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.
Sunday, August 31, 2008
Coming to the neighborhood:
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
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
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.
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.
Saturday, August 30, 2008
Existing Home Sales up 19%
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.
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.
Tuesday, August 12, 2008
More Likely to Sell at a Discount
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.
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.
Monday, August 4, 2008
L.A. Times
The Los Angeles Times has closed down its real estate section after more than a century, due to lack of advertisers.
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