$2,500,000
The Palm Springs real estate market is being hit just like the rest of the country, HOWEVER, we live in an area that is just a tad different.
We are a secondary home market and retirement community which gives us a different situation than the rest of California. We of course have foreclosures and short sales more than ever before but we certainly aren't looking at the majority of our community on the chopping block. Most of the home owners in this area either live here seasonally or have retired, thus the issue of a pending recession is not as significant to a lot of our home owners or buyers.
When I speak to my Canadian clients or some of my LA clients they see the headlines of the entire nation, "Real Estate tumbling", or "The bottom isn't even in sight yet". This may be true for some of our country but it's a situation that couldn't be more generalized. It's on par with taking a general forecast: "The U.S. is 75* today and it may rain later in the afternoon"? Would you ever take a weather man seriously if he gave one single forecast for the entire country?
We are still moving real estate here and there are certainly some great bargains, but if you want to own a home in beautiful Palm Springs and enjoy the perfect weather it has to offer, it might mean offering what the home is worth not what the real estate weather man told you what you could get it for. Homes are still commanding what they're worth and well worth their price.
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