Primed for deals in Ivy League Estates & Clancy Lane- Homes for sale

Primed for deals in Ivy League Estates & Clancy Lane- Homes for sale

According to Desert Area MLS, as of April 22, 2013 there are 13 "active" listings in these highly desirable communities in Rancho Mirage, CA. In the last 6 months only one property has sold in each of them, and there are currently only 2 properties in escrow.

In Ivy League Estates, prices of homes for sale generally range from $700K - $1mil+, and these homes usually have large lots (usually over 14000 sq. ft.), private pools, 3200-4200 sq. ft. of living space, and expansive great-room areas. Built in the early 2000's, the homes in this gated community have monthly HOA's under $300. Located right off Bob Hope with easy access to the 111, they are convenient to Eisenhower Hospital, to great dining options, and to shopping at The River.  With so many homes for sale at this time, and with the market making its way up to this price level in the Coachella Valley, they are primed for a deal. Prices here have held their own during the housing downturn, and listing prices today are very similar to prices in 2006-2008. Buyers have continued to recognize the fact that homes in Ivy League Estates maintain value and desirability, even when the market goes down.  

Here is a photo of one home currently in escrow (courtesy Doug Balog of Keller Williams):

Homes for sale in the Clancy Lane subdivision, one of the most famous neighborhoods in Rancho Mirage, are always attention-getters. It's very hard to find a property here that's listed for less than $1mil, and currently the prices on active properties are ranging from $1.1mil - $2.6mil. Homes usually feature living areas of 4000-5500 sq. ft. and lot sizes of 1/2 acre to 1 acre+, often with casitas and private pools. Most are architectural gems, with styles ranging from desert contemporary to traditional California ranch with hints of Spanish features, to  mostly Mediterranean. Since they are spec homes, the years they were built range from the early 1970's to the mid 2000's.

Here is a great pic of a current listing (courtesy of Valery Neuman HOM-Sotheby's):

Before the market grows into this price range, it is a good time to look into these especially is financing will be involved since money is so cheap to borrow. These are 2 areas that figure to stay on the top end of Rancho Mirage real estate for years to come, and since ech active listing has a lot of competition there should be potentially room for a great deal.

Primed for deals in Ivy League Estates & Clancy Lane- Homes for sale