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Luxury Real Estate Making a Comeback in Palm Springs

Real Estate Agent with Teles Properties

I was browsing Twitter the other day when I came across a re-tweet from Miami Beach Realtor & uber-Tweeter, Ines Hegedus-Garcia.  The online article she was referencing was from the Wall Street Journal and was called "Luxury Home Sales Bounce Back".    The story was talking about how the luxury home market was making a comeback due in part to better financing conditions, realistic home prices, and a continuing buyer confidence.

In the city of Palm Springs, this premise is holding true.  Of the 77 homes that sold in May 2010, there were 8 homes that had a price tag of $1 million dollars or more.  During the month of May 2009, there was only 1 home that sold for over $1 million.  This represents a 700% increase over last year!!

The home that tops the list is the home fondly known as the Elizabeth Taylor Estate (photo above), which was sold by Scott Lyle Realtors (my office) for a whopping $5.2 million dollars.  This home  is located in the tony neighborhood of Old Las Palmas and represents the largest sale price for a home in Palm Springs in the last seven years. 

Here is a list of the other luxury homes that sold last month:

1455 N. Vine Ave- Casa de Plata- the former Howard Hawks estate- 5 bedrooms, 5 baths, nearly 5400sf of living space in Old Las Palmas, sold on May 23, 2010 for $2,383,333.

 955 N. Prescott Dr.-Custom ultra-contemporary home in Old Las Palmas, 4 bedrooms, 4.5 baths, 3876 sf of living space, over 1/2 acre lot, steps to Uptown Palm Springs.  Sold on May12, 2010 for $1.8 million.

840 N. Prescott Dr.- 1938 Spanish Hacienda in Old Las Palmas, 5 bedrooms, 7 baths, 4817 sf, spectacular mountain views.  This home sold on May 26, 2010 for $1.3 million.

 425 W. Via Lola- Home of author Sidney Sheldon, 7 bedrooms, 8.5 bathrooms, 7370 sf of living space,  2/3 acre lot, large sparkling pool, great Old Las Palmas location.  Sold on May 14, 2010 for $1.1 million.

 431 S. Monte Vista Dr.- Great Tennis Club location, steps to Downtown Palm Springs, 3 bedrooms, 3.25 bathrooms, natural desert landscaping, pool with waterfall feature.  Sold on May 26, 2010 for $1,075,000.

 360 W. Pablo Dr.- Remodeled 1942 villa in the Tennis Club neighborhood of Palm Springs, 3 bedrooms, 4 bathrooms, western mtn. views, 3030 sf.  Sold on May 5, 2010 for $1,070,000.

3173 E. Bogert Trail- 2002 contemporary home in the Andreas Hills neighborhood of Palm Springs, 4 bedrooms, 4.5 baths, 4628 sf of living space, panoramic western mtn views.  Sold on May 28, 2010 for $1,050,000.

Let's see next month if this trend in the Palm Springs luxury real market continues through the second half of  2010. 

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About the Author

Harold Watts of Scott Lyle Realtors has been a REALTOR in Palm Springs since 1999. Focusing on the 2nd & Vacation home market, Harold has been helping Buyers and Sellers achieve their real estate goals. If you want to know what is happening with the Palm Springs Real Estate market, give Harold Watts a call at 760-218-8209 or email him at Harold@HaroldWatts.net

Website:  www.PalmSpringsCityLimits.com