It's said that vacant, raw land is the last property to turn around when the real estate market in general, starts to come back. Certainly true here in the Palm Springs Valley in California. But that may be changing. Builders are buying up properties that were left undeveloped from our historic market crash. Stalled, abandoned, and foreclosed upon developments are beginning to be built out.
Land prices have begun to increase. Prices for finished residential lots has jumped 24 to 41% year over year in all of the cities across the Valley. That's still not a lot compared to what land was selling for during the boom, but any movement of vacant land is a great sign.
Here in the Palm Springs Valley developers that are buying up abandoned projects are tending to build with their by on a niche market suited to particular buyers. Senior developments, custom home gated communities with smaller numbers of built out homes, equestrian communities, and just small enclaves in Palm Springs, La Quinta, and Indio in particular are being built and sold. New home sales are on the come back.
If you are looking to buy or sell equestrian properties in the Palm Springs area, give me a call!
if you are looking or sell If you are looking to buy
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