Sun City Stats for 2007

As of 12/31/07 here are is the sales report for the year 2007 in Sun City Palm Desert":

There presently 207 homes for sale in the area, from $249,000 for a Hummel on the greenbelt to $996,000 for a Tuscany on the golf course.

There are two contingent sales at $399,000 or an opal (1548 ') and $489,000 for a St. Croix.
There are 10 pending sales from $385,000 for a Morocco to $1,500,000 for a Marseilles on the golf course.

There are 200 closed sales for the year from $218,000 for a villa to $964,000 for a Provence on the golf course:

51 under $500,00
24 from $500,000 to $600,000
10 from $600,000 to $700,000
17 from $700,000 to $964,500

If you would like an opinion of value on your home, don't hesitate to call me. I will run a comparative analysis for you at no obligation

Call me at 760-285-7676 or email me at: elmorinpd@aol.com

Newi in East Valley

Bouchee Fine Foods opened behind Trader Joes in La Quinta, as did Diva of the Desert, a women's clothing and accessory store.
Bamboo Cove on Highway 111 is new to me.
Gone is Inn on El Paseo . Picanha moved to Cathedral City. Rattlesnake opened at the Classic Golf club.
I understand Tiramisu, new on Hwy 111 is terrific.

Happening

1st Bank is building at the corner, in front of Comfort Suites. Now we have 3 pharmacies and 3 banks within walking distance of SCPD.

$1000.00 Eggs?

Norma's at the Parker Hotel in Palm Springs has a Lobster Frittata with sevruga caviar. They serve both at $100.00 for a 1 oz serving and $1000.00 for 12 oz. Quite a fancy lunch.

News Flash

For the month of November, Prudential CA Realty, in the Coachella Valley, was # 1 in sales, surpassing all the "biggies". Yea for us!!!

Mail thieves in SCPD caught

At 9:00 PM on Thurs.night, Dec. 6, our security saw a suspicious male walking on Sun City streets. He said he was waiting for his boss to pick him up. When a truck came in, security surrounded it and removed the keys. When the Sheriff came they found mail from SCPD in the back of the truck. So, our security really is making us more secure.

Sun City Stats

From October 2 until today, 11/29/07 the following activities took place in SCPD:

There are 204 active listings from $255,000 for a remodeled Hummel (1128') to $996,000 for a Tuscany on the Golf Course.

There are 15 pending sales from $299,000 (list price) for a Barbados (1380') to $1,150.000 for a Marseilles (2900') on the Golf Course.

Of the pending sales 1 was under $300,00
6 were between $300,000 and $400,000
6 were between $400,000 and $500,000
1 was between $700,000 and $800,000
1 was over $800,000

There were 17 properties that closed escrow between Oct. 2 and today, from $255,000 for a Gorham (1157') to $840,000 for a Portofino on the Golf Course.

Of the solds 3 were under $300,000
8 were between $300,000 and $400,000
1 was between $400,000 and $500,000
3 were between $500,000 and $600,000
1 was between $600,000 and $700,000
1 was between $800,000 and $900,000

New in the Desert

The Inn on El Paseo is closed due to lease problems.
Panera Bread is ready to open on 111 in La Quinta.
Blue Ember is a new high end restaurant at Rancho Las Palmas Hotel.
Back Street Bistro on El Paseo is reopening.

The Great News is that Heather, the Marketplace leasing agent told me that the have 9 interested parties. She will let me know when one is leased and I will let you know here, on my blog. If you have a business that you would like to see open at the Marketplace, comment on my blog and I will relay the info. to her.

Negative Media

On Sept. 2007 an article entitled " New Mortgage Foreclosures Set Record", Martin Crutsinger provided the following summary of a speech given by Doug Duncan, the chief economist for the Nat'l. Mortgage Bankers Assn. Here's how it was reported:

" The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages. The MBA reported Thurs, that mortgage holders starting the foreclosure process in April-June quarter reached 0.65%, marking the third consecutive quarter that this figure has set an all-time high.
The delinquency rate has risen to 5.12%...the worsening performance was driven by two factors--heavy losses in the Midwest states and the collapse of previously booming housing markets in CA, FL, NV, AZ...Analysts said the problems in the formerly red hot housing markets of CA, Fl, NV, AZ reflected in part speculators walking away from mortgages they can no longer afford."

This article ends with the negative media's favorite theme for scaring their readers and/or listeners:"Two million people will face foreclosure in the next two years."

Here are the numbers that the negative media did NOT report from Duncan's speech:
1. 35% of the homes in the U.S. do NOT have a mortgage
2. Some 94.88% of the loans ARE performing.
3. The foreclosure problem in this country is really a story about 7 states.
4. The biggest foreclosure problems are in Michigan, Ohio and Indiana. These are manufacturing states that had horrible job losses. Since 2001, Michigan has lost 300,000 jobs. These states probably would have had problems no matter what the market was doing.
5. the other four states-- CA, Fl, NV and AZ experience significant overbuilding. 25% of the foreclosures in these states are on properties that are held by investors who were speculating.
6. In the other 43 states, foreclosures have fallen in 2007 from 2006 (from Michael Clawson, VP, Central Texas Mortgage)



Sun City Palm Desert , on average, is down only 3 1/2 % from Aug thru Oct. 06 and for the same period in 07. We do have several properties in foreclosure--mostly because of speculators.

A Perspective on real estate headlines

Many people ask me about the current real estate headlines and what they mean to buyers and sellers. Keep in mind that the media has been making dire predictions about real estate for decades:

1969 "the goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000."
Business Week

1977 " The median price of a home today is approaching $50,000. Housing experts predict price rises in the future won't be that great"
National Business

1985 "the golden-age of risk free run-ups in home prices is gone"
Money Magazine

1996 Defense cuts had triggered steep home price declines. " A home is where bad investment is."
San Francisco Examiner

In the three years following that last statement, California home prices rose 19.7%, wiping out the losses of the early 90's and ending the decade with a net gain of 9.35%.

According to CAR Annual Median Sales Price of Existing Single Family Home:

1985 $119,860
2000 $241,350
2002 $316,130
2004 $450,000
2006 $556.640

New tenant coming next to Sherwin Williams

H&R Block has signed a lease for the space next to Sherwin Williams, in front of The Comfort Suites on Washington St. The leasing agent told me that they are looking at a restaurant, but they do not have a signed lease.

Fresh and Easy

Six "Fresh and Easy" markets are opening in neighborhoods near us. These are smallish stores hat will include gourmet-prepared foods along with staples such as milk, bread and organic met and vegetables. The company says the stores will be environmentally friendly, using solar panels and especially designed freezers to reduce emissions.

Several Fresh and Easy Neighborhood Markets will be in the Coachella Valley, including, Palm Springs, Calle Tampico and Desert Club Dr. in La Quinta, Fred Waring and Jefferson St. in La Qunita and 50th and Van Buren in Coachella.

It is tough to sell a home today

Because of the large inventory ( over 8,000 ) in the valley and (187 in Sun City Palm Desert) ,because the buyers seem to be on the sidelines and because the builders are giving such great incentives, sellers must be really ready to sell.



Although all of us would like to get the most for our homes, realistically if a seller really wants to sell in this market, he will probably not get his wanted price.



Besides price, sellers should be aware that buyers want everything--granite counters, wood shutters, custom paint and a home in pristine condition. A seller should go out to the curb and really look at his property from the entrance to the rear yard. I



If the home has tired landscaping it will be an immediate turnoff. If the front door is dirty, again it is an immediate turnoff. Windows should be washed, tile floors and carpets should be professionally cleaned and all clutter should be eliminated. Remove family photos from furniture and walls; plant lots of colorful flowers in pots or in the ground; paint desert colors( buyers are tired of white). In essence, make your home look like a model home.



Buyers are in the driver's seat--so sellers need to pay attention to details.

Sun City Goes Outside Sphere

With no discussion the Local Area Formation Commission voted on Oct. 25 to uphold the Palm Desert City Council's request to remove Sun City Palm Desert from its sphere of influence.
The move removes any possibility of Palm Desert annexing Sun City Palm Desert. I guess it was too expensive for us to utilize Palm Desert city services. Oh, well, I think Riverside County services are great.

Sun City Palm Desert Sales Activity

Presently there are 185 active listings in the community from $265,000 for a Maui (1010 sq. ft) to a Tuscany on the golf course for $$996,000 (3399 sq. ft)

Since August 1, 2007 there have been 13 homes ,in escrow, from $299,000 for an Opal (1548 sq. ft) to $1,150,000 for a Marseilles on the golf course (2938 sq. ft).

Since Sept. 1 there have been 17 homes that have closed escrow from $265,000 for a Gorham (1167 sq. ft.) to $592,000 for a Victoria on the golf course.

Of the pending and sold escrows, 20 were priced between $265,000 and $399,000; 4 were between $400,000 and $500,000; 6 were over $500,000.

Please feel free to leave your comments for me--on any of my blog spots.

Timely Words

Daylight Saving Time ends this Nov. 4. We will get an extra hour of sleep only to lose it next spring. Remember to turn your clocks back, Saturday night before you go to sleep.

Who is in charge of the "official time in the US? It is more complicated that you might think. Both the National Institute of Standards and Technology and the U..S. Naval Observatory maintain atomic clocks, and their readings help to formulate what is called the Universal Time Coordinate (UTC). The time reported by these two services is so precise that it never differs by more than 0.0000001 seconds

Times Have Changed

At the Coachella Valley State of the Real Estate Market meeting on Tues Oct. 23, Real Data Strategies president , Patrick Veling, the shift in the real estate market means that agents and sellers must adjust how they do business.

Statistics shared outlined the valley's recent tough times:
Total homes sold in the valley are down 53% from two years ago.
The average price of sold homes vs. last yer is down in every valley city except Indian Wells, Indio and Palm Desert,
Though upscale homes are holding up solidly in the current market, communities with largely median and below median priced homes are finding the going rough.
Many valley cities have home and condo inventories that would take one to two years to exhaust at the current pace.
Desert Sellers are encouraged to drop prices.
The glut of homes on the market is good for buyers. Loans are available albeit with a great credit score and a down payment.

Outdoor lighting

If you are thinking of adding outdoor lighting for security or entertaining there are some things to think about:

Outdoor lighting consumes huge amounts of electricity and contributes to global warming .

The keys to energy and environmentally efficient outdoor lighting are selecting the proper type of bulb, light fixture design and shortest on-time period. As you would indoors , use fluorescent tubes and compact fluorescent lights outdoors. These are 4 times more energy efficient than standard incandescent bulbs and last 10 times longer.

For security, consider using motion detecting lights--they are on for only short periods of time.

Openings

99 Cent Store is opening in Cathedral City . Burlington Coat Factory is also opening Nov. 2.

Counter Intelligence

Granite is SOOO 2006. concrete, glass and stone are gaining ground as popular materials for countertops. Concrete's biggest advantage is, that it can take any shape and it's not as pricey as some other natural stone materials. Beause it is cast in molds, it can include subtle texturing and decorative objects such as pieces of metal, fossils or glass. If you are using concrete in the kitchen, consider placing raised strips of metal cast into countertops to support pots and pans near the sink and cooking areas.
For those who crave ultra-modern design, another option is glass, which comes in nearly limitless colors, shapes, thicknesses and textures. And, because it is nonporous, it is stain-proof and hygienic and can handle hot pots without cracking. Since it s translucent, it can be combined with other design elements, such as glass over aluminum or decorative tile embedded into the slab. Installing lighting under the counter creates added drama and elegance.

Finally, consider engineered stone, which is slightly cheaper than granite. It is made from quartz crystals and polymer resin, so it's nearly maintenance free. Plus, it is heat and cold resistant, mildew-free, stain-resistant and harder than most things you put on it, so it won't scratch.

If you have seen any of these materials on countertops, let me know. I would love to see the effect of these countertop materials.

Thought for the Day

Friedrich Nietzeche: "You have your way, I have my way. As for the right way, the correct way, and the only way, it does not exist.

What is CRS?

Have you wondered what the designations mean after my name?

CRS--Certified Residential Specialist--It is a designation received after taking many college level courses on various aspects of the real estate market and is also based on the number of homes sold. There are only 3% of agents, nationwide, who have earned this designation.

SRES is Senior Real Estate Specialist--devoted to helping seniors in the real estate market and requires a course in learning to take care of seniors in this area.

Do you know the difference between a real estate broker and a real estate agent? A broker must take 6 college level courses in such areas as appraisal, finance, office mgt., etc. I earned my broker's credential in 1978 . I have owned an office, with 3 partners, in the San Fernando Valley. At this time I working under another broker's license instead of operating my own office.

If you have an questions, feel free to email me or call me at 760-285-7676

Great Opportunity for Sun City Residents

The Palm Springs Museum has invited Sun City Residents to visit the museum, free, on Friday Oct. 26. They will serve breakfast in the gardens. Be there or be square at 10.:00 AM.

Charlie's California Fresh

We had lunch today at Charlie's California Fresh,. What a delight!!!! The staff is wonderful, the food even better and healthy to boot. We shared a Calabacitas Chicken Salad that neither of us could finish. Their philosophy is "Thatyou are what you eat. Therefore our creative chef uses only the freshest ingredients to bring you wholesome, low-fat and nutritious entrees and treats"

It is not only healthy it is tasty and wonderful!!

You can find them at : 75-130 St. Charles Pl. , Palm Desert --760-341-2990

Website :www.charliescaliforniafresh.com

Only open breakfast and lunch from 8 AM-2PM

Housing News

The Desert Sun today had the "Housing Crisis" on the front page with a huge article about tumbling prices. There are 8417 homes on the market in the Coachella Valley so buyers have plenty of options and considerably more barbaining power than in years past, analysts said.
That put a downward pressure on prices in many communities.
One upside of the stagnant or declining home values is that the valley continues to rank as relatively affordable compared with many other cities in CA and natonwide.
The current fluctuations in real estate and mortgage markets have temporarily made Palm Desert more affordable than last year--great for retirees, first time home buyers and 2nd home buyers. if you know of someone thinking about retiring here have them call me. There are bargains out there.

Sun City Palm Desert-Sept. stats

From Sept. 1 unitl today, Sept. 30

At present there are 157 active listings from $249,000 for a Maui (1010 sq.') to a Tuscany on the golf course (3399sq.')

There have been 2 contingent sales--List price $279,000 and $399,000.
There have been 4 pending sales--3 from $349,000-$399,000(list prices)
There have been 8 homes that have closed escrow this month-- One at $275,000 for a Hummel on the greenbelt; 5 from $327,000-$390,000; One at $415,000 for a Sonora (2102 sq.') and One at $592,000 for a Victoria (2473 sq') on the golf course.
Of particular interest to me was the the sales price vs the last list price was not too much lower. One home sold at 9% less than asking, the others were 2-7% lower. So, our prices are holding up pretty well.

Hi All

I met with a "Reverse Mortgage" Broker and found some information that might help you or someone you know.

If one is 62 years or older you may qualify for a reverse mortgage. The amount you could receive depends on the value of your home the amount of built-up equity and the interest rates at the time of origination..

This may help someone who is behind in their house payments or someone who wishes to use a reverse mortgage to buy a retirement home or to move to a larger home.

Here is an illustration of how someone might use a reverse mortgage :From a Mtg. Broker--

Proceeds from sale of old house $500,000
Purchase price of retirement home $400,000
Down payment on new home $200,000
Reverse Mtg. on new home $200,000
Payments on new home $ 0
Available for investment $300,000

I am not an expert on loans and do not make any recommendations as to any type of loan.

For more information about reverse mortgages call Mel Smoke @ 760-408-3033

Now that Stater Brothers is open they will have a magazine called "Movies, Sports and More" that will be near the real estate magazines. Be sure to pick one up each week --full of interesting information. Let me know what you think.

Sad

I was sorry to hear that Main Street Bar and Grill closed last week due to financial difficulties.

We always enjoyed and food and the atmosphere. I hope they find another good one.

Latest SCPD statistics

As of 9/17/07:

144 Active listings--from $249,000 for 1010 sq. ft to $996,000 for a Tuscany(3399 sq. ft) on the golf course.

Since August 1:

1 contingent on sale @$289,000 (1157 sq.ft)
5 Pending sales from$349,900 for a Tangier (1764 sq. ft) to $459,000 (2323sq. ft)
10 Closed Escrows from $289,000 for a Calif. Casual (1157 sq. ft) to $592,000 for a Victoria (2473 sq. ft

Beat the Crowds

Stage Shows Intl is producing 3 shows at Sun City Palm Desert as follows:
1/19/08---Renee Taylor and Joe Bologna
2/2/08----Always Patsy Kline with Misty Moore
3/22/08---Doo Wop with the Platters, Drifters, and Coasters

Tickets are $120.00 for all 3 shows or can be bought individually. For more info call 360-9986 or send your chedk to: Stage Shows Intl.
78206 Varner Rd. #D131
Palm Desert, CA 92211

Show times are 4:30 PM and 7:30 PM

Thought for the day

From George Burns: "By the time you're 80 years old, you've learned everything. You only have to remember it"

Stater Brothers---At last

Did you know that the new Stater Brothers at the Marketplace is opeining on Sept. 19th? A guard at the market said Sun City residents could visit the site at 5:30 PM on Tues the 18th--but NO shopping.

Real Estate Taxes

Don't forget real estate taxes are due Nov. 1

What customers want in homes today

I was surprised when I read the new statistics from NAR's survey of homebuyers.

Home buyers in increasing numbers want larger garages. Among buyers who purchased homes without this feature, 56% of them said they would have paid more for an oversize garage.

Other priorities include Central Air ( virtually all homes in the desert already have it), a walk-in closed in the master bedroom, hardwood or tile floors and granite counter tops.

According to the survey, nearly 6 our of 10 recent home buyers took on remodeling of kitchen or bathrooms within 3 months of purchasing their home. The fact that a majority of home buyers quickly remodel key areas of their homes ties into the fact that their home is a good long-term investment. According to Paul Bishop, NAR manager of real estate research "Regardles of market conditions in the short term, when purchased for the log term, housing is one of the safest investments consumers can make.

Energy efficiency was more important to new home buyers than buyers of existing homes. Older buyers placed a higher priority on energy efficiency than did younger buyers.

La Quinta Happenings

New restaurants and stores coming to La Quinta in the near future: Applebee's near the Homewood Suites; New Java Coffee near Trader Joes; Cost Plus World Market near Steinmart,; LaQuinta's Chipotle Mesican Grill near Best Buy; Panera Bread near Best Buy,; JCPenney near Wal-Mart; Fatburger and Wienerschnitzel near Home Depot,; Souplantation near Costco; Mimi's Cafe also near Costco.
We will have lots more options as well as more traffic.

A Green House

Brad Schreiber of City View Real Estate built a fit house. I thought this was interesting--what makes a "green" house:

l. Exterior materials--he chose limestone quarried from Indiana ( He lives in Chicago) and General Shale brick from Kentucky.

2. Location: The FitHouse is roughly two miles from downtown Chicago, a distance easily accessible by bike or train. Restaurants and shops are a short stroll away.

3. Low-emission materials: Sherwin Williams paint and stains, Armstrong flooring material, cabinetry and insulation are all low VOC, meaning hat they don't release significant toxins into indoor air.

4. Heating and cooling systems: Trane's CleanEffects heating and cooling system filters 99 % of allergens from the air. Thermostats are multizoned so the system can maximize efficiency as heating or cooling needs change from floor to floor.

5. Water Use: Water heating is carefully regulated to help save energy. As demand fluctuates, a processor regulates the amount of water being heated by a high-efficiency , Energy Star-certified boiler. Storage tanks recirculate the hot water, allowing the boiler to turn on less often.

6. Triple-paned windows:"among the most energy efficient available" Schreiber says. They also seal out noise.

7. Recycled roofing: Although the roofing material looks like slate. It's actually made of recycled industrial rubber and plastic

8. Extra insulation. Ordinarily studs-supports that hold up interior walls--are set flush against exterior walls. Here the studs are offset half an inch, leaving room for insulation between the studs and the exterior walls.

9. Natural light: Clerestory windows help provide natural light, which floods from the penthouse down the staircase to the floors below. The more natural light you have the less electric light you need.

10. Greenroom: Rooftop landscaping provides extra insulation, absorbs rainwater, and reduces reflected sunlight

11. Recycled decking--Trex decking used on the garage-top terrace is made of a combination of reclaimed wood and recycled plastic.

Trilogy at La Quinta

Trilogy Homes at La Quinta is another Active Adult community in the Coachella Valley. It is built by Shea Homes and was home to the Skins Game for the last couple for years.

Trilogy will consist of 1200-1400 single family, detached single story homes.. 12 different floor plans are presently offered. Average home sites vary from 6500 Sq. Ft to over $15,000 Sq. ft, many with veiws of the golf course

The fitness center and spa are state of the art with an indoor walking/ running tract.

Homeowners Association dues are presently $268.00 a month.

Sun City Shadow Hills

Sun City Shadow Hills is the newest Del Webb Active Adult community in the Coachella Valley. It is located the in the foothills of the Shadow Mountains with easy access to the I 10 Freeway and major sites in the valley.

The community is set on 800 acres and will have approximately 3200 homes when complete.

There is an 18 hole championship golf course and tennis courts. The recently completed clubhouse and recreation center is fabulous, with meeting rooms, pool tables, card tables etc.

The fitness center has panoramic view of the mountains and state of the art equipment. There is both an indoor and outdoor pool.

As of this time there are 19 models, some of which are still being offered at the new home office.
Already there are activities and clubs, albeit not as many, similar to Sun City Palm Desert.

Sun City Palm Desert-Premier Active Adult Community

Sun City Palm Desert, located in the Coachella Valley, CA is the premier Active Adult Community in the Coachella Valley.

Not only is this desert location beautiful with mountains all around, greenery from the golf courses and common areas and many man-made lakes within the golf courses it is a wonderful place for active adults to live. We have 2 18 hold golf courses, 8 tennis courts, paddle tennis courts, bocci ball, 3 gorgeous clubhouses, 2 complete workout centers with the latest equipment and trainers, one indoor pool and spa, 3 outdoor pools and spas, 2 restaurants, a U.S. Postoffice and a great library.

There are 86 interest clubs including computer club offering lessons to every level, crafts with sophisticated equipment and lessons, mah jongg, bridge, canasta, rummy cube, gardening, a yacht club with remote control boats, a car club, an astronomy club, a camera club. The Solo's club is very active. There are social events & world class entertainment. We even have a baseball field that fields 6 winning softball teams including a co=ed team. There is a cycling, bowling and hiking club and the travel club is always on the go. I could go on and on but there is hardly an interest not addressed

Our homeowners dues rank among the lowest in the area for a gated community with security.

All homes are fee simple, so although the Association takes care of the greenbelts and public facilities, homeowners are responsible for their own maintenance.

We are in driving distance to majoy casino's. There is world class theater and music at the Mc Callum Theater. El Paseo rivals Rodeo Drive and 5th Ave. for great shopping and eating.
Fine dining restaurants abound in area.

Medical care at Eisenhower Medical Center is wonderful, it has been named one of the top 100 hospitals in the country. Lucy Curci CancerCenter, on the grounds of Eisenhower, has won many awards.

There are many fine art galleries nearby as well as the wonderful Palm Springs Art Museum, and The Living Desert ( an experience not to be missed--a desert zoo that has native plants and animals and one of the most fabulous model train exhibits that I have ever seen)

One last note, although I know I have probably left out a great deal, that we get our power from Imperial Irrigation District so our bills are much lower than the other power companies in the area.

Let me know what you think.

Do you have a "Well Lived Life"?

Please take a look at a wonderful site, built for the goal of bettering you current life.

http://www.welllivedlife.com/

You will be amazed!