With 15 years as a Realtor here in the beautiful Palm Springs Valley, I have seen several cycles in the real estate world. We appear to have pretty much wrapped up our Short Sale frenzy, and I am closing my last short sale listing of 2014. Foreclosures are few and far between, and are not priced a heck of a lot below Fair Market Value anymore.
The most recent "cycle" appears to be two pronged.
1. ANYTHING Mid-century Modern, no matter the condition it's in..will sell! Investors are still buying them, renovating them, and re-selling. Palm springs and Rancho Mirage have the most of this style home. Our Celebrity clientele from Los Angeles, as well as Russian and Asian buyers are really drawn to these homes. I couldn't be happier to see them being brought up to par. A gorgeous housing choice.
2. Investment Properties: Expanding portfolios with real estate Rental propeties has become very popular. Obviously the income vs. expenses numbers have to work, but a good location and South or West views for maximum sunshine will sell quickly.
Both of these current Palm Springs area trends should remain robust for quite some time. Our Modernism Week and the Palm Springs Film Festival, as well as the Coachella Music Festival drive enormous crowds to our Valley. And they are just getting larger and more popular! I see these trends becoming permanent requests for real estate buyers in our warm Palm Springs Valley.
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