Palm Springs Real Estate Information

It's that time of year again.  Don't forget Daylight Savings Time starts March 11th.  Be sure to turn your clock forward 1 hour.  Don't be late for church!

We have found in the past few weeks that the real estate market is very busy here in the Palm Springs area.  We are definitely seeing an "up-tick" in the market and occasionally are experiencing multiple offers.  Our valley inventory is 1000 less than a year ago. Since we are a resort community, our market is much different than other parts of the country.  We have bottomed out about 8 months ago. Now is the time to find your second home or full time residence.

The renown Sunnylands, famous for entertaining Presidents, movie stars, and dignitaries from all over the world will be open to the public in March, 2012.  Sunnylands, built by Walter and Leonore Annenberg 46 years ago will open as a Camp David of the West Coast.  This will be a place for national and foreign dignitaries and diplomats to gather for Summit meetings and retreats.

This is an amazing estate with 200 acres, golf course, 850 olive trees, lakes and sculptures throughout.  There is a 17,000 sq. ft. Visitor Center, envisioned by Mr. Annenberg, an Ambassador to England under President Nixon, who made most of his fortune as publisher of TV Guide.

To read more about this amazing property and the fascinating history behind it, visit http://www.nytimes.com/2012/01/24/us/annenberg-estate-sunnylands-to-open-to-the-public.html#

Here is an article I received today from the California Association of Realtors newsline.  Exciting opportunities ahead and well worth reading. 

In his State of the Union address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery.

Key aspects of the president’s plan include:

• Broad-based refinancing: The president’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates
• Homeowner Bill of Rights: The president is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out; full disclosure of fees and penalties; guidelines to prevent conflicts of interest that end up hurting homeowners; support to keep responsible families in their homes and out of foreclosure; and protection for families against inappropriate foreclosure, including right of appeal.
• First pilot sale to transition foreclosed property into rental housing: The FHFA, in conjunction with Treasury and HUD, is announcing a pilot sale of foreclosed properties to be transitioned into rental housing. C.A.R. is opposed to bulk sales of REO properties in California.
• Providing a full year of forbearance for borrowers looking for work: Following the administration’s lead, major banks and the GSEs are now providing up to 12 months of forbearance to unemployed borrowers.
• Pursuing a joint investigation into mortgage origination and servicing abuses: This effort marshals new resources to investigate misconduct that contributed to the financial crisis under the leadership of federal and state co-chairs.
• Rehabilitating neighborhoods and reducing foreclosures: In addition to the steps outlined above, the administration is expanding eligibility for HAMP to reduce additional foreclosures, increasing incentives for modifications that help borrowers rebuild equity, and is proposing to put people back to work rehabilitating neighborhoods through Project Rebuild.

C.A.R. and NAR support the Obama Administration’s efforts to help homeowners and the struggling housing market, because restoring the health of the housing market is critical for the nation’s economic recovery.

More info 

An 11-day celebration of mid-century modern design, architecture, and culture in Palm Springs is Modernism Week, February 16 - 26.  This design originated in the 1940's, 50's and 60's and was typified by clean, simple lines which came to define desert modernism.

There are muliple events during this week including architectural tours, films, lectures, an architectural symposium, educational events, and fun parties in various cool mid-century homes and boutique hotels.  To view all events click here:  www.modernismweek.com

Here are four major things to avoid doing before applying for a loan and during the loan process. 

1.  Do Not Change Jobs -  Changing jobs before or during the loan process can create a real problem in qualifying for a loan, particularly if that job is in a different line of work or at a lower rate of pay.  Changing a job can create time delays during the loan process as the new job will need to be verified.

2.  Do Not Switch Banks or Move Your Money Around - It is best to leave your money right where it is until your loan is closed.  Moving your money to a new bank or even a new account can weak havoc with the verification process.

3.  Do Not Pay Off Bills - Listen to your loan officer who will advise you if it is necessary to pay off bills to help you qualify for a loan.  They will also show you the best way to pay off bills, making sure that escrow has the evidence needed to prove that the bills have been paid off.

4.  Do Not Make Any Major Purchases - Buying a new car, furniture, or making another major purchase can impact a borrowers ability to buy a home.  A large monthly payment can effect the amount of home you qualify for, and during the loan process itself, actually make it difficult to get your loan approved.

Named one of the top ten public courses in California by  PGA Tour.com, Escena Golf Club in Palm Springs is a return to what made desert golf great.  With stunning views the Nicklaus Design course stretches to almost 7,200 yards to challenge the most skilled payers.  Yet, with generous fairways and four sets of tees, it remains playable for all others.  The boldly contemporary clubhouse and the ultra-cool environs of the Escena Lounge & Grill, give you all the ingredients of a modern classic.

The Wall Street Journal

The “new American home” continues shrinking
The nation’s average home size, which peaked at 2,500 square feet in 2007, is expected to shrink to 2,152 square feet by 2015, according to the National Association of Home Builders.

Read the full story

I thought it would be useful information to start some blogs about golf.  As I was researching information in the Golf News Magazine, I found out that Palm Springs, California  has been voted 2012's Top North American Golf Destination by the International Association of Golf Tour Operators at the IAGTO Annual Golf Travel Awards Ceremony in Belek, Turkey.  Although most of the desert golf courses are located outside Palm Springs in other desert cities, Palm Springs still continues to have the international name recognition.  The Greater Palm Springs area has become a year-round golf destination, as famous today for our annual tournaments as we are for our 350-days of signature sunshine.  By the way, it is 78 degrees today and the sun is shining.  A beautiful day to play golf in paradise!

Did you know that 9 out of 10 Buyers search online to purchase a home. Today's top-value home improvement project is a front-door upgrade.  Return on investment:  up to 130 percent.  Siding, roofing, landscaping, and other curb-appeal improvements also rank high in getting a home sold faster.  Make sure the first photos a potential Buyer sees online are the best view of your property possible.  This will create interest and send a Buyer looking for more.