Kitchen. Fireplace, built in bar, ceiling fans, Very private patio, double garage and lots of closet space. The community featured spacious well manicured ground with pools, spas and tennis. You are minutes from Tahquitz creek golf course, dining shopping and entertainment.

Hurry to see this remarkable home before it is too late.

Contact Information

Michael

760-272-500

Location

4850 Winners Circel E
Palm Springs, California 92264
UNITED STATES

Show Map

Links

Virtual Tour

FEATURES

Bedrooms: 2

Bathrooms: 2

Partial Bathrooms:

Subdivision: Waverly Park

Square Footage: 1191

Parking Space: 2

Year Built: 1980

School District: Palm Springs Unified

MLS/IDX#: 41363564

Status: For Sale

Metro Area: Los Angeles

ATTRIBUTES

View

Garden

Parking Type

Garage - Attached

Interior Amenities

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Fireplace

Floor Covering

Carpet

Tile

Exterior Amenities

Barbecue Area

Gated Entry

Guest Parking

Patio

Swimming Pool

Tennis Courts

Building Exterior

Stucco

Building Amenities

Swimming Pool

Architectural Style

Santa Fe / Pueblo Style

Appliances

Range / Oven

Full Refrigerator

Washer / Dryer

Dishwasher

Sink Disposal

Microwave

PRICING

Asking Price: 319,900

Flexibility: Negotiable

Currency: USD

Additional Pricing Information: Offered furnished per inventory

Homeowner Dues: 385

Photo Gallery

View as Slideshow (21 Photos)

Sawitonline.com LISTING ID:: 1965579

Photo Gallery

Waverly Park Palm Springs CA 92264

Walkway to unit

Street View

Entry Patio

Entry

Livingroom

Living looking toward entry

2nd Bedroom

Kitchen all upgraded

2nd Bath

Master bedroom

Master Suite Is Large

master

Upgrade Master Shower

Private Patio

Well Maintained Grounds

Main Pool Pavilion Entry

Wonderful Park Like Grounds

Entrance is Gated

Sawitonline.com LISTING ID:: 1965579

When Things are Not What They Seem

Michael Layton (Keller Williams Realty) — Fri, 17 Apr 2009 08:27:13 -0500

Everything is Not as it Seems:

About two and half years ago I was invited to a dinner party at a friends' home. Their relatives from the East Coast were in town and they wanted to have the get together so we could all meet. It was a nice group of people and dinner was great - outside on the patio on a pretty spring evening. I was enjoying myself until the conversation turned to Real Estate. Normally this is a topic I can jump right in on and enjoy participating in but it was not to be.

During the dinner one of the hosts' relatives began a long discourse on buying condos in Florida. They eagerly explained that all you had to do was go to a new building that had just opened a sales office and buy some of the units by putting down a deposit of as little as 5-10 thousand dollars. Next you waited for the building to sell out, this always happened in a month or a month and a half at most, and then you could sell your units that you had reserved for at least a ten to twenty thousand dollar profit. I was certainly not going to stand up and declare one of the guests of honor crazy or out of touch and I had to sit, rather uncomfortably, as the other dinner guests bought into this and asked all sorts of questions about this amazing money making technique.

As an active Realtor I knew that the market was shifting. This was early 2007. Things were starting to slow down, prices were peaking in our market (and I had heard almost everywhere) and buyer resistance to the increasing cost of homes was growing. Although I did not know the extent to which things would turn around I already knew that change had started. Instinctively I knew that the condo investment strategy being discussed that evening was way off base.

Flash forward to 2009, the press is now full of desperate stories of foreclosure rates and dire economic news. Dinner parties and gatherings are now populated with talks of how much value everyone has lost and do I know anything about loan modifications and short sales? Although not quite as uncomfortable as the dinner party I mentioned above I still feel a little out of step with the crowd. The saving grace is that at least this time I can be the purveyor of a little good news. Surprisingly there is a similar level of resistance to hearing the good news as there was the bad news before. Peoples perceptions are not that easy to change I am learning.

Already I am seeing a change in the market that has not yet registered for the casual observer. Things are moving again. The lower end of the market is hot. Multiple offers have returned. Showing activity is way up. Our months supply of inventory is dropping every month. Yes, the truth is the sales are on the fire sale inventory - homes that have dropped in value considerably, foreclosures and short sales. However, our local market - which is relatively small, saw more than 1400 hundred units go under contract in the last 90 days. Whatever the price, that is a considerable amount of Real Estate to be moving in a "bad economy". Having these properties absorbed can't be a bad thing.

Currently, many of the people I talk with on daily basis are under the impression that there are unlimited opportunities for them to buy incredible steals. It takes some time and some work to show them the reality. If, as I have heard, the media is six months behind reporting what is really happening I look forward to September.

Turnkey Furnished Palm Springs Condo

Michael Layton (Keller Williams Realty) — Sat, 11 Apr 2009 09:56:18 -0500

Stylish S. Palm Springs Condo

Contact Information

Michael

760-272-500

Location

4850 Winners Circel E
Palm Springs, California 92264
UNITED STATES

Show Map

Links

Virtual Tour

FEATURES

Bedrooms: 2

Bathrooms: 2

Partial Bathrooms:

Subdivision: Waverly Park

Square Footage: 1191

Parking Space: 2

School District: Palm Springs Unified

Year Built: 1980

MLS/IDX#: 41363564

Metro Area: Los Angeles

Status: For Sale

ATTRIBUTES

View

Garden

Parking Type

Garage - Attached

Interior Amenities

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Fireplace

Floor Covering

Carpet

Tile

Exterior Amenities

Barbecue Area

Gated Entry

Guest Parking

Patio

Swimming Pool

Tennis Courts

Building Exterior

Stucco

Building Amenities

Swimming Pool

Architectural Style

Santa Fe / Pueblo Style

Appliances

Range / Oven

Full Refrigerator

Washer / Dryer

Dishwasher

Sink Disposal

Microwave

PRICING

Asking Price: 319,900

Flexibility: Negotiable

Currency: USD

Homeowner Dues: 385

Additional Pricing Information: Offered furnished per inventory

Photo Gallery

View as Slideshow (21 Photos)

Sawitonline.com LISTING ID:: 1965579

Photo Gallery

Waverly Park Palm Springs CA 92264

Walkway to unit

Street View

Entry Patio

Entry

Livingroom

Living looking toward entry

2nd Bedroom

Kitchen all upgraded

2nd Bath

Master bedroom

Master Suite Is Large

master

Upgrade Master Shower

Private Patio

Well Maintained Grounds

Main Pool Pavilion Entry

Wonderful Park Like Grounds

Entrance is Gated

Sawitonline.com LISTING ID:: 1965579