LEIB'S LINES - Active Adult Communities In The Desert

Sun City Palm Desert Stats for October

2010-11-02T15:57:00.001-07:00

There are 181 active listings from $155,000 for a California Casual ( Short Sale) to $749,000 for a Tuscany 3232' on the golf course.

There were two homes that were contingent on the sale of the buyer's home: one at $219,000 (list price for an Orrefors and one at $309,000 (LP) for a St. Maarten.

There were 9 contingent-other (waiting for the inspection period or waiting for loan approval)
from $134,900 for a California Casual (short sale) to $769,000 for a great-room Portofino on the golf course.

There were 6 pending sales from $149,900 for a Limoge (foreclosure) to $439,500 for a Solitaire on the golf course.

There were 13 solds from $160,000 for a Limoge to $513,000 for a Morocco with Casita on the golf course.

If you have questions contact me

Elaine Leib
Windermere Real Estate Lic. #00404720
760-285-7676
www.elaineleib.com
elmorinpd@gmail.com

2010-06-11T10:42:00.001-07:00

Hi All

Amazing stats for Sun City Palm Desert

There are only 137 active listings--what a good time to sell a home!!!
However prices are down!!

Active listings from $159,000 for a California Casual--1160' to $790,000 for a Tuscany 3146'.

Contingent on sale:
one: A Monaco 2405' listed at $467,000

Contingent Other (waiting loan approval or expiration of contingency period)
8
From $219,.900 for 1527' (short sale) to $429,000 for a Tangier on the Golf Course

Pending sales---5
From $199,000 for a Cayman --1632 ' to a St. Croix on the golf course 2156' listed at $449,000

Solds (closed escrow)--19
From $177,000 for a California Casual at 1110'
to $679,00 for a Provence on the Golf Course

Wow!!!

Remember I am the "go to person" for Sun City Palm Desert and I LOVE referrals.

Elaine Leib
Windermere Real Estate
760-285-7676

Sun City Stats

2010-04-05T20:50:00.000-07:00

As of April 1.2010:
There were 176 active listings, from $172,000 for a Limoge (1045') to $799,000 for a Tuscany on the golf course.

Here is the amazing part ----for the month of March:
There were 20 " contingent other"--(homes that have an accepted contract but are waiting for the inspection period to be over or for the buyers to be conditionally approved for a loan)---from $214,000 for a Maui (1114') to $749,000 for a Marseille (2928') on the golf course.

There were 16 pending sales --from $177,000 for a California Casual (1150') to $664,000 for a Monterey ( 2318') on the golf course.

There were 33 closed sales in March-from $175,000 for a Hummel ( 1128) to $710,000 for a Marseille (2918') on the golf course.

Pretty amazing !!!!!

Sun City Stats

2010-03-02T15:29:00.000-08:00

Hi All

Here are the Sun City Stats for the month of February

There are 168 active listings--from $177,500 for a CA. Casual (1160') to $$799,000 for a Tuscany (3200') on the golf course.

There were 12 "contingent other" sales --these are sales contingent on financing or just waiting for the contingency period to be over before moving to "pending". Of these 2 were under $300,000, 8 were between $300,00 -$500,000, 2 were over $500,000.

There are 16 pending sales of which 4 are under $300,000, 12 between $300,000 and $500,000, 2 that are over $500,000

There were 12 properties that closed escrow from $200,000for a Gorham (1157') to $550,000 for a Portofino (2909')

The Desert Sun, on Sunday had a 3 page article on the state of the market in the Coachella Valley. In a few words:

Sales in 2009 were up 25% over 2008; Overall volume is down $15% (dollars spent),; Of the 9,238 homes sold 8204 sold for $500,00 or less; The average sales price of homes under $500,000 was $182,369, down 22% from 2008;The sale of homes priced from $500,000 to $750,000 fell 21 %.
Prices are so low that prospective buyers with cash, a golden credit record, resilient investment portfolio and job security are swooping in to snag homes at prices not seen in nearly a decade.

SCPD stats--

2010-01-29T21:09:00.000-08:00

There are 166 active listings compared to 157 in Jan. 09, from $179,000for a California Casual (1110') to $799,000 for a Tuscany on the golf course (3399')

From 1/01/10 to 1/29/10 there have been 8 pending sales from $215,000 for a Gorham (1157') to $499,000 for a Victoria (2289'). There have been 16 close escrows from $180,000 for a Gorham ( 1213') to $800,000 for a Marseilles on the golf course (2918')

Regarding December sales referred to in my newsletter-- here in SCPD there were 22 sales from Dec. 1, 2009-Dec. 31,2009.

Even though prices have dropped, our community is pretty stable with relatively few distressed properties.

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

Sun City Palm Desert Stats-November

2009-12-04T19:46:00.000-08:00

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

2009-11-03T19:23:00.000-08:00

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

2009-10-05T11:44:00.000-07:00

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!!!

2009-09-25T10:53:00.000-07:00

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?

2009-09-09T19:58:00.000-07:00

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

2009-09-02T17:11:00.000-07:00

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?

2009-08-31T10:12:00.000-07:00

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

2009-08-17T16:24:00.000-07:00

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

2009-08-12T14:03:00.000-07:00

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.

2009-08-12T13:47:00.000-07:00

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

2009-08-10T17:04:00.000-07:00

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

2009-08-06T12:29:00.000-07:00

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

2009-08-06T12:24:00.000-07:00

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

2009-08-02T11:09:00.000-07:00

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

2009-08-02T10:58:00.000-07:00

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

2009-08-02T10:53:00.001-07:00

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

2009-08-02T10:43:00.000-07:00

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

2009-07-27T20:12:00.000-07:00

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

2009-07-23T11:34:00.000-07:00

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

2009-07-16T10:11:00.000-07:00

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

2009-06-19T14:54:00.000-07:00

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

2009-06-19T14:41:00.000-07:00

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

2009-06-13T17:59:00.000-07:00

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

2009-06-02T13:37:00.000-07:00

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

2009-05-28T12:01:00.000-07:00

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

2009-05-26T14:57:00.000-07:00

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

2009-05-04T18:19:00.000-07:00

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

2009-04-16T12:13:00.000-07:00

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

2009-04-15T18:21:00.000-07:00

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

2009-04-13T16:39:00.000-07:00

.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

2009-04-05T18:13:00.000-07:00

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

2009-03-12T17:08:00.000-07:00

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.

2009-03-05T12:12:00.000-08:00

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

2009-02-24T16:16:00.000-08:00

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

2009-01-13T15:39:00.000-08:00

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

2009-01-05T18:44:00.000-08:00

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.

Interesting

2008-12-22T17:31:00.000-08:00

President -elect Barack Obama recently named New York City housing commissioner Shaun Donovan to lead the U.S. Department of Housing and Urban Development. What you may not know is that Donovan once worked at Prudential . Before he joined New York's Housing Preservation and Development Department in 2004. Donovan was the managing director of Federal Housing Authority and affordable housing investments for Prudential Mortgage Capital Co.

Fed lowers rate

2008-12-17T08:41:00.001-08:00

Fed has lowered rates lower than ever before and promises to do more to help the economy.

Did you know?

2008-12-16T17:27:00.000-08:00

TV's , computers and other electronics account for 15% or $352,50 of an average household's annual energy bill? The energy consumed by idle devices --ones that are plugged in but are not being used--accounts for about $264. Best: Get a power strip so that multiple electronics can be plugged into one. strip that can be easily unplugged. Or, unplug each appliance each day when not being used-toasters, can openers, mobile chargers, etc.

The Bottom?

2008-12-16T17:26:00.000-08:00

On Dec. 15, the Desert Sun said the economists thought we had hit bottom. What do you think?

Sun City Palm Desert Stats-November

2008-11-30T16:16:00.000-08:00

There are 199 active listings presently on the market, from $229,000 for 1283 sq. ft to $1,025,000 for a Marseille on a double lot on the fairway.

From 11/01/08 to 11/30/08 there were 6 pending sales , from $229,000 for 1366 sq. ft, to $529,900 for a St. Tropez at 2588 sq. ft.

For the same period, there were 5 solds from $250,000 for 1548 sq. ft to $389,000 for a Montego with casita at 2034 sq. f. These were probably all put in escrow before the financial meldown on wall street.

If you look back at my blogs on stats for the previous months you can really tell the difference. However, the president of Real Data Strategies said Palm Desert has a "healthy" market so not as many foreclosures , therefore not as many sales. Palm Desert had 12% more sales this year than last and prices were down 16% over last year. Indio saw price declines of 45% from a year ago. Obviously more people had bad loans, in that area ,with all the new construction.

Interessting facts

2008-11-26T16:56:00.000-08:00

C.A.R (California Assn. of Realtors) statistics for Oct. :

1. C.A.R,'s Unsold Inventory Index for existing single-family detached homes in October 2008 was 5.9 months compared with 15.2 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

6 month statistics

2008-11-25T16:13:00.000-08:00

In Sun City Palm Desert there were 82 sales in the last 6 months. But, most of those were probably executed before the October melt down in the stock market.
The average price was $380,000 with days on the market between 105 and 150 days. The longer a property remained on the market the less % of List Price the owner realized. )-30 days the price was 95.98% of List Price. 120 days or more owners received only 93% of list price

Customer Satisfaction

2008-11-18T15:57:00.000-08:00

Online tools may be popular among homebuyers and sellers, but the 2008 J.D Power and Associates Home Buyer/Seller Study finds that a quality real estate agent is the key to customer satisfaction with real estate companies.
The study finds that more than two-thirds of buyers (68%) used the internet to help them during the purchase process and 61% of sellers marketed their home on the Web. Still , among both buyers and sellers, the biggest factor affecting customer satisfaction was the agent's ability to serve the client
Prudential ranked highest among home sellers, with a score of 793 out of 1000.

Foreclolosires

2008-11-17T16:27:00.000-08:00

Everyone wants to know about foreclosures in Sun City Palm Desert.
Fortunately, Sun City has not had the rate of foreclosures that other areas of Riverside County have endured. There were only 5 foreclosures of June to Sept. sales. Our sales were down but that is because we don't have as many foreclosures.
As of last month, I had heard that the board was looking into 12 homes which are behind on their HOA dues.
Prices have dropped here, no doubt, and there has been a shift from the higher priced homes to the lower priced homes.
As of this AM there were 197 homes presently listed. Since Oct. 1 there have been 11 pending sales.
Thre were fewer Notices of Default filed last week than in many weeks. Let's hope that is a sign.

Sun City Palm Desert Stats for October

2008-11-01T08:38:00.000-07:00

As of Oct. 31

There were 177 active listings from $215,000 for a Gorham (1157') to $1,025,000 for a Marseille on the golf course (2938')

There were 11 closed escrows from $235,000 for a Calif. Casual (1110') to $600,000 for a Monterey (former model) (2439')

There were 4 pending sales from $299,000 L.P. for a Barbados (1394') to $429,000 for a Montego with casita.

The median price of the sold properties was $380,000 and the average price per sq. ' was $214.22

You can go back to some of the old blogs and compare .

2008-10-29T15:27:00.000-07:00

In case you missed the article "House Market in Correction Mode" in the Desert Sun, here is the crux of it :
Housing sales in the Coachella Valley jumped 65.4% in September from the year before, the stronges year-over year showing in nearly two decades.
The 865 sales represent an almost 13% jump from August, according to figures from Data Quck.
The market is in a very fierce mode of correction. The market shift is "deeper and more difficult than anyone had anticipated."
The rise in sales indicates buyers continue to make the best of the desert's ever lowering median prices, which hit $230,000 in September. That is down 37.8% from September 2007.
Distressed properties accounted for most of the sales.
New construction is not faring as well as resales with only 148 homes sold in September.
The median price per sq. ft is at $125.00, down 41.1% from Septl. 2007.
The most expensive home sold in the Coachella Valley was $2.49 million in La Quinta.
Buyers purchasing homes under $500,000 are able to finance through FHA.

2008-10-27T15:38:00.000-07:00

The Desert Sun, Sunday Oct. 26:

"Foreclosures and lower prices lead to huge boost in home sales.

The rising number of foreclosures and ever-lowering median prices gave Riverside County's housing sales a tremendous boos in September.
Figures released by DataQuick last week show 4551 homes sold countywide--up 106.1% over a year ago.
A big reason is price: Countywide, the median price dripped 36.8% to $237,500 from $375,000 in Sept. 2007.
Coachella Valley-specific numbers for Sept. have yet to be released. But, sales reported on the Desert Area Multiple Listing Service indicate the same trends are occurring here.

In Coachella Valley , a total of 1,400 homes were in some stage of foreclosure in September."

2008-10-27T15:27:00.000-07:00

In SCPD here are approximately 12 homes in some phase of foreclosure and a few that are in short-sale mode.

In case you missed my Leib's Lines on Short Sales--here is a quick study.\:
A short sale happens when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Doing a short sale is not for the faint of heart--some lenders will not even consider a short sale if payments are current. Plus if you have cash assets, the lender might try to tap those accounts.

According to a division manager at Vitek Mortgage, sellers will take as big a hit on their credit report by doing a short sale or Deed-in-lieu of Foreclosure as they will by going through foreclosure.

Pendings in SCPD

2008-10-17T13:55:00.000-07:00

From Sept. 1st 2008 until today, Oct. 17,2008, there have been 3 pending sales:

$274,000--for a bank approved short sale--Antigua-1647' 159 Days on the Market
$459,000--Expanded Monaco--2323' 83 Days on the Market
$459,000--Expanded Tangier--1764' 61 Days on the Market

Sun City Stats for September

2008-10-03T09:50:00.000-07:00

As of Sept. 30, there were 162 homes on the market from $229,000 for a Hummel (1128') to $979,900 for a Tuscany on the golf course (3300').

There were 10 pending sales for the month of Sept. from $274,000 for an Antigua (1647') to a Victoria (2473') for $549,000.

There 12 closed escrows from $245,000 for a Lanai(1213') to $587,000 for an extended Tangier on the golf course.

The average price per sq. ft was $220.00

You can go back in the blog and check last months stats vs. this month--or even further to get more of an idea of what is happening in our market.

Coming to the neighborhood:

2008-10-03T09:34:00.000-07:00

Due to the business climate, there aren't as many openings as there have been in the past, but here are a few:

Where Augusta was located will be " Insanity"--food, fashion and cocktails
Golfsmith is opening a superstore in the Monterey Shore Plaza
Bevmo--a superstore with wine, beer and liquor--open on 111 in La Quinta
Schlotzsky's is open on 111 in La Quinta

Don't forget the Orowheat outlet in the business park across the street.

Short Sale vs. REO

2008-09-20T09:00:00.001-07:00

A Shot Sale is the sale of a home in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan (s). The process starts when a seller who is behind in his payments attempts to sell his house before the bank takes the property through foreclosure. To do this, the Real Estate Agent negotiates with the bank to agree to sell the home for less than what is owed on the property.

REO stands for "Real Estate Owned," and is another way to refer to a "Bank Owned" property. This is a property that the bank has taken back through foreclosure and failed to sell at the trustee sale. These properties are also known as "Repos".

With a Short Sale, the homeowner is still technically the owner of the property and must agree to the sale terms in addition to the bank approving the deal. In a Short Sale, the seller is still typically living in the property and will issue all standard disclosure statements. Short Sales take a little longer than an REO to obtain an approval from the lender and complete the escrow.

With a Bank Owned REO, the bank is the owner and makes all the decisions regarding the sale. They typically sell properties "as is"with minimal disclosures. REO's are vacant and the sale takes place relatively quickly.

Sun City Palm Desert Stats

2008-08-31T19:24:00.000-07:00

As of 8/31/08 there were 137 active listings from a Limoge (1045') to $979,000 for a Tuscany on the golf course.

There is one contingent sale at $459,000 for a furnished St. Croix.

There are 8 homes in escrow, from $239,000 for a Lanai (1213') to $629,000 for an Emerald on the golf course (2304')

There were 9 homes that closed escrow from $190,000 for 1128' to a Morocco with a casita for $485,000.

The average price per sq. ' on the solds was $185,000.

If you go back to my blog for the last 6 months you can track the changes.

Coming to the neighborhood:

2008-08-31T19:04:00.000-07:00

Where Augusta was located will be "Insanity"--Food, Fashion and Cocktails

Golfsmith will be in a 36,00sq.' superstore at Dinah Shore and Monterey at the Monterey Shore Plaza.

BevMo--wine,beer and liquor in a superstore at 79-715 Highway 111 in La Quinta.

Schlotzsky's now open at 79680 Hwy 111 in La Quinta

Mimi's Cafe, in La Quinta is now open as is Applebee's on Washington

Ambitious Housing Bill

2008-08-31T18:49:00.000-07:00

The massive housing relief bill signd into law by the President, in late July, promises to improve the climate for home sales, thanks to tools that will help lift the pall that's clouded markets for two years.

The bill's centerpiece is the expansion of the FHA that will make safe and affordable federally backed mortgage financing available to borrowers with unaffordable subprime loans. With the $300billion FHA initiative, lenders will be able to get troubled loans off their books.
At the same time, the bill permanently raises the FHA and conforming loan limit to $500,000 (in Riverside County) from $417,000

Most important for credit markets, the bill authorizes the federal government to shore up secondary mortgage market giants Fannie Mae and Freddie Mac through an expanded line of credit or equity infusion in the form of purchases of the companies' stock

Along with the financial backstop, the bill beefs up oversight of Fannie and Freddie by creating new, independent regulator that will have the authority for setting the companies' capital requirements, among other things.

To help persuade first-time buyers to enter the housing market, the bill authorizes a $7500 tax credit for purchases made by July 1.2009. This is not a gift, but a loan to repaid in a number of years.

Existing Home Sales up 19%

2008-08-30T07:04:00.001-07:00

Coachella Valley existing home sales jumped 19% in June over June 2007 as the inventory of available homes continues to decline, the California Desert Assn. of Realtors reported.

The rise in sales also accounts for the drop in overall housing inventory. The July inventory is the lowest since Sept. 2006. In comparison, the January sales rate and inventory yielded 22.4 months of unsold inventory while the July sales and inventory stands at 13.1 months of unsold inventory ( that means it would take 13.1 months to sell all the inventory on the market).

The median price of an existing desert area home in June was $393,750, down 29.4% from June 2007.

Statewide, existing home sales rose 17.5% in June, compared to June 2007, although the median price fell 37.7% to $386,250.

More Likely to Sell at a Discount

2008-08-12T16:06:00.000-07:00

According to an online brokerage, Redfin, after looking at more than 290 home sales in the L.A. area, identified traits of homes that sold at the largest discount from the final asking price. Prices came down most when homes were:
1. Listed for more than 90 days
2. Fixer uppers
3. Owned by the sellers for 20 years or more.
4. Owned for less than five years.

Redfin also found that sellers who have already cut their list prices often agree to more reductions to get a sale.

Most of the above are fairly obvious. Sellers who have owned a home for more than 20 years probably will make a solid profit even if they come a long way down from the original price. Those who have owned a home for less than 5 years may be in mortgage trouble.

One conclusion that may surprise some: Redfin finds that buyers don't have much luck low-balling foreclosed homes sold by banks. That is because lenders are already offering foreclosed properties at deep discounts.

L.A. Times

2008-08-04T15:57:00.000-07:00

The Los Angeles Times has closed down its real estate section after more than a century, due to lack of advertisers.

Sing up for drawing

2008-07-31T10:53:00.000-07:00

To sign up for a $25.00 gift certificate at Christel's Boutique in the Marketplace--check commennts on this blog and leave me your name and email address.

SCPD Statistics for July '08

2008-07-31T10:24:00.000-07:00

As of July 31 there are 132 active listings from a "Short Sale" (pre- foreclosure) listed at $240,000 for a Christofle to $1,015,000 for a Marseille on a privacy lot.

There were 12 pending sales in July from $205,000 for 1128 sq. ft. to $675,000 for a Monterey on a privacy lot (2439. sq. ft.)

There were 9 closed sales from $250,000 for a California Casual (110 sq. ft) to $525,000 for a Victoria (2430 sq. ft. )

The average price per sq. ft of closed sales was 196.98 and the average price was $376,000
Of the closed sales 5 were under $350,000 a 4 were between $430,000-525,000.

Of interest: In Palm Desert : # of sales Average sales price
Jan. to June 2007 382 $559,639
Jan. to June 2008 567 $472,209

In Sun City Palm Des. 127 $448.720
119 $408.071

Coming to the Valley

2008-07-31T10:16:00.000-07:00

Coming to El Paseo:
1. Lucky Brand Dungarees--youth oriented brand--owned by Liz Claiborne Inc
2. Janie and Jack--A children's Store--owned by Gymboree
3. Mastor's Steakhouse--known for its elegant ambiance.
4. Banana Republic will move to larger space at El Paseo Village
5. Kate Spade
6. Juicy Couture and bebe

Buckles is open at Westfield Mall---geared to the younger shopper.

Body Balance for Perfomance on Dinah Shore--to improve health and golf

Reverse Mortgages

2008-07-27T11:55:00.001-07:00

First of all I am not advocating for reverse mortgages. But this might help someone who needs money in these tough times.

Seniors, 62 or older, who have small or no mortgages on their homes are eligible to participate in HUD's reverse mortgage program. The program allows homeowners to borrow against the equity in their homes.
Homeowners receive a lump sum, or monthly payments fro as long as they live in their home.
Homeowners whose circumstances change can restructure their payment options.
The size of reverse mortgage loans is determined by the borrower's age, the interest rate and home's value. The older a borrower, the larger percentage of the home's value that can be borrowed.
There are no asset or income limitations on the borrower. There are no limits on the value of homes qualifying for a HUD reverse mortgage, but the amount borrowed is capped by maximum FHA limit up to $160,950
There are fees for borrowing . HUD's program collects funds from insurance premiums charged to borrowers. Seniors are charged 2% of the home's value, up front plus on-half percent on the loan balance each year.

Borrower Requirements;
age 62 or older
Own your property
Occupy your property as primary residence
Participate in a consumer information session by an approved counselor.

There are other reverse mortgage programs out there that are more generous. If you go back to one of my early blogs, I have an article on reverse mortgages.

CA home stats for June

2008-07-24T12:08:00.000-07:00

From DataQuick:

A total of 35,202 new and resale houses and condos were sold statewide last month. That was up 6.6% from 33,024 in May and down 6.1% from June of last year. Last month's total made for the slowest June in DataQuick's stats since 1988.
Of the homes sold in June, 41.9% were foreclosure resales, up from 40.1% in May
Sun City Palm Desert had 19 homes sold in June with the median price $330,00.

Reducing Property taxes

2008-07-19T15:40:00.000-07:00

You can apply for a reduction in property taxes at the Riverside County Tax Assessor;s office in Palm Springs. It costs nothing, so don;t reply to a letter from "Home Owners Tax Review where they want you to send $95.00 to them to apply for a reduction. The homes they used as comparables have nothing to do with your home.
Basically, people who bought before 2004, probably won't get much relief, but it is worth a try.
Let me know and I can get you the comps you will need to make your claim.

Financing still available

2008-07-11T16:10:00.000-07:00

If you took every recent media report on the mortgage industry at face value, then you might think you could never get financing again. But the truth is that affordable financing is still available --and from a very familiar source.

The FHA--Federal Housing Administration -- is back. In reality, they never went away. Affordable loan programs from the FHA have been helping people buy the home of their dreams for over 70 years.

But when the subprime mortgage industry collapsed under its own weight last year, the news media was quick to report that the entire lending industry was in deep trouble. In truth, this is simply not the case.

What the media doesn't report is that since 1934, the FHA has been the steady source of insured loans for hundreds of thousands of Americans. These loans are not cycle-driven like the rest of the mortgage industry. What this means is the FHA loan underwriters look at your payment history, not the state of the market.

You are also not hearing the recent resurgence of VA loans. Like FHA loans, VA loans provide a level of security for families who might not qualify for a traditional bank loan.

Winner

2008-06-30T12:09:00.000-07:00

Congratulations to Mary Beth Treen -the winner of $25.00 worth of groceries at Stater Brothers. Call me or email me and I will get you the certificate
'
285-7676
elmorinpd@aol.com

New and wonderful listing

2008-06-28T14:51:00.000-07:00

I just listed a fabulous Monaco set high up over the fairway with wonderful mountain views.
There are 3 bedrooms and 3 baths. One of the bedrooms has a built-in office. The interior of the home has been recently painted in lovely soft colors. There is lots of tile flooring except bedrooms and living room.
The expansive family room has a built-in entertainment center; there is music throughout the house; the center island in the kitchen is enormous and is perfect for buffet entertaining. The kitchen has lovely, upgraded marble-like corian counters, double ovens, a large walk-in pantry.
There are decorator fans in most rooms.
The luxurious master suite has a bay window and a large sumptuous bathroom, with both a shower and a tub. The large walk-in closet has been customized as is the large closet in the hall.
The laundry room has a tub and a window.
There is an evap0rative cooler in the garage to cut down on electricity bills.
There is a two car garage plus a golf cart garage and plenty of built-in storage.
Call me if you know someone who might be interested in seeing this beautiful home.

Drawing for August 1

2008-06-28T14:47:00.000-07:00

The drawing this next month will be for a gift certificate for Christel's at the Marketplace.
Sign up by sending me an email @elmorinpd.@aol.com, or comment on this blog.
Christel's is an upscale, casual women's store--lots of color!!

Sun City Palm Desert Stats

2008-06-28T12:14:00.000-07:00

From 6/1/08 to 629/08 there have been 12 pending sales-from a Lanai @$225,000 to a Portofino on a privacy lot. The average days on the market was 223.

During the same period there were 12 homes that closed escrow-from $205,000 for a Villa to $550,00 for an expanded Victoria. The average days on the market was 172 and the average per square ft was $202.00

For the same period in 2006 there 21 properties that closed escrow. The average days on the market was 99 and the average price per square ft. was $261.00. Does this something about the change in our market?

4 Mistakes Sellers Make

2008-06-28T12:00:00.000-07:00

#1 was in my newsletter re: minor remodels
2. Rushing to put the house on the market
If you are not serious about selling, do not test the market by listing your property. If you are serious, take a few days to prepare yourself and prepare your home for sale.
3. Not finding experts who have experience in your area. Just because your neighbor's house sold for $500,000 a month ago, it does not mean you will get that today. You need someone who lives and works in your development, who knows the inventory and the history of the project. Realtors who live and work in your area, communicate with each other in order to sell your property.
4. Failing to realize the difference between a Realtor and a Stager.
Stagers work together to maximize the resale value of your home and minimize stress levels along the way. They create the look that sells. They transform the home into a marketable house , accenting all of its attributes, embellishing the existing furnishings with additional furniture , art and accessories where needed. There is usually fee for a stager.
Once the home is staged a competent Realtor can recommend a pricing level, knowing the market that the home will attract.
5. Not painting and making necessary repairs. Look at your home as a sophisticated buyer will.
Clean up landscaping, matbe even get a landscape architect to make some changes that show off your home; shine your front doorknob . Make the first impression a lasting one.

Wow!!

2008-06-25T15:37:00.000-07:00

In May, 2008, there was $360 million dollars worth of property sold in the Coachella Valley.

Preaching to the choir

2008-06-22T19:44:00.000-07:00

I know I have said all this before, but if you are a seller, or know a seller, here are some tips from the L. A. Times, June 22

1. Get the right mindset: once you list your home , detach yourself. Treat the house as a commodity which means making changes that will broaden its appeal, but may erase some of your personal style. ( I always tell the seller that his/her home should look like noone lives there).

2. Start at the curb: Look at what people see when they pull up. Trim hedges, prune trees, mow the lawn and plant oodles of colorful flowers.

3. Paint: It is money in a can. Outside, if a powerwash is not enough, a coat of paint is one of the best facelifts you can give a home for a relatively low price. Inside, paint walls a soft neutral such as warm beige

4. Focus on the entry:Put energy into the front door, because it makes a strong fist impression.

5. Catch up on maintenance: Get around to repairs you should have been doing all along. Fix the little stuff

6.Look for alternatives to expensive or messy upgrades: Don't take on a big remodel--it creates too much mess and time. For example, if dated cabinets still work well, consider painting or staining rather than replacing

7. Consider new appliances: Typically, sellers get back what they pay for new appliances. When buyers see new appliances, they often see "A new kitchen"

8. Add some house bling: Make anything metal in your home look new and shiny.

9. Start packing: the average home would show much better if it had less " stuff". Take out extra furniture, especially if it blocks flow of traffic.

10. Remove the "you" factory: Pack away trophies, hobbies, family pictures, etc. Depersonalizing a home lets buyers imagine themselves in it.

11. Clean house: Wipe down switch plates, light switches, doors, baseboards, etc.

12. Banish smells.:When people first walk in they should smell nothing or a nice scent such as cinnamon or potpourri. Have carpets, if not replaced, professionally cleaned.

Your job is to make buyers think, " I could move in tomorrow".

New Council to include Sun City

2008-06-13T11:15:00.000-07:00

The Riverside County Board of Supervisors approved the formation of a Desert Palms Community Council which had been requested by Sun City's Palm Desert Community Assn.The Desert Palms Community Council is the district's thirteenth council.

The decision to request the community council was made at the conclusion of a Sun City Blue Ribbon Investigative Committee report that listed the council as one of the best options.

The community had studied the feasibility of incorporating. That option could be revisited later, but for now that discussion has been dropped.

Community councils are advisory only, but are respected and heard by the supervisors.

Father's Day

2008-06-11T20:47:00.000-07:00

This article came from Clifton Stone in "Tidbits"

"Pop Cuolture Dads"

Those caught in the spotlight tend to shout "Hi Mom!" but say nothing about their poor father. This week, Tidbits gives some overdue recognition to father, real and fictional.

1. Earle Hyman played Bill Cosby's Dad on The Cosby Show, even though he is only nine years older than the comedian. Hyman has acted on-and-off in Norway since the 1950's and maintains a home there. He also speaks fluent Norwegian.

2.According to the pro Football Hall of Fame, only a few NFL quarterback fathers have had sons who've followed in their footsteps. The short list includes Archie Mannning and his son Brian; and Phil Simms and son Chris.

For his first birthday in 1921 , Christopher Robin Milne received a teddy bear named Edward. The bear was Chistopher's constant companion, and he even carried on long conversations with Edward. Christopher's father wrote a series of stories about his son and the teddy who he nicknamed "Winnie" after a real bear named Winnipeg that lived at the London Zoo.

Winner of Discount Cleaner gift certif

2008-06-01T11:42:00.000-07:00

Congratulations to Judith Fallick . If you will contact me I will get the certificate to you.

Sun City Stats

2008-05-30T15:52:00.000-07:00

The good new is that the inventory is down to 156 homes on the market (remember when there were 219?)
The active listings range from 1128 for a Hummel @1128 sq. feet to $990,000 for a Marseilles on the golf course.
The month of May had homes that went into escrow and are pending ---from $219,000, list price, for a Calif. Casual to $699,900 L.P for a Victoria on the golf course.
Also in May there were 22 closed escrows from $230,000 for a Maui @1010 sq. ft. to $725,000 for a Monaco on the Golf Course @2515 sq. ft.

I have a new listing, the second lowest list price in Sun City, at $239,900 for a Lanai at 1213 sq. ft It is a fabulous home with some mountain view, newly painted in a soft desert color, near new carpets, lots of tile flooring. Includes washer, dryer, refrigerator and golf cart.
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Home of the Future

2008-05-30T15:43:00.000-07:00

Trends:

Formal living rooms will shrink or vanish altogether, while family rooms will get larger
Ceilings in the average home will be 9-10 feet; some luxury homes will have 12 ft. ceiling.
The family room will be the most important feature, followed by low-maintenance exteriors
, design, location, and two car garages. In luxury homes design will be most important.
Outdoor kitchens and second master suites will become more common in luxury
The average home will have 2 1/2 to 3 1/2 bathrooms.
Recessed lighting and bold colors will be more common in average and luxury homes.
Demand for energy-efficient appliances, mechanical equipment and windows, and
environmentally friendly green products will increase.
Programmable thermostats, structured wiring systems will be standard in the average home,
while luxury homes will include just about every electronic feature that is available.

Good News

2008-05-21T17:25:00.000-07:00

Good news for people who bought their homes after January 1 of 2004--Riverside County Assessor is in the process of reassessing the taxes on those homes. Watch for your tax bill to see if you have been reassessed. Obviously this will take some time as there are 660,000 residential properties in Riverside County.

Open House as a Selling Tool?

2008-05-20T16:53:00.000-07:00

Some home sellers view open houses as a right. If their agents balk at sitting in the living room for 2 or 3 hours on a nice day waiting for prospects to come through the door, they feel cheated.

Others see them as a necessary evil. Even though they have to clean, make beds, scour the bathroom and kitchen and get put out of their home , many seller believe it is imperative that agents hold their houses open so everyone can come traipsing through.
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But, according to the National Assn Realtors latest profile of buyers and sellers, only 7% of all buyers visited open houses as a first step in their search for a home. Most start on the internet.

That is not to say open houses do not work--they work for the agents to find buyers for other homes or for sellers of other homes

Personally, I have been in real estate for 38 years. I have sat on open houses almost every weekend for all that time. Only 4 times in all 38 years did I procure a buyer for the home on which I was holding an open house.

Because of the market conditions buyers no longer feel an urgency to buy NOW. There is no need for buyers to see homes on OUR timetable. They can view homes on line or with their agent on their schedule.

One positive reason to hold an open house is to get feedback from lookers, if there are any.

Things have changed in the time I have been in the business.

Disneyland resurrects "House of the Future"

2008-05-08T18:04:00.000-07:00

If you ever visited Disneyland as a kid, you might remember seeing the "House of the Future" , a conceptual dwelling that showcased prototypes of innovative high-tech gadgets. In the original version, the home featured hands-free phones, wall-sized televisions and electric razors. After a decade the exhibit closed in 1967.

Now Disneyland Resort has announced that it will open a new 500 sq. ft. " Innovventions Dream Home" in May, this time teaming up with Microsoft, Hewlett Packard, software developer Life. The home will include some electronic products and technologies that are available today such as mobile phones, PC's, digital music and games , as well as more futuristic gadgets. Disney aims to provide guests with a " high-tech,high-touch" interactive experience that helps them u"understand how to seamlessly interconnect their home, the surrounding community and the world", the company stated.

Winner of drawing for Discount Cleaners

2008-05-01T10:30:00.000-07:00

The winners are Jerry and Sue Loeb. Congratulations

Sun City Stats for April "08

2008-04-28T12:00:00.000-07:00

There are 186 active listings as of 4/28/08 compared to 217 in Mar of 08.

There are 19 pending sales , 2 contingent sales and 20 closed escrows. The average days on the market was 145 and the average price per sq. ft. was @216.42 compared with $211.16 in March .

The good news is the falling inventory. Buyers have less from which to choose, so may step up to the plate in a more timely fashion.

Inspect then list

2008-04-24T17:24:00.001-07:00

Today's real estate market is not what it used to be. If you want to sell your home, you may be thinking of ways to set your home apart from others. Get an inspection before you list!!! It saves surprises when you get into escrow.

Resources:
American Society of Home Inspectors ( www.ashi.org)
California Real Estate Inspection Assn. ( www.creia.org)
International Assn. of Certified Home Inspectors ( www.nachi.org)

Call me for more information.

New California Laws for 2008

2008-04-17T16:13:00.000-07:00

1. Bicycle riders must have some sort of illumination devices while riding on a highway, street or sidewalk at night.
2. Smoking will not be allowed in any vehicle if minor children are inside. This applies whether the vehicle is moving or parked.
3. The California minimum wage will increase 50 cents to $8.00 per hour--one of the highest in the country.
4.A new law will allow consumers to redeem gift cards with balances of less than $10.00 for cash.
5. Cities and counties will now be required to designate areas where homeless shelters can be constructed without the requirement to obtain a conditonal use permit.
6. Courts will now be able to require parents or guardian of gang members to attend parenting classes.
7. Cites and counties will no longer be allowed to require landlords to verify the citizenship of their tenants.
8, Beginning July 1, California will prohibit drivers from using wireless telephones without a hands-free device while driving . A separate law prohibits all drivers under age 18 from using a cell phone even with a hands free device.

Feeling down? Exercise

2008-04-07T15:11:00.000-07:00

Worried about the stock market, your health, or the health of someone you love?--- Exercise. It not only benefits our physical body, but it has similar benefits for our mental health.
The type of workout may not be as important as how often your exercise and how consistently you continue to work out and be physically active.
Here are some tips for incorporating exercise into your lifestyle:

1. Slowly add exercise to your daily routine
2. Invite a friend to go for a walk with you
3. Be an exercise buddy to someone else.
4. Over time begin to increase your activity. Add new exercise moves, dance to a video, take an exercise class.
5. Be sure you are healthy enough to start an exercise routine. Ask your doctor.

Winner of Mario's Gift Certificates

2008-04-01T08:00:00.000-07:00

This month's drawing was won by Joan Scully.

If you want to enter next month's drawing for a gift certificate to the Discount Cleaners at the Marketplace, please comment on this blog by clicking the comment check and leave your email address or go to my website at elaineleib.com and click on contact info.

March SCPD statistics

2008-03-30T15:16:00.000-07:00

Active listings: 217 from a Villa ( 1 BR 1 BA) 1050 sq. ft. to $1,090,000 for a Marseille on the golf course ( 2918 sq. ft)

Pending Sales: 21 from a Maui LP. 269,000 to a Marseille on the golf course LP.$1.200.000
The Maui had been on the market for 478 days; the Marseille for 34 days.

Closed Escrows: 11 from a CA Casual @ $250,000 to a Great Rm. Portofino on the Golf course at $875,000
If we drop the highest price escrow, the average price per sq. ft is 196.65 7 sold under $400,000, 3 above $400,000.

During the same period in 2007 there were 21 closed escrows from a CA Casual @289,000 to a Privacy Marseille @ $950,000 and the average price per sq. ft ( not counting the $950,000, was $231.05. If my calculations are correct, that is almost a 9% drop from 2007.

Uptick in sales

2008-03-27T15:57:00.000-07:00

Tuesday's Desert Sun ran the following:

Valley Sales Up

Coachella Valley home sales in February increased 4.5% over January's sales, according to the California Association of Realtors.

Sales are down 14.2% from February 2007, figures released Monday show.

The exact number of homes sold was not released.

Statewide, February's single-family home sales rose 9.5% from January, but were down 28.5% from February of last year. It's the fourth month in a row that California's sales rose month-over-month.

The median price of a Coachella Valley single-family home was $334,910 in February, up 4.8% from January. The state's median was $409,240..

Fight City Hall

2008-03-14T15:43:00.001-07:00

Many people have asked me if they could get lower property taxes if their home value has dropped.
According to an article in AARP Magazine, roughly 1/3 of people who appeal their property assessment get relief. Don't delay--you have 30-60 days after a notice of assessment to appeal.
Here's what to do:
Head to the assessor's office to see your property card. Mistakes in square footage, lot size and more could be adding to the assessed value. Come armed with addresses of similar homes and compare their cards. Next, get sales data to document declining prices.
Look for unique factors--Are you right next to a drainage ditch or outside wall? Is your lot better or worse than your neighbors? Do the differences show up in the assessments?
Hire an appraiser ( if allowed). Some jurisdictions require an appraisal as a basis for an appeal--others forbid it An appraisal typically will cost about $300.00, but one in your favor makes for a strong case.
To get the comparable sales in your area, call me--I will be glad to help--760-285-7676

Good News-some sales

2008-03-12T15:54:00.000-07:00

In SCPD, from Feb. 1 to Mar. 12 there have been 15 pending sales. That is quite an increase in action. I know it is not what we would all like, but it is nice to see more sales.

Drawing for Mario's dinners

2008-02-29T16:59:00.000-08:00

An uninvolved person drew names out of a hat. Phil Corwin is the lucky winner of two dinners at Mario's. Congratulations Phil.
I am holding another drawing next month for anyone who comments on this or any other of my blogs and leaves name and email address in the appropriate box.

SCPD Statistics

2008-02-28T16:52:00.000-08:00

Active listings: 213 , from $229,000 for a "Short Sale" Hummel (1283') to $1,200,000 for a Marseilles on the golf course

Pending Sales from 2//01/08 to 1/28/08=12 ---from $279,000 for a CA Casual (1128') to $859,000 for a St. Tropez on the golf course (2640')

Closed Escrows from 2/01/08-2/28/08= 12--- from $270,000 for a Cayman (1616') to $794,000 for an expanded Monaco on the golf course(2422')

Interesting: comparing Feb. 07 with Feb. 08;
Sales in 07=20; Sales in 08 =12
Av. price per sq. ' --Average in 07 =240.47; in 08=233.87
Days on Mkt: Average in 07=115; in 08=157
Sales price vs. list price: in 07=96.02, in 08=94.60
Median Sales price in 07=$413,000; in 08=375,0

You may see stats in the Desert Sun that say the Median price is down 10%--SO WHAT?
It only means that 1/2 of the homes sold were above the median and 1/2 were below. So, if the majority of the homes were in the lower price range it would go down. If the majority were in the upper price ranges it would go up.

If you want to know what your home is worth give me a call at 760-285-7676

Bottom Line :"How to Sell a home in this Brutal Market

2008-02-14T15:16:00.000-08:00

Written by Jim Remley--Realty Times

Real estate values have been falling quickly across much of the U.S. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months and months.
Ther are strategies that can help you sell your home--for a fair price--even in hard hit areas.

Best Moves for the Sellers

You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sale. Here's how...
1. DON'T START WITH A HIGH PRICE . Asking price is the single most important reason that a property does not sell. In this buyer's market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations. Area real estate agents pay the most attention to listings when they first appear on the market. In these days they won't even show your home if they think it is overpriced. If you start too high, by the time you do lower your price, real estate agents will have newer lisings to show buyers. The buyrs who do see your home will view your price cut as a sign of desperation and bid low.
Pricing your home as a slight bargain ensures that as many potential buyers as possible will walk through your door.

2. RECHECK THE ASKING PRICE OF COMPARABLE LISTINGS every two to four weeks. If you do a price reduction make it large enough so the new price is very competitive with comparable homes or is even a "best buy."

3. IMPORTANT: The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking when you set your asking price. It was a very different market then and those prices are irrelevant today.

4. HELPFUL: If your home is not attracting many showings, the price is probably the problem. If it is attracting showings but not offers, the home itself is most likely to blame.

5. FIX IT UP FIRST. "Fixer-uppers" tend to be ignored in slow real estate markets because buyers can find good deals without bringing their paint and tools

6. PAY ATTENTION TO CURB APPEAL

What to do: spend a weekend beautifying the front of your home. Replace damaged window screens, tidy up landscaping, pressure was the sidewalk and the home, add mulch around trees and in flower beds. If necessary upgrade outdoor lighting fixtures, doorknobs and doorbell switch.
Freshen up the interior--a fresh coat of paint (desert colors) and new carpet can make a difference. Hire a professional cleaning service to clean thoroughly.
Smell matters--use scente candles or potpourri If the home smells of smoke or cooking odors, hire a building restoration company to remove odors if scrubbing doesn't do it.

OFFER INCENTIVES TO BUYERS AND BROKERS.--many homes sellers are "bribing" buyers with cash, cars, and flat-screen TVs. Help with closing costs. Pay for buy-downs on buyer's loan. Offer an extra 1% to Realtors on top of regular commission. IMPORTANT: If you offer a sales incentive disclose this in your sales contract with the buyer. If the buyer later defaults on the loan, the lender could claim that you and buyer engaged in fraud by manipulating the sales price to include an asset on which the seller could not foreclose.

DON'T OVER NEGOTIATE--If a potential buyr's first offer is reasonable , consider accepting it, rather than making a higher counter offer. Buyers have so many homes from which to choose that they sometimes move on rathr than make a second counter.

From my own exerience with buyers in Sun City--most want the granite counters, tile floors, desert colors, newer appliances, wood shutters They turn up their noses at homes that are not upgraded.

Every Home Can be the "Perfect" Listing

2008-02-07T14:21:00.000-08:00

First impressions are the most important and you never get a second chance to make that first impression. Even though I have touched on this topic before, it never hurts to remind sellers again.
Staged homes generally sell faster and at a higher price. Here is a short list of ideas that can help you stae your home for a more rapid sale. In this market you need every advantage:

1. Curb appeal

The front of your home, including the courtyard should be free of clutter. It couldn't hurt to power wash and repaint the exposed wood areas, including the door. If the hardware on the door is worn or tarnished, you should consider replacing it. You might need to trim or remove some of the existing landscaping--plants get tired looking after many years. Remember that within the first 30 seconds, buyers for their first impressions.

2. Unclutter and Unstuff

Overcrowded rooms create negative inspiration. If you plan on discarding furniture, do it before you show your home. Closets should be only half-full and the floor of the closet should be visible. If the closet is crammed full of your stuff, potential buyers will feel there is not enough closet space.

3. Light Rules

Clean windows and screens inside and out and open drapes and blinds. Allow as much natural light as possible. The more light, the more "homey" the room feels.
You may find areas that need repainting. Don't scrimp...repaint the entire room. When selecting a paint color light and natural should be the rule of thumb.

4. Textiles

Put out the GOOD towels, both in the kitchen and baths. Make sure throw rugs and runners are in good shape and clean...particularly in the entry way. Make sure your entry is attractive, bright and clean.

5. USE FLOWERS

I can't emphasize this enough!!! In season or purchased from the florist, real flowers--don't use artificial--add charm and warmth to any room. Pots of seasonal flowers on the front porch and hanging baskets on the back porch bring life and energy to the home. A simple market bouquet can brighten any home. I learned this from experience: When we sold our home in Phoenix in 1991, it was a market like this one. I hired a flower expert and spent $500.00 for pots of brightly colored flowers--We sold within a week and buyers told us it was the FLOWERS.