Living In Palm Springs California

Moving Day

2009-11-17T05:49:00.000-08:00

Moving is always a little scary and a little fun at the same time. Today my new blog officially opens for business. Please come see www.PShouseblog.com and enjoy the new space. The platform is more powerful and has many features I have always wanted to incorporate into my blog.

It is my hope that the site will let me share more, more quickly and become a true resource for anyone interested in the Palm Springs California area.

Look forward to seeing you there!

Michael

Tahquitz Creek GOlf Course Views

2009-08-20T20:49:00.000-07:00

MLS Searches On A Map

2009-05-12T18:23:00.000-07:00

Now you can see where the house is you are looking at on this cool mapping feature using the actual MLS lisitngs from the Palm Springs area. No more wondering where that house really is at!

Click the title to go to the page and enjoy!

Racquet Club East Palm Springs

2009-04-11T07:16:00.000-07:00

Racquet Club East Palm Springs California

Remodeled and improved just for you. Special touches abound in this rebuilt and improved home. Great corner lot position with South and West Facing views. Circular Drive - laundry room - double garage -Amazing outdoor space with a fully fenced and private yard complete with pebble tech pool.

Contact Information

Michael

760-272-500

Location

2981 N Davis Way
Palm Springs, California 92262
UNITED STATES

Show Map

FEATURES

Bedrooms: 3

Bathrooms: 2

Partial Bathrooms:

Square Footage: 1632

Subdivision: Racquet Club East

Lot Size: 10019

Garage Size: 2

Year Built: 1959

School District: Palm Springs Unified

MLS/IDX#: 41363703

Status: For Sale

Metro Area: Los Angeles

ATTRIBUTES

View

Mountain

Rooms

Dining Room

Family Room

Laundry Room

Master Bath

Pantry

Walk-in Closet

Parking Type

Garage - Attached

Interior Amenities

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Heating Source

Electric

Floor Covering

Carpet

Hardwood

Tile

Exterior Amenities

Fenced Yard

Near Shopping

Patio

RV Parking

Sprinkler System

Building Exterior

Stucco

Architectural Style

Modern

Appliances

Range / Oven

Full Refrigerator

Dishwasher

Sink Disposal

Microwave

PRICING

Asking Price: 399000

Flexibility: Negotiable

Currency: USD

Other Details: Remodeled and Ready Amazing ViewsGreat Corner LotRV ParkingIndoor OutDoor Living

Photo Gallery

View as Slideshow (25 Photos)

Sawitonline.com LISTING ID:: 1967780

Photo Gallery

Great Corner Lot

Sawitonline.com LISTING ID:: 1967780

Mid Century ALexander In Central Palm Springs

2009-04-11T07:15:00.001-07:00

Mid-Century in Central Palm Springs

Mid-Century Style in the perfect setting. All the really great homes make you feel good about them from the minute you walk in the door. This home has that quality. Mere minutes from anything and everything in Palm Springs but tucked away on a quiet Cul-De-Sac on a beautiful lot. The house has a west facing back yard taking advantage of the stunning view just perfectly. Mature landscaping and shrubbery lend an estate like feel to the grounds.

The pool and spa are the focal point of the very private back yard. Enjoy both from the expansive covered lanai running the whole length of the back of the house. Open kitchen and great room design is a natural for parties. Laundry closet, 3 bedrooms and two bathrooms round out this great property.

Contact Information

Michael

760-272-500

Location

219 N Morsun Circle
Palm Springs, California 92262
UNITED STATES

Show Map

Links

Virtual Tour

FEATURES

Bedrooms: 3

Bathrooms: 2

Partial Bathrooms:

Subdivision: Sunrise Park

Square Footage: 1296

Lot Size: 10890

Parking Space: 2

Garage Size: Carport

School District: Palm Springs Unified

Year Built: 1958

MLS/IDX#: 41360264

Metro Area: Los Angeles

Status: For Sale

ATTRIBUTES

View

Mountain

Rooms

Laundry Room

Master Bath

Parking Type

Car Port

Off Street

Interior Amenities

Additional Storage

Air Conditioning

Cable Ready

Ceiling Fans

Central Air

Central Heat

Fireplace

Kitchen Island

Vaulted Ceilings

Heating Source

Electric

Floor Covering

Carpet

Exterior Amenities

Fenced Yard

Lawn

Near Public Transporation

Near Shopping

Patio

Sprinkler System

Swimming Pool

Building Exterior

Stucco

Wood

Architectural Style

Modern

Appliances

Range / Oven

Full Refrigerator

Sink Disposal

PRICING

Asking Price: 429,000

Currency: USD

Flexibility:

Additional Pricing Information: Home Warranty Included

Photo Gallery

View as Slideshow (13 Photos)

Sawitonline.com LISTING ID:: 474324

Photo Gallery

Sawitonline.com LISTING ID:: 474324

South Palm Springs Condo For Sale

2009-04-11T06:52:00.000-07:00

Amazing turnkey package. Your every wish is fufilled in this ready to go condo. Gated community with Pools, Spas, Tennis. Fantastic location minutes from shops, dining, entertainment and golf. Offered turnkey furnished per inventory at $319,900
Click HERE for a irtual tour.

Upgraded Fairway Home

2009-04-03T18:17:00.000-07:00

Live on the Golf Course for FREE! Yes, there are no dues at this property. Enjoy th eCountry CLub Lifestyle without any cost. This highly upgraded newer home has all the features and high end touches you want. Tile laid on the diagonal, upgraded carpets, extra closets, granite counter tops, stainless appliances, triple garage and lavish master suite. Click here for a virtual tour of this property.

Loan Modification

2009-03-15T08:34:00.000-07:00

Buyer beware. It is the elusive – omni-present , secret desire in everyone’s heart –the quick fix! "I just have to take a pill and lose 20 pounds", "I just need to buy this book or DVD" and untold riches are just around the next corner. Secretly we all wish for that magic fix that makes a problem go away. When buying pills or books or DVDS your penalty for failure is very limited. A hundred bucks or less but when it comes to your financial picture the costs can be very high.

By now the intellectual side of us knows better but the emotional side of us is easy prey for next “quick fix” scheme headed right for us. So watch out emotional selves! Here comes the loan modification – debt reduction industry gunning for you. Daily, I am floored by the outrageous claims I see being made in some of the advertisements out there. If you were to believe them you would think you basically just had to call the advertiser and when you awoke tomorrow all your debts would be gone and your loan would be modified to suit you. And your life would return to “normal.” MSNBC had a story on this not too long ago and the overriding thing that I took away from this story was how vunerable we all are to this type of crime. The court systems and law enforcement are overwhelmed. If you give money to someone who doesn’t do what they promised your remedies are very weak, time consuming and financially draining. In a situation where the problem is finances it is a no win scenario.

Important rule of thumb: In California a person collecting an upfront fee to negotiate mortgage debt on your behalf must be registered with the Department of Real Estate. Go to this website to check them out. While this is not an endorsement of their services it is a basic litmus test. If they have not even done this there is the first red flag for you clobbering you over the head!

Use caution, know what is being offered, know who you are dealing with. A good first step is to have an idea of what you might be eligible for. Call your lender and ask for any information they will send you. Here is a great link to the Suze Orman website and a one page summary of options that you may have.

Places I've been

2008-12-28T22:07:00.000-08:00

Create your own travel map or travel blog

Travel Info at TripAdvisor

Be Careful Choosing Inusrance

2008-12-27T06:36:00.000-08:00

It is always tempting to take the lowest price offered for something that appears to be the same. This could be a big mistake when it comes to your home insurance. Be sure you understand your coverage when you are shopping rates.

Different Types of Coverage

There are essentially three levels of coverage:

Actual cash value - This value covers the house plus the value of your belongings after deducting depreciation (i.e., how much the items are currently worth, not how much you paid for them).
Replacement cost - This is the actual cash value without the deduction for depreciation, so you would be able to repair or rebuild your home up to the original value.
Guaranteed (or extended) replacement cost - The most comprehensive, this inflation-buffer pays for whatever it costs to repair or build your home - even if it's more than your policy limit! Certain insurers offer extended replacement, meaning it offers more coverage than you purchased, but there is a ceiling; typically, it is 20-25% higher than the limit.

Also don't forget that the value of the land is rarely included in insurance policies. You have to have special insurance if for some reason you think that you might sustain a loss to the actual land your property sits on. If this is a reality for you the insurance rates will probably be very high. One example is flood insurance which has increased quite a bit in the last ten years.

In anycase be sure you are asking the right questions and comparing apples to apples when shopping for insurance rates. If you need a good agent in the Palm Springs Area please feel free to contact me

Special Old Las Palmas Open TODAY 12/17/08

2008-12-17T07:40:00.000-08:00

LAS PALMAS TWILIGHT OPEN HOUSE. DEC 17 4pm-7pm
Look For Silver Balloons

A) 407 W Vereda Sur, 6bdrm/7bath; 4,451sq ft Monterey Spanish Colonial Architecture, Beautifully Remodeled, Furniture Available with home $1,797,000

B) 200 Vereda Sur 4 bdrm/4.5 bath, 5363 sq ft, built in 2008 Soaring ceilings, terrazzo floors, & 18ft walls of glass come together in presenting this timeless modern design by LA decorator Vance Burke. This property features exceptional space, dramatic details and truly stunning architecture with gourmet kitchen $3,465,200

C)1277 N. Via Paraiso Stunning Palmer and Krisel mid-century home. This completely renovated Alexander offers 3,600 square feet of living space with 5 bedrooms and 4 baths. Sitting on one third acre with over sized, sparkling pool, outdoor entertainment area and spectacular mountain views. $1,595,000

C) 1100 N. Vista Vespero. 5 bdm, 5 ba, 2845 sqft, Seductive Oasis... The Pride of Vista Las Palmas More than $150,000 in recent renovations, upgrades & finishes! This unique Alexander'' mid-century home located on a large corner lot. Slab granite counters, new appliances & cherry wood cabinets highlight the spacious kitchen. The great room with fireplace opens to the backyard & pool via glass walls & sliding doors. Enjoy breathtaking San Jacinto Mountain & Dry Falls views from the new pool & cascading spa with a sheer waterfall feature.

D)1165 Abrigo 4bdrm/4bath 3030sq ft $800,000

E) 999 Rose Ave This Alexander Build has 3bdrm/2ba; and 2 pools! One indoor, one outside. New kitchen with pass through, new baths, new electrical, new plumbing, new ducts, new porcelain floors in entire home. Fabulous, new nine foot sliders in the living area with fireplace.

Fully wired with Bose speakers indoors, and out. $796,500.00

F) 1380 N Via Monte Vista Spacious 3300 Square foot Old Las Palmas Estate. Three big Master suites, lushly landscaped grounds, patios, courtyards, fountains and pool Spa.$1,289,000

G) 201 Camino Norte 4 bdrm/6 bath Completely remodeled 4 bedrooms 4500 sq of living space includes a gourmet kitchen with Caesar Stone counter tops, Wolf 6 burner stove and double ovens.Sub-Zero built in Refrigerator / Freezer. Butlers pantry and so much more.

Recently reduced to $1,850,000. Motivated Sellers. $1,850,000

H-A) 840 N Prescott Spanish Hacienda, 4800 sq ft, 5 bed/7bath. Half acre lot with majestic mountain views. Completely remodeled. $1,999,000

H-B) 245 W Mountain View Pl 3bdrm, 3.23bath 2545 sq ft Great Lender Owned private home in Old Las Palmas $899,900

I) 823 N. Topaz Circle Unique Alexander with Southwest Flair, remodeled & has casita with expanded Master bdrm suite $945,000

J) 193 W. Merito Awesome light filled Condo. Folded plate roof design and over 1800 Sq ft. 2 Bed 2 Bath Private patio. Blocks from Downtown, walk to everything. $399,000

Good Reasons To Lock in A loan before 2009!

2008-12-17T07:10:00.000-08:00

New loan limits and minimum down payments are coming into effect for 2009.

A good reason to get something before the first of the year!

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FHA’s minimum down payment is being increased from 3% to 3.5% as of Jan 1, 2009. The only way to honor the 3% down payment option for you, is to get your loan approved before the end of the year. So, if you don’t already have an approved offer and a loan submitted, then you should!

· FHA’s new Loan Limit for Riverside County is $355,350, not $500,000. This is also in effect on January 1, 2009, and under the same scenario as above.

· Conventional Loan limits have also been reduced back to $417,000, not $500,000 anymore. Any loan amount above 417K, is going to be considered a jumbo mortgage.

· Reverse Mortgages are going to be a great mortgage tool moving forward to help seniors over the age of 62 purchase a new home, with no income or credit qualification required. Yes, you heard that here first.

· Rates are great today, why not do a cash out refinance on your primary residence at 5%, so you can get the down payment needed to buy a investment property today.

· USDA & VA Loan’s – both offer you 100% financing as long as you qualify for the program.

If you would like more information on any of these topics, or have any other questions, please feel free to contact me

But It Is So Hot!!!!

2008-12-13T09:53:00.000-08:00

How Do You Handle the Heat?

Many times when I am talking to people about Real Estate in Palm Springs they will ask me "How can you stand the heat in the Summers?"

Actually that question reminds me of when I lived in Colorado and friends and family from other parts of the country always acted as if I had moved to the arctic circle. So one year, for fun, I tracked the total number of days I was, in anyway, inconvenienced by the weather in Colorado. It amounted to 11 days. Out of 365 not too bad!

Palm Springs offers such a great lifestyle it is hard to complain about anything. The summer temps are an integral part of the experience. The first year you are here for the Summer you wear it as a badge of honor. You'll tell those stories of how you survived the 120 degree day and lived to tell. You will participate in the "dry heat jokes." After the second year you'll notice that nothing over about 105-108 degrees really even seems remarkable to you anymore. You realize that most of the time in Palm Springs the weather is just one thing- perfect! Then by the third year you will be looking for a sweater if it falls below 72 degrees! You really do get acclimated. I used to be pretty hot natured but I now find myself wearing sweaters when it is in the 60's. A far cry from my childhood in New England where 70 degrees or above meant swimming wether.

The other thing that you have to understand about the heat is that it shapes your day in a new and really rather pleasant way. It is sort of an enforced siesta. No one seriously thinks you are going to go out in the peak of the days heat and show houses or put up signs or do much of anything. It is an automatic pass to stay inside. Often times I use it to get paperwork done or return phone calls. It is also great for going to the movies, enjoying a good book or even taking that siesta!

On the days when I need to do outdoor things and get out I do so early and finish those things before the peak hits. Palm Springs is not really a late town anyway so Summers see us rising earlier and enjoying the morning. It is a whole different pace.... one that is not bad at all once you've given it a try.

Scared Small

2008-11-15T19:02:00.000-08:00

Scared Small? - Is the World We Know Changing For Good?

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The recent economic meltdown and the immediate impact it has had on all our lives is not hard to miss. The media is full of it everyday so no need to take up space with all that here. The change I want to call attention to is this. As I talk to my "40 something" year old friends I hear an undercurrent of change. Partially, it is based on fear - fear of not knowing how long this will last, fear for jobs and homes, even fear for extended family members. Is it just the age group - the wisdom of another decade of experience taking hold? Is it idle chatter to just be able to comment on the enormity of what has happened? Possibly, but I sense there is something more.

Underlying the current of conversation I hear a determination. A resolute tone that this is "lesson learned" time. This time it is creating life changes. People are disposing of things in their lives, changing rituals, changing habits and generally re-prioritizing. There seems to be a clarity that just was not there before. To be sure some confusion and grey area remains in a crisis this new but I am not seeing anything that looks like lip service. People seem determined to change the status quo in their lives. Priorities have simply shifted out of necessity - if not simple practicality. All of this has made me start thinking what will our "revamped" world look like when we emerge on the other side?

After years of "credit card baby" syndrome - where we borrowed endlessly to sustain a life of lattes, fashionable things and indispensable little luxuries - has common man met the point where those things no longer hold the allure they once did? Perhaps they just don't seem worth fighting for anymore? I maintain the answer is yes. The overwhelming developing mantra is one of less is more and now they realize it. This time they mean it.

For whatever reason I take them at their word. I do not see this as an off shoot of the recent election where the "C" word was such a big deal. Though, perhaps the grinding, grim & ghastly nature of the last 8 years has just taken its toll. Whatever your politics, it would be hard to deny the simple truth that nothing got better and a whole lot seemed to get much worse. A system wide breakdown - financial- manufacturing - health - that burst its seams, overflowed the edge and creaked to a halt.

With no easy way out on the horizon the hard work of rebuilding is perhaps the engine that will drive the change. This necessity to change will be the taskmaster that will keep us all on the "diet" of the season. Once we emerge on the other side I have to wonder if we won't be in a totally transformed world. One where we can't image the excesses of the past being okay with anyone, much less politically correct. One were less is more is the rule of the day. Needing less and having that not only be okay - but be something cool. In a consumerist society like ours this would have a drastic effect. In my lifetime I remember the changes that I saw between the 1970's and the 1980's. A shift from less to more. The eighties, in my mind became a decade about change and a change to excess. Wall street and corporate mergers became daily news, new technology flooded the market styles changed and needs and wants of the consumers grew. The way we all lived our lives changed forever. It seems very possible that we are in a similar situation right now.

What remains to be seen is the extent of the change. Where will the lines be drawn? What industries will die out and what industries will be born? What will the sacrifices be? Will we all be scared into a smaller lifestyle? Will that new lifestyle then morph into a new hip and trendy? (My guess is that the marketing gurus will determine most of that) The only thing I am totally sure of is that it is bound to be interesting!

Happenings in Palm Springs

2008-10-20T08:23:00.001-07:00

This month we have seen the opening of Dinks resturaunt and the newly open and revitalized Riviera Resort and Spa! Check out the great photo courtesy of our photographer friend Paul Roberts.

The Riviera has been part of Palm Springs history for decades and the new face lift brings it all back for everyone to enjoy. Kudos to Noble House Resorts for a Job well done.

See more info and photos at PSagent.com

193 W Merito Place Las Palmas

2008-10-19T08:15:00.000-07:00

One of the great characteristics about Palm Springs is the Village atmosphere, small town atmosphere. However, there really are not that many homes walking distance to downtown. Some of those are very expensive estate sized properties. It is rare for a resonably priced home within walking distance of everything to come on the market.

Luckily that changes with the announce ment of my new listing at 193 Merito Place: important; ">

Palm Springs Condo

$399,000

Location:
193 W Merito Place
Palm Springs, CA 92262

Map and Directions

Description

1961 Architecturally interesting condo. Folded roof line - tons of glass fills this condo with light there is also all new tile including bathrooms. All the natural light makes this generous space special. Private enclosed patio - split bedroom plan - lots of extra space (larger than normal floorplan for this complex) Just add your finishing touches and you have perfection in Central Palm Springs. Best of all you own the land.

Looking for the village atmosphere of Palm Springs? Look no further. From this spacious condo you can walk to everything in Palm Springs. Located in the Las Palmas neighborhood of Palm Springs you just could not ask for a better setting. A small quiet complex of just 10 units, beautiful grounds, private pool for the complex and a quiet side side. Just three blocks away you will find all the dining, shopping and entertainment of Palm Springs. A unique opportunity to enjoy a special place in the Desert.

Photos

Features

Condominium
Palm Springs Central
2 Bed 2 Bath
Partially Remodeled
Light and Bright
Unique Roofline
Mid Century Style
Las Palmas Neighborhood
Enclosed Patio

Neighborhood Info

Las Palmas:

Las Palmas is frequently recognized as one of the premier locations in Palm Springs. With thousands of stately palm trees, magnificent walled estates and stunning mountain views it is easy to see why. Add in the location close to downtown and it becomes obvious; when you live in Las Palmas you have it all.

Old Las Palmas boasts the largest number of celebrity homes in Palm Springs, dating back to the mid 1920's when it was first developed by New York builder Alvah Hicks and his son Harold. Formerly a citrus grove, the Old Las Palmas Neighborhood includes the area from Alejo on the South, North Palm Canyon on the East, Monte Vista on the West, and Stevens Road on the North. Being within walking distance to downtown, the area offers many special advantages.

Some of the well known celebrities that have lived in Old Las Palmas include Lucille Ball and Desi Arnez, Edgar Bergen, Liberace, Sidney Sheldon, George Hamilton, Mary Martin, Joseph Barbera, Donna Reed, Harold Mirisch, Alan Ladd, William Powell, Rona Barrett, Rudy Vallee, Harold Robbins, George Randolph Hearst, Sidney Korshak, Kirk Douglas, Kitty Carlisle, Jack Warner, Leo Spitz, Lily Tomlin and many others.

Palm Springs:

Palm Springs – A combination of perfect weather, Hollywood glamour, and an intimate village atmosphere have kept Palm Springs on the A-List of great destinations. Enjoy fine dining, shopping, and our world-famous boutique hotels and intimate properties that surround a downtown area distinguished by our famed mid-century modern architecture. For fun, experience the Palm Springs Aerial Tramway, The Fabulous Palm Springs Follies, Palm Springs Pavilion Theater, breathtaking Indian Canyons, Knott’s Soak City, or spend time at Palm Springs Art Museum, Palm Springs Air Museum, or Agua Caliente Cultural Museum. Whatever you seek in Palm Springs, rest, relaxation and fun awaits your visit!

Palm Springs real estate represents some of the best over all retirement/vacation home prices in the otherwise pricey California real estate market. The value for the money remains very high when compared to other areas of the state. The proximity to the 22 million southern Californians makes it a perpetually popular weekend getaway. The warmth of our winters makes it the perfect place to escape the cold and snowy weather in the North. While many of our visitors and second home owners come from the Pacific Northwest more and more are coming from Canada and beyond. The ease of arriving by air has greatly increased since the expansion of the convenient Palm Springs International airport. Once a sleepy little, winter vacation spot in the California desert the 7 cities that make up the Coachella valley have blossomed into vibrant year round communities. Palm Springs offers an enviable resort lifestyle that includes over 320 days of Sunshine per year.

For More about Palm Springs living click here. To Read Michael's Blog click here.

Neighborhoods and Architecture: Historic mixes with trendy and new blends with old in the neighborhoods of Palm Springs. From the ULTRA modern soaring roof lines of the multi million dollar ALTA neighborhood in South Palm Springs to the more traditional California Ranch homes of Tahquitz River Estates. Mid Century architecture abounds in the neighborhoods of Palm Springs. From Deepwell, to Ruth Hardy Park to The Movie Colony and Las Palmas and little Tuscany. Palm Springs is an architectural smorgasbord.

The Future: looks quite bright for Palm Springs. A slew of high quality projects are on the books with hotel projects such as the Hard Rock Hotel, Ace Hotel and Modrigan luxury chain coming in. In addition to that the Spa Hotel downtown is scheduled for demolition later this year with a stunning new resort set to take its place. New townhome/loft developments abound including the first live work space combo called the Cameron at the corner of Mesquite and palm Canyon Drive. Other projects included Oceo, which just started showing their models in May of 2008, as well as The Delano, Tangerine and Port Lawrence.

Good Eats: Culinary delights are not far behind. The newly opened Tropicale continues to delight with amazing cuisine and a chic setting that is retro without being to kitchy. The Purple Palm and the Viceroy are also amazing culinary experiences. Hamburger Marys came to town a few years ago and now we are having a custom built DINKS restaurant. The popular Koffi has expanded to South Palm Springs with a location at the new Oceo Town home Complex directly across the street from the Biltmore Condos on the corner of Camino Real. Recently opened (10/08) is the revamped and newly wonderful Riviera Hotel and Resort Spa. Featuring many interesting dining options.

Listed by

Michael Layton

Keller Williams Realty
Phone: (760) 272-5500

Listing agent/broker: Keller Williams Realty

Loan Errors could give you Leverage with your Bank

2008-10-17T09:13:00.000-07:00

During the heady days of 2004-2006 many people got loans that they could not afford. The main difference is that some of them knew what they were doing when they did it and others were duped, pressured or outright lied to by unscrupulous lenders looking to close another deal.

A few days ago in the Los Angeles Times there was an article detailing a new service that will look over your loan documetns and check it for errors. These errors could give you legal recourse against the bank and perhaps help you if you are looking to modify your loan rate and terms in order to hold onto your property.

I have included the link here: LA Times Story On Loan Document Errors

Fun Sites For Modern Architecture Photos

2008-09-06T10:46:00.001-07:00

Living in Palm Springs I get to see the really cool 50's modern / midcentury architecture on a daily basis. It is part of the scenery and what makes Palm Springs Great.

Recently I was looking online to see what there was about the history of that architecture and I was surprised to find that most of the sites I uncovered had few if any pictures! Words just can't do justice to some of these amazing structures and the simple yet sophisticated lines that made them what they were.

Anyway, I did run across two sites that I thought were worth mentioning. They both have lots of pictures and good information. One is actually a site from Arizona but includes lots of Palm Springs pictures. So check these two out and enjoy.

www.psmodcom.com

http://www.modernphoenix.net/images/100DegreesPlacesWeLove.pdf

Flood Zone Map Changes Riverside County

2008-08-24T10:57:00.000-07:00

New Flood Zone maps and Insurance requirements are coming into play at the end of the month. Here is information, courtesy of First American Title, that you might find useful

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Effective August 28, 2008, FEMA will issue revised Flood Insurance Rate Maps (FIRMs) for all of RIVERSIDE COUNTY. These maps show areas that are considered to be in a flood plain, and therefore may require homeowners to obtain flood insurance. Flood zone disclosure is a statutory requirement in California real estate transactions.

This disclosure alert from First American NHD and JCP-LGS Disclosures.com is to inform you of:(1) flood map changes that may affect your clients(2) flood insurance requirements which these changes may trigger, and(3) opportunities that may benefit you with lowered flood insurance costs.(To view the new maps, see instructions at bottom.)

NEW ZONE BOUNDARIES & INSURANCE REQUIREMENTS-Flood insurance is generally required for federally-backed mortgages on properties within a "Special Flood Hazard Area", also called a "100-year flood" zone.The new FEMA maps will change some flood zone boundaries. A small number of parcels in Riverside County (approximately 1600) that were not formerly in a 100-year flood zone, will be included within this high-risk zone after the revised maps become effective.Prospective home buyers may wish to check with their insurance agent to see if the property's flood zone, and insurance requirements, will be affected by the map changes.

NON-CERTIFIED LEVEES ARE NOW AN ISSUE-On the new FEMA flood maps, areas behind a levee are now designated as "Zone X Protected by Levee". Approximately 84,000 parcels in Riverside County are included within this new map zone.Some levees in Riverside County may not meet FEMA's 100-year flood protection standards. If the levee owner cannot demonstrate, within a specified time, that the levee provides protection from a 100-year flood, the levee-protected zone will be revised to the high-risk 100-year flood zone designation, which will trigger the flood insurance requirement.Prospective buyers in a levee-protected area may wish to contact their insurance agent and/or local government Planning Department to investigate levee certification status and the possibility of future flood zone changes.Riverside County communities that are affected by the new "Zone X Protected by Levee" map zone include: Cathedral City, Coachella, Indian Wells, Indio, La Quinta, Palm Springs, Rancho Mirage, Riverside, and San Jacinto, as well as portions of unincorporated Riverside County and portions of the Agua Caliente Band of Cahuilla Indian Reservation.

"GRANDFATHERED" LOWER RATES MAY BE AVAILABLE-In some cases, low-cost flood insurance in a lower-risk zone can be "grandfathered" in place when the parcel becomes included in high-risk 100-year flood zone -- IF the policy is purchased BEFORE the effective date of the flood map. Your clients in this situation may wish to ask their insurance agent if they can buy the flood insurance before the effective date of the new map and grandfather in the lower premiums.

BENEFITS IN "LOW-RISK" ZONES-Even though flood insurance is not required outside of the high-risk 100-year flood zone, it still may be a wise investment. In the lower-risk zones flood insurance is cheaper, yet FEMA notes that one-third of all flood claims paid last year were for policies in low-risk communities. FEMA adds that, on average, a home has a 26 percent chance of being damaged by a flood during the course of a 30-year mortgage, compared to a 9 percent chance of fire.

OPTIONS FOR YOU -(A) Timely Disclosure -- FANHD and JCP-LGS disclosure reports will rely on the revised FEMA flood maps for hazard determinations as of the date the maps become effective. Our reports will disclose the new "Zone X Protected by Levee" -- and the potential flood insurance issue -- if any part of the property is in this zone.(B) Report Updates -- As an accommodation to our clients, we will update your First American NHD or JCP-LGS report at no additional charge upon request if your escrow remains open after the effective date of the new flood maps. To request a report update, please call FANHD at (800) 527-0027 or JCP-LGS at (800) 748-5233. (C) Flood Insurance Quote -- If you need an insurance quote on short notice to close a Real Estate deal, please know that we include a free insurance quote from First American Property & Casualty Insurance Company with our reports. (Available in nearly all areas of the State.) First American P&C is also an authorized agent for flood insurance under the National Flood Insurance Program. For a flood insurance quote call (866) 620-8850.(D)

View the Flood Maps on FEMA's Website -- Follow these steps:
1. Go to http://www.fema.gov/hazard/flood/index.shtm
2. In the left margin click on the Flood Maps
3. Enter the property address in the search form and click the button
4. Click the "View" icon on the next page
5. Use the zoom tool to enlarge the map when it appears (this may take several seconds).

A printable version of this disclosure alert is at the link below:http://www.fanhd.com/Portals/0/fanhd/pdf/Riverside_FEMAmaps_2008.pdf

Amazing Potential In South Palm Springs

2008-08-09T10:17:00.000-07:00

JUST LISTED!

1389 E Mesquite Palm Springs CA 92264

Newly Listed - Large home in great neighborhood. Asking $575,000.

Click title of post for detailed information

Can We Get By With A Little Help From The Fed?

2008-08-09T09:41:00.001-07:00

This month some pretty sweeping changes came into play as President Bush signed into law the Housing and Economic Recovery Act of 2008. This legislation primarily seeks to protect homeowners from foreclosure, stop declining home prices, and stabilize the mortgage industry. While I can’t Dissect the whole thing here in one blog post I wanted to point out three provisions that I feel are of interest to most home buyers and sellers:

As a seller you no longer need to give the buyer your social security number!

I say …….THANK YOU! this was a long overdue change. Up until now seller(s) had to sign a disclosure giving the buyer - who by the way our friends at the IRS hold liable - this paperwork with their social security number on it and their declaration of how they will be treating the proceeds of the sale. Of course with all the identity theft this was just one more opening for a problem down the road. While the buyer would probably never do anything with your SS# to me just having it laying around is too much risk. Lets’ face it: boring documents like these tend to get shuffled around left in boxes in garages and attics …so who knows who would wind up with it down the road. Now Escrow can have the number in their files and that is enough.

Here is the text for this portion of the bill:

(- SELLER NEED NOT REVEAL SSN TO BUYER UNDER FIRPTA: Effective immediately, sellers are no longer required to provide to their buyers the Seller’s Affidavit of Nonforeign Status (C.A.R. Form AS), which includes the sellers’ social security numbers, under the Foreign Investment in Real Property Tax Act (FIRPTA). Instead, as another option, no federal withholding is required if the seller furnishes the Seller’s Affidavit with his or her social security number to escrow or other qualified substitute as defined, who in turn, furnishes a statement to the buyer stating, under penalty of perjury, that it has the Seller’s Affidavit in its possession. A “qualified substitute” is a person responsible for closing the transaction, such as an escrow company, title company or the buyer’s agent, but not the seller’s agent. The federal withholding law is now similar to California’s Franchise Tax Board (FTB) policy which allows the escrow officer to remove the seller’s tax ID number from the buyer’s copy of the California withholding tax statement, but not other copies.)

Now on to the part that many distressed homeowners are waiting for. You can get a better loan that you can afford but……….

$300 BILLION IN FHA REFINANCING: Under the HOPE for Homeowners Program, 400,000 distressed homeowners can pay off their troubled mortgages and replace them with more affordable, FHA-insured loans. To qualify, a borrower’s monthly payment on existing mortgage loans must be over 31% of his or her income as of March 1, 2008 (hence demonstrating the borrower’s inability to afford the original loans). The original loans must have been originated before 2008, and secured by the borrower’s principal residence (as well as only residence). Also to qualify, the borrower must satisfy FHA underwriting requirements for the new FHA-insured refinance loan. The FHA refinance will be a fixed rate loan up to $550,400 for at least 30 years, and will include charges for FHA insurance premiums. The maximum loan-to-value ratio of the FHA refinance is 90% of the appraised value. If the refinance proceeds are insufficient to pay off the existing liens, the refinance will not go through unless the original lenders voluntarily agree to accept a short payoff as payment in full. Rules will be established to allow, among other things, equity sharing for the original junior lienholders. Upon obtaining the FHA refinance, the borrower must share with the FHA at least 50% of any equity realized through a subsequent sale or refinance. The FHA’s share in equity will be based on a sliding scale of 100% of any equity realized within the first year of the FHA loan, 90% the second year, and so on, but not less than 50%. The HOPE for Homeowners Program shall be in effect from October 1, 2008 to September 30, 2011.

As you can see this help is not going to come without a price tag. 50% of any future profit on the home. If anyone was looking to just be totally cleared of responsibility for their bad loans this shows that won’t be happening. However, if it helps someone keep their home perhaps it is a trade off that is well worth it. I do wonder about the effect these loans will have on the sales process down the road. I fear that some homeowners will forget that they have this arrangement as the years go by.

First time homebuyers get a $7,500 tax credit that is really a loan:

With certain exceptions, a first-time homebuyer will receive a tax credit of 10% of the purchase price up to $7,500 maximum, for the tax year in which the buyer purchases a principal residence. The tax credit, however, must be repaid like an interest-free loan in equal installments over the next 15 years or in full if the homebuyer sells the property for a gain. A buyer qualifies as a “first-time” homebuyer as long as the buyer (and spouse if any) has not owned a principal residence in the U.S. for the last three years. The tax credit phases out for a taxpayer with a modified adjusted gross income over $75,000 (or $150,000 for joint returns). This tax credit is available for qualifying homes purchased from April 9, 2008 through June 30, 2009.

New loan limits next year for FANNIE MAE, FREDDIE MAC, AND FHA REFORM: The new law permanently sets the conforming loan limit for FHA and government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac at 115% of an area’s median home price, not to exceed $625,500. The new loan limits take effect after the current $729,750 loan limit expires on December 31, 2008.

One last thing - check with your tax professional as there are going to be changes to second or vacation home ownership as well.

So no handouts here though there is some much needed help for homeowners in distress. I can’t emphasis enough the importance of talking with a competent loan professional and/ or tax adviser who can help you navigate these changes. Don’t let anyone rush you into making changes before you fully understand the implications to you.

Valley Expansion

2008-07-27T09:22:00.000-07:00

Many people have flown in and out of the Palm Springs airport on the commercial flights. However, at the growing East end of the valley there is a whole new aviation world taking shape.

In Thermal, about 35 miles from Palm Springs, the small airport that served the military in World War II was renamed the Jacqueline Cochran Regional Airport in 2004. She was the first female pilot to break the sound barrier and actually lived in the area until she died in 1980.

Expansion and growth at the airport has been climbing steadily. Due in no small part to the large number of homes in the area. With builders steadily filling in the gaps between La Quinta, Indio and the edges of the Salton Sea it was only natural that this once rural and remote airport would spring to life.

100+ new hangars have been built and corporate and private jet traffic is on the upswing. The 2003 extension of the runway allows for jets as large as a 767 to use the facility. The city is now working on plans to develop the surrounding industrial land to its best use.

New Listing

2008-07-27T09:09:00.000-07:00

Great Home - high above the Desert Floor in Desert Hot Springs. Sweeping views of the valley and Mountians. This bank owned home is offered at the carzy low price of just $144,900. Amazing value on a newer home that is in superior condition. Tile upgrades and a covered porch across the entire back of the home.

Great home at unheard of low price. Click here for more information.

Just Reduced Bank Owned Home IN DHS

2008-07-22T19:50:00.000-07:00

Buying a Home is Now More affordable

2008-05-26T08:26:00.000-07:00

Although at first glance it seems like a boring economic statistic - the affordability index of homes is actually a crucial indicator of where the market is heading. As we work through the oversupply of homes and look toward a recovery the fact that homes are an astonishing 18% more affordable is actually an important peg in the ladder back to recovery. Attached here is the full article which also shows an increase in the total numbers of homes sold.

-----------------Affordability Increases-------------------------
Entry-level housing affordability rises 18 percentage points in first quarter - California Homebuyers are Responding to Lower Prices

LOS ANGELES (May 20)—The percentage of households that could afford to buy an entry-level home in California stood at 44 percent in the first quarter of 2008, compared with 26 percent for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI) measures the percent?age of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

The minimum household income needed to purchase an entry-level home at $356,350 in California in the first quarter of 2008 was $67,830 assuming a 10 percent down pay?ment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price.

At $67,830, the minimum qualifying income was 30 percent lower than a year earlier when households needed $96,500 to qualify for a loan on an entry-level home. Recent decreases in home prices and mortgage rates have brought affordability into better alignment with income levels of the typical California household, where the median household income was $50,700.

At 64 percent, Sacramento County and the High Desert region were the most affordable areas in the state. Monterey was the least affordable area in the state at 29 percent, fol?lowed by the San Francisco Bay Area at 30 percent.

DataQuick reports Southern California home sales surged last month to the highest level since August as bargain shoppers took advantage of price slashing. Although some higher-end costal markets also posted gains, the swell in transactions mainly reflects more sales of homes under $500,000 in inland areas where depreciation and foreclo?sures have been greatest, a real estate information service reported.

A total of 15,615 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in April. That was up 21.9 percent from 12,808 the previous month but down 19 percent from 19,269 in April last year.

Sources: DataQuick and California Association of Realtors

Palm Springs Party Pad $449,000

2008-04-06T08:16:00.000-07:00

Excuse Me But Is That House Really For Sale?

2008-03-22T08:56:00.000-07:00

Sometimes it seems that the market never stops throwing us curve balls. Use to be you could look at the MLS see homes that were for sale go look at them, make an offer and get an answer usually in a day or two at most. Not so anymore! Recently many potential homebuyers and even Realtors have had to quickly brush up on their Real Estate vocabulary - with Short Sale, Foreclosure and Notices of Default, Loss Mitigation etc. being the primary "new" terms. Now, just as you comfortably wrap your mind around all this new lingo the ugly truth about what it all means is starting to come out.

What is starting to happen is this. Homes are being listed for sale at prices that entice the consumer but when you call for details you find out that the property is being offered for a short sale, often times they already have multiple offers. This means that the seller is trying to fish for offers that are less than what the lender is actually owed. So you, as the buyer, put forth your offer and then wait. And wait and wait and wait and wait. Many times there is no resolution as the homeowner has other problems that hold up the sale. Unresolved bankruptcies, liens from other creditors, etc. Even if there are no problems like that you are forced to wait as the totally overwhelmed banks try and decide how much they are willing to lose on a property. Many banks promise 5 day responses but the reality is much different. All the while, they continue any actual foreclosure action they have on the property. So worst case scenario you can wait and wait and then have the house not close because a different department of the bank has foreclosed on the property.

A second new format we are seeing is homes being advertised for auction. It appears that they are for sale but actually upon enquiry they are actually only up for auction. You must register and wait for the auction day. Show up with certified funds and try to bid on the property you want. This can work , but can also lead to more frustration. Homes can even be pulled from auction prior to the auction day. Buyer beware certainly applies to this process. Make sure you can inspect the property before you go to the Auction.

Then there are the corporate owned homes. Typically these are homes that have been fully foreclosed on and some corporate entity now owns them. They are offered, usually at an attractive price, but once again it is the waiting game. You are dealing with a big company,usually out of the area. There is no opportunity for the agent to present an offer to anxious sellers over the kitchen table the very night you make the offer. This is a file on someones desk. It will happen when it happens. Many of these entities won't even accept phone calls from their representatitve, the local agent, they only accept e-mail communication. Once again the buyer is left in the waiting game. Without a clue as to how many other offers may or may not be in the game.

Can you get a good deal this way. To be sure! For those willing to play the waiting game - willing to submit many offers and wait endlessly for answers there is the potential of a good deal. Some of these properties eventually do sell and sell at pretty good prices. It just depends if you have the willingness to wait. My concern is that conumers are missing out on homes that are a good deal and actually available for immediate sale. Many motivated sellers are still on the market. It really pays to compare the distressed properties to these. A better, quicker deal may be possible in some cases.

The core frustration is that these homes are sitting there being advertised at a price that attracts willing buyers yet cannot be easily or quickly closed on. It makes me think of the express lane at the grocery store. Short Sales, Foreclosure properties and Auctions need not get in that lane! If you are obtaining a loan to make your purchase you have additional concerns in one of these sales as the banks/corporations rarely honor you loan time frames. Make certain you know what your deadlines are before entering into the purchase contract.

I suppose it goes back to that old wisdom that nothing in life is free... the price of admission to this game is endless waiting.

Its' A Small World After All

2008-02-17T07:21:00.000-08:00

I just returned from Atlanta and a National Real Estate convention. The talk of the convention was, of course, the state of Real Estate. The general consensus amoung the great economic minds there was we will see a slight, further softening in the market for the rest of 2008 and a then a slow but steady climb in 2009.

National numbers and regional numbers vary widely and I even talked to some folks from San Francisco and the Carolinas that were having price increases and record setting volumes of sales. I talked with two agents from Austin, Texas one was setting records one was struggling - (I think the struggling agent was selling mostly smaller lower end homes- where buyers have a harder time getting loans these days). It quickly became clear that while national numbers are a general tracking tool the real number that matters to you is the one in your market place. I know when I see a national number like "24% drop in prices" I know that is not true in our market. Yet when I see a national number like "27% drop in sales" figures from last year I have to say that is about right. The point is that local information is what matters. The national numbers don't have much relevance in your local market.

In other parts of the convention, where we actually got away from the "numbers talk" we started looking at how buying and selling real estate is changing. The big conclusion was that the market place is going "hyper" local. Consumers, with the help of the web, are no longer searching broad terms such as "Anytown Real Estate" they are looking into precise neighborhoods - even going to the street level. Satelite and mapping tools make this process all the more simple.

Now more than ever, if you are a seller, you need an agent who is able to connect with this web savvy audience and bring that information to the main place the consumers are - your local level on the World Wide Web.

Plunging and Soaring

2008-01-20T08:14:00.000-08:00

Just a couple of years ago I remember opening the local newspaper and reading an article about how the average median price of a home in the Palm Springs area had SOARED to $432,500. Far out of reach of the average working family in the Palm Springs area. Just this past week I read the same newspaper and was surprised to find that housing sales were down 27% and the average median price of a single family home had PLUNGED to $425,000!

Somewhere in all of this soaring and plunging - beyond the hype of the media adjectives we find the truth of this whole situation. From 2004-2006 prices in the Desert rose 100%. So when the media reported on the rise in housing prices they were not wrong. However, now that the numbers are adjusting the drama with which the media portrays the drop seems out of proportion to me. The truth of the market is that good homes in good areas are still selling for fair prices. The difference between $432,500 and $425,000 is just not that great. We are experiencing a correction in the market. In fact most cities in the valley are in the single digits for price declines.

The reason that there are lots of homes on the market is that some people made bad decisions and bought the wrong home for the wrong reason. Many "flippers" have been caught at the tail end of the rising price cycle and are anxious to get out of what they got into. Some builders also overbuilt they were caught with excess inventory as credit restrictions tightened.

We have to look at the bigger picture and realize that prices could not have continued only to rise- who could have afforded a home when prices were rising three times as fast as incomes - on average? Banks could not continue reckless lending practices - the day of reckoning always comes when you throw caution to the wind as some of them did.

I was struck but the numbers in the two stories and think that it points out, rather clearly, the reality - rather than the hype- of the current situation we are in.

INteractive Listings Map

2007-12-01T12:57:00.000-08:00

Scroll on map to adjust range then click on the little houses for all the listing information.

Photos

2007-11-24T17:58:00.001-08:00

Predicting the Future

2007-11-10T06:27:00.000-08:00

When you look at the news it is easy to throw yourself into a panic about what is going on in the mortgage market and the effect on the housing market. No one can guarantee the future but I like to tell people about my personal experiences as a great example of what can happen even in a supposedly "down market"

In 1987 I lived in Colorado. It is not an exaggeration to say that on many streets, at that time, every home was for sale. Many were banked owned. I decided to buy a parcel of land that had awesome views. Many people thought I was crazy - houses were not selling land was even worse. Yet, I purchased this land and sat on it. During ensuing years I built a home on another parcel that I bought and sold it for a nice profit. With the profit from that deal I bought a home that was about 3/4ths built and made changes, completed it and sold it too for a nice profit. Finally, I decided to sell the original parcel of land and made about a 300% profit on it. All of this in a market that was "down" the only thing I sold durning a "hot" market was the original parcel of land.

In fact my personal experience is that each and every piece of real estate I have purchased, since 1987 has been sold at a profit. The moral of the story here for me is that the long term outlook for real estate values is upward. They simply are not making any more land and a good house is always going to be a good house. The current problems in the industry are all about people making bad decisions. The decisions were both financial - accepting a loan that is not right for you and Strategic - buying bad homes (location, condition are the usual causes).

Besides my personal opinion you have base realities that never go away. Many of these can be found in simply demographics.

Demographics serve as a useful and reliable research tool for many fields and industries, including marketing, entertainment, and even politics. David Lereah, the Chief Economist for the National Association of REALTORS® (NAR), says demographics can also reveal a lot about different real estate markets. In fact, David believes that demographics can help predict future activity in certain real estate markets, including, in some cases, home value and appreciation. The following are some examples of key demographic indicators.

"Baby Boomers" – The largest generation to date, members of this demographic have now reached their peak earning years. In areas with a greater number of Baby Boomers, expect significant purchases of larger primary residences. In addition, Baby Boomers are likely to buy investment properties and vacation homes, leading to a substantial increase in property values for certain regions of the country.

Children of "Baby Boomers" – Born after 1980, this is the second largest generation to date. This age group has entered the workforce and is becoming established. In areas with large numbers of this demographic, look for sales of starter homes and condos to rise.

Immigrants – Different areas experience large influxes of immigrants at different times. It typically takes a full generation, however, for this demographic to begin buying homes and having an impact on local real estate markets.

Retirees – With advances in medicine and technology, we are living longer than ever before. In areas with large numbers of this demographic, or areas where retirees tend to move, expect inventories to drop and prices to rise.

The immediate thing that I see when I look at these four categories is that three of them are present, in a big way, in the Coachella Valley. For these reasons I think we have every reason to be optimistic about the future of real estate.

King Loonie Comes knocking

2007-10-19T15:47:00.000-07:00

Recently Michael was interviewed by the Globe and Mail - one of Canada's largest newspapers aboutthe number of Canadians buying real estate in the US and Palm Springs in particular. Here is the whole article:
------------------------------------------
Armed with currency that now packs a punch, Canadians are 'coming over the wall,' one real estate agent says of the U.S. market

MATT HARTLEY

From Friday's Globe and Mail

October 12, 2007 at 5:39 AM EDT

There may never be a better time to consider becoming a snowbird.

If you yearn for Palm Springs when the snow starts to blow, or beachfront property across the border from Vancouver or just somewhere warm to go when the kids move out, now may be your best opportunity to grab hold of the dream.

It's been a very long time since Canadians shopping for real estate options south of the 49th parallel have had this much going for them.

A soft U.S. housing market, jittery American sellers, fearing the ill effects of the credit-crunch fallout and the loonie reaching parity with the greenback, have combined to create a very friendly situation for Canadians looking to enter the U.S. housing market.

Just a short drive south of the Washington State-B.C. border sits the Horizon at Semiahmoo Resort community, a 650-home development spanning 200 acres nestled on the shores of the Strait of Georgia. When the developers began planning the project, they figured that about half the homes would be snapped up by residents of nearby Seattle, and the other half by Canadians.

That was before parity became a buzzword. Now it appears as though more than 85 per cent of the residences will be sold to Canadian buyers, according to Vince Taylor of Pilothouse Real Estate Inc. in New Westminster, B.C.

"When the magic parity hit the other day, our phones started to ring," he says. "Everybody wants to find U.S. real estate. The Canadians are coming over the wall. They didn't build the wall big enough."

With "nothing more than the pesky border" separating Semiahmoo from Canadians looking for an attractive "green" community for a summer home, Horizon has become coveted real estate. The average price of a house in Semiahmoo is about 50 to 60 per cent less than a similar home in nearby White Rock, B.C., Mr. Taylor says.

"You take a spectacular project like Horizon, you couple that with a credit crunch and a softening U.S. economy, and parity on the dollar, and you just have this amazing selection of circumstances," he says. "I can't believe the difference on all our U.S. products - how the phone has started to ring recently."

But it's not just in Semiahmoo that Canadians are finding bargains; prices in places such as Maui are suddenly downright "wowie."

"The stuff that we have in Hawaii is absolutely on sale from a Canadian point of view," Mr. Taylor says. "The markets are soft, the prices are great, and now Canadians can afford it in unprecedented ways."

Another advantage that Canadians have is their attitude toward mortgages. One of the reasons the U.S. credit market collapsed was that people were signing up for mortgages with deposits that sometimes totalled less than 5 per cent of the cost of the property, and then were unable to meet the payments.

Canadians are used to putting more money down on a house initially, so while it might be difficult for Americans to get money in the United States, banks are taking a longer and more favourable look at Canadian mortgage applications.

"We always put down 20 per cent in Canada, so what do we care?" Mr. Taylor says.

Canadians are also scrambling to scoop up property as prices plummet in other areas, such as Palm Springs, Calif. Local Re/Max agent Michael Layton says he's entertaining a near constant stream of northern visitors on the lookout for retirement digs.

"I'm seeing a lot of people who are on that cusp - four to 10 years out from retirement - and they're thinking now is a good time to buy," he says.

Most of the Canadians Mr. Layton is dealing with come from Toronto, Vancouver and Calgary, and they arrive with ready cash. As the market has softened and American homeowners have been shaken by the credit crunch, Canadians are becoming increasingly attractive to American sellers.

"I've found that the sellers are a lot more willing to wheel and deal," Mr. Layton says. "They're getting very nervous, so now more than ever, it's a great time to buy because I've had sellers who are adamant they aren't going to go below a certain price all of a sudden ... drop it $15,000 below that price if they smell a buyer."

It's not that the properties are bad or that anyone is worried about an out-and-out market crash, it's just that with so many people looking to sell all at once, it's truly a Canadian buyer's market, he says.

A quick glance at the MLS.com website reveals just how real the credit crunch is. In addition to those in Palm Springs, home and condo prices in Phoenix and Miami have also been slashed. Mr. Layton says that before the credit crunch, the housing market in California was so robust that agents routinely didn't bother running numbers to attempt to discern the true value of a home.

"If the house down the street sold for $500,000 last week and you wanted to sell your house, I'd say let's try for $520,000," he says. "We didn't do statistical analysis of what the market will bear because the market was growing at 10 to 15 per cent a month. People began pricing their properties without doing their basic homework."

As 2005 came to a close, sellers were still fixated on those never-before-seen numbers, and expected they would have to take only about $10,000 off the price to find a buyer, Mr. Layton says. The reality was that prices had to come down much further.

Now, he says, most of the Canadian buyers he works with come in with cash and are able to drive a hard bargain against prices that have returned to earth.

"Cash is definitely king," he adds. "With the lenders defaulting and people hearing the big names like Countrywide [Financial Corp.] have problems, then they really start to get nervous. And then I bring them an offer from a Canadian buyer with cash and it's closing in 30 or 35 days - those sellers stay up late thinking long and hard about that offer."

While some real estate agents, like Mr. Layton, have had to do little to encourage Canadians to come south to find the vacation home of their dreams, others have been more aggressive in spreading the word about the advantageous situation for Canadians.

Forty-five minutes up the road from Palm Beach, Fla., sits the community of Spanish Lake Resorts in St. Lucie County, where the developers are offering a free two-night stay at a local hotel for Canadians dropping in to check out properties.

"We are seeing lots of inquiries this season," says Mary Beth Bittan, director of international sales and marketing for Spanish Lake Resorts. "It's a great time for Canadians to buy because of the fact the dollar has such a strong value comparable to the American dollar."

It's so strong, Spanish Lake is accepting straight-up transactions in Canadian dollars for the homes at their resort, which start at $130,000 (U.S.).

While the situation is currently tilted in favour of Canadians, the window on U.S. housing bargains probably won't remain open forever. Some economists believe currency parity may last into 2008 and possibly 2009, but Mr. Layton doesn't see the real estate situation staying the way it is for long.

"The builders are cutting back and I think it's going to level itself out," he says. "I don't think it's going to take a full two years to come back to balance and be a much more even market. But right now we have a high inventory and so the buyers are definitely in the driver's seat."

"I think our market has a little bit of a cushion, because we are where retiring people are going to retire to - they're not going to retire to snowy, cold places."

So You Want To Make Money With Real Estate

2007-10-17T10:40:00.001-07:00

I am surprised when I find people talking about waiting for the market to get better before they get into real estate. Wait? Why wait? Everyone has probably heard the old wisdom that you never buy the most expensive house in the neighborhood, but how about this: You make money when you buy real estate - not when you sell.

That's right. When you buy a property right you set yourself up correctly for future profit. Really, isn't that what the problem is right now? Besides bad loan choices we had people who were buying assuming they would realize 10%-12%-15% appreciation in a very short period of time. When the market is at an new unheard of highs perhaps that is not the best move. It is easy to Monday morning quarterback the whole situation but I think if we dig deeper we realize that the old truths - buy low, sell high - don't buy things you can't afford, etc. all hold true. It is not sexy or adventurous or trendy but it is the truth.

So that brings us to today. We have buyers sitting out the market. You have to wonder why? Besides some great deals (no, not every home is a great deal - your trusted Realtor can help you out here.) you have some still very reasonable loan programs and the rental market is going up. In other words now is the time to buy and hold so that you can sell high the next time around.

One last thing - I have started to hear lately that some people are waiting for the market to go down more so they can buy even cheaper. Well if you are purely investing and are totally unemotional about the properties you buy - then yes, that is probably the best strategy for you. Even though report after report shows home prices on the whole actually inching up - if you want to look around for total fire sales and buy those that is certainly a way you could go. However, if you find a good buy - are ready to buy and want a certain property or certain neighborhood you should move forward. Waiting will probably not get you the property you are interested in or the neighborhood you want. You may in fact wait too long. Just as some buyers waited to long to jump in a few years ago you could wait so long that the "deals" in the neighborhoods that you want the houses that you would really like dry up.

As an example of this one neighborhood that I watch on a regular basis had about three "fire sale" homes about six months ago. Then there was one really good deal about 2 months ago. Now there is extremely low inventory. Some of the homes remaining on the market have actually raised their prices! The remaining homes on the market all have some sort of drawback to them.

So as always timing is everything is now the time for you?

Central Palm Springs

2007-09-23T08:14:00.000-07:00

2150 McManus
Great Mid Century in Central Palm Springs now Just $529,900. Large lot on a quiet street. They don't make them like this anymore.

Virtual Tour:

Growing, Growing.....A Whole New World

2007-09-13T11:41:00.000-07:00

I recently ran across some interesting statistics. It seems the whole country is on the move. The number crunchers that track this sort of stuff have come up with some amazing statistics that will, once played out, change the face of our nation for a long time to come.

First we hear from the Brookings Institute that the baby boomers - and one is turning 60 every 7.5 seconds - are moving OUT of the North the East and the Mid-West. Growth is taking place in staggering numbers in the West and the South.

Bringing it down to a local level we find that almost half of California's population will live in Los Angeles, Riverside, San Diego, San Bernardino and Orange Counties.

Looking at actual numbers - not projections - Since 2000 La Quinta has grown by 68% and Desert Hot Springs by 38%. The county of Riverside grew by 1/3 rd.

So as we drive around and say "they sure are building a lot of stuff around here" now we know the reason why!

Perhaps there never has been a better time to buy Real Estate?

Short Sale or Foreclosure?

2007-09-12T21:41:00.000-07:00

A serious subject for serious times:

With all the talk of troubled loans and troubled lenders do you know the lingo in this market place? Should you be looking at homes that are in foreclosure or where the seller is trying to do a short sale? What could this mean to your bottom line? If you are the buyer it means something much different than if you are the seller.

Buyers: Beware the foreclosure or the short sale. Ask your agent if they have the experience in these complicated transactions to help you understand the process. If you are on a time table or need to move in by a certain date this is the worst possible scenario you could put yourself in. There are no time frames that can be guarunteed. There are some specific siuations where these situations might work for you but extreme caution is needed. Don't forget this is a BUYERS market. You hold the upperhand and with your fianncing in place you are good as gold. You can negotiate from a position of strength.Breat Article on Short sales: Short Sales

Sellers: Finding yourself in a foreclosure situation or an upside down equity position is very stressful Be sure you are getting all the information. A qualified real estate agent can show you the steps you can take to make the most out of these situations. There are legal and tax consequences to almost every action you take in these situations be sure you have the right information. Sometimes lisitng your home is the worse thing you can do! Don't be scared - be smart. Call me so we can go over your options before you are left without any.

Living the Dream

2007-09-11T21:21:00.000-07:00

It's so easy in the daily grind to forget that I am living the dream many people have. Eternal sunshine, a relaxed resort lifestyle great friends and wonderful opportunities to experience the awesome beauty of nature everyday.

Palm Springs is an exciting place and I hope I can share some of that excitement with you in this my very first blog. I love photos so there will be many of those and lots of updates on what is going on in the valley. We have a great diverse community here with something for everyone.

On of my favorite things is our very own local bookstore Peppertree book store. Click on the link under my photo. So forget those souless chains support your local bookstore! You'll be glad you did.