Sun City Palm Desert Stats-November

I am really excited about these statistics--

There are 184 active listings from $189,000 for 1322 sq. ft( short sale) to $825,000 for a Provence (2918 sq.ft) on the golf course.

There were 13 properties that are contingent on loans, etc.--from 169,900 for a Limoge (1045 sq ft) to $899,000 for a Marseille on the Golf course(2918 sq. ft)

There were 8 properties pending in escrow from $260,000, list price (1578 sq. ft) to $749,000 for a Monaco with a casita on the golf course (2679 sq. ft)

There were 17 properties that closed escrow from $170,000 for a CA Casual (1049 sq. ft) to $680,.000 for a Marseille on the golf course( 2938 sq. ft)

Sun City Stats--October

There seems to be more activity in our development since the beginning of September I have been very busy showing property, even though all of the prospects did not buy.

There are 151 active listings in SCPD, from 1045' for a Limoge to $899,000 for a Marseille on the golf course-2918 '

From Oct. 1, 2009 until November 3 , 2009 there were 5 pending sales--from $178,000 for a California Casual 1110'

There were 14 closed sales from $190,000 for a California Casual 1110' to a Portofino at $600,000 2790 '

I hope we have hit bottom. More and more sales are closer to asking price than in previous months.

Call me if you have questions------ Come see my new listing @ 37616 Pineknoll Ave.
and enter to win $100.00 @ Ruths Chris Steak House
Sat, Nov. 7 1:00-3:00 PM

Elaine Leib CRS, SRES
Windermere Real Estate Lic. # 00404720 760-285-7676

Latest Sun City Stats

There are 136 active listings at the present time, from $178,000 for a Pasadena 1110 sq. ft.( Calif. Casual) to $879,000 for a Tuscany 3399sq. ft. on the golf course.

There are 11 pending sales, from $269,000 for an Orrefors 1524 sq. ft. to $499,000 for a Monterey 2318. sq. ft.

There were 11 closed sales from 9/01/09 to 10/05/09, from $200,000 for a Pasadena 1110 sq. ft. to $585,000 for a Monterey 2318 sq. ft., on the golf course.

The average price per sq ft. is $168.06 during the above time frame
The average price per sq. ft during the same time frame in 2008 was $214.82 sq. ft.

Wow--it really shows what has happened to our market--although it remains strong, the prices have dropped sharply.

Call me if you want more information or to find out what your home is worth.

Yeah for us!!!

the latest August figures show that Windermere once again dominates the sales in the Coachella Valley:

Windermere--- $84.5 million
Coldwell Banker--$44 million
Keller Wms------ $29.5 million
Remax-----------$18 million
Tarbell-----------$13 million

Who says the summer is slow in real estate?

It is amazing. Since I have been in the desert and selling real estate in Sun City Palm Desert, the summers have been very busy until the last 2 years.

But, this year we are back to busy!!!

The latest stats for Sun City Palm Desert:

There are 126 active listings from $189,000 for a California Casual (short sale) to $879,000 for a Tuscany on the golf course.

There were 7 pending sales in the month of August, from$259,000 for an Orrefors to $$595,000 for a Monterey on the golf course.

There were 7 properties that closed escrow in August, from $162,000 for 1283 sq. ft (bank owned) to $425,000 for a Morocco on the golf course.,\.

Who says summer is slow?

Home Sales Climb

While at Mah Jongg today, someone asked me how the market was doing.

I was delighted to tell them that home sales climbed 17.4% in July.

Here, in Sun City Palm Desert our prices seem to have stabilized and sales are cooking.

Call me for more information.

A New Deli?

With all our wonderful restaurants, the east end of the valley has had only one real delicatessen. But opening this week is a New York style deli in La Quinta. It is in the site that was the Beachside Cafe at the corner of 111 and Washington, in the Von's shopping center. Let's hope it is as good as it is billed.

Summer Bargains

Here are some of our favorite restaurants that are having summer specials

The Falls--$30.00 per person

Steakhouse at the Spa Casino--$49.00 for 2 people

Pacifica--Sunset dinners--$19.75

Fleming's --$35.95

Sullivan's Steakhouse--$69.00 for 2 people

LG's Prime Steakhouse--$45.00

Chop House--Palm Desert--Two for $49.00,$59.00,$69.00, $79.00 and $89.00

Ruth's Chris--$39.95 and $49.95

Shame on the Moon--$19.95

Bon Apetite!!!!!

PS

If you really want a bargain, Salton City has some homes selling for around $50,000. Someday that will be a great place to live--maybe for our great grandchildren

"Analysts: Valley market on mend"--Good News and Bad News.

As I was reading this morning's Desert Sun, I started out excited and then realized that much of the upturn in sales is in REO's and Short Sales.
Spots with devastation from foreclosures showed the strongest gains.
The buying spurt has shaved average sales prices on mid-priced and luxury homes, which is why you are seeing the lower priced homes selling here in Sun City Palm Desert, while the higher priced homes are sitting or being reduced sharply.Valleywide the average price has dropped 43% since 2007.
The good news is that inventory has dropped to 6000 from 9400 in 2008.
At my office meeting this morning we were warned that the next wave of foreclosures is soon to hit.

Desert Heat

Clients who are thinking of moving to the desert often ask me how we "weather" the summer heat.
I have lived in Sun City Palm Desert for 12 years and have remained at home for the entire summer, except for several weekend outings to San Diego or Los Angeles. One summer we cruised to Hawaii.
I play golf all summer, albeit early in the morning, there are tennis players on the courts--early in the morning. We do errands--early in the morning. It really does not get really hot until the afternoon. Then it is time to read, play bridge, play Mah Jongg, go to the movies.
Speaking of movies, I say Julia and Julie over the weekend. Don't miss it. Meryl Streep is fabulous!!!
Even when the temps rise in the one-teens, it is usually dry. Only in Aug. and Sept. when we get the Monsoon storms from Mexico, is it the least bit uncomfortable.
Call me if you need more information on the summer weather.

Multi Million Dollar Homes

During the last few days I had the opportunity to preview homes, in the San Diego area, that were from $7,000,000-10,000,000. What a treat! These homes were approximately 10,000sq. ft on huge lots with ocean views. These homes were previewed for a client of my daughter, who is a Realtor in that area.

The best part was the weather--30 degrees cooler than Palm Desert. I can't complain. I have lived in the Desert for 12 years and really don't mind the summer heat. We just do more in the mornings--golf, tennis, walking, shopping. We go from an air conditioned home, to an air conditioned car, to an air conditioned shop, etc.

Exciting News

This morning I attended an all valley Windermere meeting with over 600 agents.

We are all excited about the new marketing tools Windermere is offering us to better serve you. The most exciting new tool is that every listing will automatically be put on over 30 active websites, including all your favorites: Twitter, Facebook, Zillow, Trulia, Craig's List, etc.etc.

There were many other tools that will be available to us in the next few months. I will keep you informed.

Where is Elaine

Sunday, Aug. 2

This morning finds me packing for a short trip to my daughter's home in Carlsbad--yeah--it is cool!!!
Looking forward to spending time with my 3 granddaughters (one 9 yrs, two are 5 year old twins) and her daughter. We are going to La Jolla to take pictures of my daughter's new listing (she is also a Realtor in the Carlsbad/San Diego area.) Also going to look at 8 million dollar properties for a client of my daughter.
.

Where is Elaine Leib

Saturday morning I was at the Camelot Theater, in Palm Springs, to see a film sponsored by the Desert Film Society.
The movie was "Pressure Cooker" which is about three seniors at Philadelphia's Frankford High School who find an unlikely champion in the kitchen of Wilma Stepheson. A legend in the school system, Mrs. Stephenson's hilariously blunt boot-camp method of teaching Culinary Arts is validated by years of scholarship success. The students compete with other schools for major scholarship money. Against a backdrop of the row homes of working class Philadelphia, she has helped countless students reach the top culinary schools in the country
This true story has won many Film Festival awards.
I, and others in the theater highly recommend this film when it comes to a theater near you.
Later in the day I an open house at 37616 Pine Knoll in Sun City Palm Desert. where I had several people arriving to see the home, even though it was 112 outside. This home is beautiful and well priced .
The rest of the day was spent emailing listings to out of towners buyers paying bills and contactng past clients.

New ideas

Early Friday morning I was on the golf course--playing early because of the heat. Then I met the Windermere marketing director to learn all about Twitter and other great marketing tools that Windermere offers.

In the evening, I dined with friends at La Trattoria Bella Luna, in Cathedral City.. This restaurant was new to me and I can certainly recommend it. It is family owned and operated and the owners are very much involved . The food was excellent.

New Blog

Hi there,

I am starting a new phase for my blog: Where is Elaine Leib?
For those of you who know me, know how much energy I have, so I thought I would let you and anyone interested, know what I do in the Desert and particularly what is happening in Sun City Palm Desert
I will also continue to bring you real estate news when it is important.

So Where is Elaine on Thursday, July 30?

I am at the fitness center at 7:30 AM to walk on the indoor track --17 times around equals 1 mile. ) Although I prefer to exercise outdoors, it is way too hot at this time of year. We are lucky, here at Sun City Palm Desert to have 3 clubhouses, 2 fitness centers, including the one with the track.
From 1-4 I play Maj Jongg with the Mah Jongg club. Then I deliver papers to Sellers on a new sale.

Sun City Stats from June 28-July 28 2009

There are only 132 active listings as of this date--from$160,000 for 1283 sq. ft. to $$895,000 for a Tuscany on the golf course (3200').
There were 5 pending sales from $195,900 for a maintained home (1176') to $349,000 for a Morocco.
There were 14 closed escrows from $179,000 for a Calif. Casual to $650,000 for a Monaco on the golf course
Call me for more information @ 760-285-7676

Valley Sees Slow Gains in Home Sales

From the Desert Sun on July 23,2009:

The Coachella Valley real estate market made headway in April and May, posting small but steady gains.
Home sales rose 2.8% in April and 3.5% in May according to Data Quick.
The median price held at the $180,000 mark as well by the end of May.
While no one can say with certainty that this establishes a trend, it does show that the lower priced homes in the marketplace are being bought up", said Greg Berkemer, executive director of the Calif. Desert Assn. of Realtors. " As that continues to happen, the next level will start to sell and push up the median price."
For new sales, two years ago, there were significantly more newly built home sales in the mix.
For April and May, a total of 108 new homes sold. That compares to 365 in the same period in 2007 and 274 in 2008.

Escrow terminology

With more foreclosures and short sales, many escrow terms may seem new to you. Here is escrow terminology defined:

ESCROW

The escrow procedure, at its core, is where a neutral, trusted third party holds onto an item for sale until something happens, ususally until the buyer pays the seller. As real estate transactions have grown in complexity, so has the business of escrow. Now an escrow agent watches over all the details of the sales agreement, facilitates the transaction paperwork, and coordinates the interests of many different parties with an interest in the sale. They also make sure tha the sellr gets their proceeds, and the buyer gets their title, when all is said and done.

More technology next time---

An Explanation of Property Tax Prorations in Escrow

This from C V Escrow:

One of an escrow officer's simpler jobs is calculating the amount of property tax that is payable by the buyer and the seller on any given transaction. One of the tougher jobs can be explaining to the buyer why they may get an official property tax adjustment months after the sale is done .

PROPERTY TAX DEFINED

Every property gets assessed by the county assessment office every year, establishing the amount of tax due on that property. At the time of a sale, it's a simple matter for the escrow agent to find out the property's tax for the full year, and apportion the correct amount to the seller for the year to that date, and the right amount to the buyer for the remainder of the year. For example, the property tax of the year is $1200.00, and the transaction closes on May l. The seller pays $400 for the first 4 months and the buyer pays $800 for the last 8 months.

SALE TRIGGERS ASSESSMENT

The complication arises because a property sale triggers a new assessment. Thus assessment happens according to the schedule and timetable of the assessment office; this means it could happen months after the transaction has closed, when the buyer has long since thought the sale over and done with.
When this happens, the property has a new assessed value-and a new tax burden-retroactive to the date of sale. It might be more or less than what the buyer paid on the closing statement, but chances are good that it will be different. Therefore the assessment office will issue an adjustment notice. If it 's a tax increase, the buyer needs to pay more. If it is a decrease, each county handles the situation differently. Check your county's procedures.
That is why , in an appreciating market, a buyer can get an additional tax bill, months after the sale, when they thought it had already been covered. And that is why, in a depreciating market, the potentially reduced taxes on the home cannot be determined and applied at escrow.

Home prices edge up

According to the L.A. Times on June 18, 2009, Southern California median home price rose slightly in May for the first time in nearly two years. But the increase was more reflective of a change in the types of homes sold than an end to falling values, a real estate research firm reported Wednesday.
The $249,000 median price in May was up less than 1% from April's $247,000 figure, and marked the fifth-straight month the median has held at roughly $250,000, according to DataQuick.
The modest rise reflects increasing purchases at the high end of the housing market, where sales have been virtually frozen. For much of the year most of the home sales have occurred in the low end of the housing market, with banks unloading foreclosed properties at deep discounts, dragging the median price down.
As more sellers get realistic, more buyers get off the fence.
Some counties fared better than others. Riverside County is still flat at a median of $290,000.

Kitchen Heat

Stainless steel appliances, granite countertops. Not long ago these were the hottest kitchen features. But now they're expected and practically standard. What are the next major trends to keep an eye on?
According to recent National Kitchen and Bath Association survey of more than 200 kitchen designers, cherry and maple cabinets, quartzite countertops and custom -paneled appliances are hot. Where oak cabinets were once the must have, more than 75% of survey participants now report using cherry and maple, followed by paints and exotic woods.
Although nearly all designers believe stainless steel is still the most popular appliance finish, 77% say that custom paneling on appliances is becoming more common. Granite is still the most frequently used countertop material, but 65% of designers report using more quartzite, another durable stone material.
One thing that hasn't changed is the trend toward bigger, more open kitchens that accommodate more than one cook and serve as more than just a place to cook.

Sun City Palm Desert Stats for May 2009

As of June 1st there were 146 active listings from $181,138 for a Christofle to $939,000 for a Provence on the golf course.

There 18 pending sales from $184,900 for a California Casual to $535,000 for a Regent and former model.
Of the 18 7 were under $300,000; 5 between $300,000 and $400,000; 4 between $400,000 to $500,000 and 1 at $535,000

There were 20 closed escrows from $167,000 for a California Casual to $675,00 for an expanded Monaco on the golf course.
Of the 20 9 were under $300,000; 5 were $300,000 to $400,000; 3 between 500,000 and $600,000 and 1 @$675,000.

If you have any questions, don't hesitate to comment or call me direct.

Good news

According to the California Assn. of Realtors (CAR), existing home sales rose 63%in March compared to March of 2008. CAR's Unsold Inventory Index fell to 5 months supply compared to 12.2 months one year ago. New home sales were up 15% compared to the previous month. The new state tax housing credit of $10,000 combined with the $8,000 federal 1 time homebuyer tax credit appear to be driving the new home sales. Foreclosures and short sales continue to account for more than 50 %of existing home sales.
Buyers are still looking for bargains. They are buying the lowest price per sq. ft that they can find. The pressure is still on prices because most buyers know prices won't be going up any time soon, so they need to pay the least they can do.

Homeowners still overvalue homes

Many homeowners are out of touch with the changing housing market, a new survey shows.

Almost half of homeowners think their houses should be priced 10% to 20%higher than their sales agents have recommended, according to a nationwide survey by California -based HomeGain.

No wonder fewer than 20% of agents nationwide are reporting that home buyers are telling them that homes on the market are priced fairly.

Almost 60% of agents say potential buyers are telling them that home asking prices are too high.

"Our survey shows that the market and Realtors are telling homeowners their homes are worth considerably less than homeowners think they are," HomeGain said in the report..

Only 11% of real estate agents surveyed predicted that home prices will rise. Most agents think the stimulus plan will not help home prices. About one in five agents said that home foreclosures now account for 30% of the home sales in their market.

The survey included more than 700 real estate agents across the country, but did not break out information in individual cities.

Sun City Stats--April

There are 175 active listings from $212,900 for A California Casual to $939,000 for a Provence on the golf course.
Since April 4, there were 15 pending sales (look back at previous months's stats) from $178,000 for A California Casual to $$699,000 for an expanded Monaco on the Golf Course.
There were 26 (wow!) closed escrows from $190,000 for a California Casual to a great room Portofino for $575,000.
Of the pending sales, 14 out of 15 were under $400,000.
Of the closed sales 10 were under $300,000, 10 were between $300,000-$400,000, 5 were between $400,000 and $500,000 and one was over $500,000.
I am assuming the numbers are a result of lenders making loans up to $500,000 at rates of 5% or less.

Real estate figures indicate recovery

The median price range in Southern CA. has remained steady for 3 month while sales have been increasing, a real estate tracking firm said on Wednesday.

The Coachella Valley median sales price on single family homes has been holding at $180,000. Cities that helped keep the median at an even keel included Cathedral City, 92240 zip of Desert Hot Springs, the 92241 zip of Indio and the 92211 zip of Palm Desert

Choose your agent wisely. There is plenty of inventory

Weeding through the field of Realtors vying for the job of selling your home can be daunting. Sure, you can pick the one who id a "Neighborhood Specialist" if you believe benches, shopping carts and leaflets or the one with the best glamour shot, but you need to be more selective. Here is an agent checklist to help you select

I. Give a pop spelling test such as the name of your community or " refrigerator".
II. Test the writing skills. For example all homes are " upgraded" See if your agent can come up with synonyms.
III. Ask who is taking pictures. Suggest she have a professional take the pics.
IV. Do not hire the agent who gives you the highest price opinion
V. Ask for references-from clients who the agent has worked with , not necessarily those who closed escrow.
VI. Select the best agent first; negotiate fees second.

After the interview:

Google your agent and see what you find.
Check your agent's website and blog.
Does your agent have several ways to contact her.?
Go to an open house your agent is holding and observe his/her way of doing business Is she enthusiastic, professional and informed?
Be a secret shopper : if you call, does she return your call promptly? Does she answer an email in a timely manner? Is she/he interested in YOU?
You have choices. It doesn't have to me me that you choose to represent you, but please choose wisely.

Good stuff

.I just got back from Carlsbad, CA.

My daughter, a Realtor, was showing property all weekend and wrote two offers. What the newspapers are saying , in that area, is that the lower priced properties are going at or above asking price. The higher priced properties (800,000 - 999,999) are being sold at record rates. We went to one gated community of all new homes-- all SOLD out!!!
Maybe that trend will move to our area.

Sun City Stats as of 4/5/09

There are 177 active listings from $187,500 for a Ca. Casual (1110') to a Provence at $939,000 (3232')
There were 14 pending sales since March 5, 2009
from $205,000for 1283' to $650,000 for a Portofino on the golf course.
There wee 11 closed escrows from $228,000 for al Lanai(1213
to a Monaco at $419,900 (2367')

As you probably notice 9 of the 14 pending sales are under $400,000. 9 of the 11 solds are under $400,000

The average price per sq. ' if $185.46

There seems to be more activity that will probably result in more sales. And, the inventory has dropped giving buyers fewer choices.

If you have questions or comments, please let me know at 760-285-7676 or elmorinpd@aol.com

Sun City Stats

Well, I think we finally hit bottom and are on our way up

The statistics are from Feb. 13 until Mar. 13, 2009

197 active listings, from $199,900 for a Ca. Casual (Pasadena Model) to $1,025,000 for a Marseille on the golf course (2938')

Here is the real exciting part:
There were 16 pending sales this month, from $239,900 for a Lanai model (1213') to $519,000for a Baccarat on the golf course.

There were 9 homes that closed escrow this last month, from $236,400 for an Orrefors to a Marseille on a privacy lot for $655,000.

Very encouraging, even thought prices are down.

MLS Statistics : comparing MLS Continuous Days on Market to the percentaage of List Price Received as compared to the actual Sales Price by Seller. Here is a summary for Sold properties over the past 3 months in Rancho Mirage, Palm Desert, Indian Wells, La Quinta and Sun City. Bottom LIne--If you price competitively , right from the start, the historical data shows the seller will sell the property faster and close escrow at a price point closer to the List Price

Residential Properties Sold for less that $400,000 (286 properties sold)
0-30 days 31-60 days 61-90 days 91-120 days 120+days
No. of
Listings 62 63 36 27 108
Sold

Average
Sales Price 97.45% 94.59% 94.14 % 91.96% 92.2%
as a % of
List price

Residential Properties Sold between $400,000 and $799,999 (123 sold)

No. of 20 22 22 15 44
Listings
Sold

Average
Sales Price
as a % of
List Price 95.79% 94.21% 92.09% 91.87% 91.85%

Sun city Palm Desert Stats as of 2/24/09

There are 208 active listings from $212,0000 for a California Casual to $$1,025,000 for a Marseille on the Golf Course
Since Jan 1, 2009 there have been 7 pending sales from $249,000 for an Orrefors to $749,00 for a Marseille.
There have been 8 sold properties from $204,000 for a Villa ti $652,000 for a Monaco on the Golf Course.

Hopefully, the stimulous will help the housing market.


Elaine Leib CRS,SRES
Windermere Real Estate
760-285-7676

This week's stats in 92211

This week the median price in 92211 was $334,000. The inventory is up and Market Action is trending down recently. While days on the market appears trending lower, the overall conditions are weakening a bit.

In this zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend in general .

Local conditions are currently quite strongly in the Buyer's Market .

As an aside, a friend started the process of refinancing and their lender told them they were lucky because SCPD is in a stable market.

Sun City Stats for December

There are 187 active listings from $215,000 for a Villa to $1,025,000 for a Marseille on a double golf course lot.

There were 2 pending sales last month--one an Opal @ $249,000--1548 sq. ft. and $369,900 for a Cayman at 1632 sq. ft.

There were 9 closed escrows ( probably sold before the financial debacle) from $205,000 for a Hummel (not a short sale or an REO) 1128 sq. ft--sold ro $205,000 to $440,000 for an expanded Monaco-2323 sq. ft.