Palm Springs Still HOT With Buyers

While COVID-19 has devastated many businesses and individuals, real estate in the Coachella Valley has been the silver lining in the pandemic cloud. Many professionals have realized they can work remotely from beautiful cites like Palm Springs instead of making the daily commute to the office. The pandemic has accelerated the influx of transplants from big cities like L.A., San Francisco and Seattle who are snapping up real estate changing the demographics of what was once a retiree community. Palm Springs has also been an attractive location for real estate investing. Although the population is small, there are many renters, pushing up rental demand for traditional rental investment properties.

According to Freddie Mac, the government-backed mortgage brokerage, interest rates on a 30-year fixed mortgage recently fell to 2.86% —the lowest number in nearly 50 years. While this is great news for buyers, they may be challenged to find their dream home with record low inventory. On November 1, there were only 2,014 units for sale in the Coachella Valley that is about half of what we have in a normal market, but we know 2020 is anything but normal. This high demand for homes combined with record low inventory and interest rates has helped push home values up. Currently homes in Palm Springs are selling for 99.56 % of list price which is another indication of the high demand.

Many neighborhoods once shunned by buyers are now experiencing a surge in activity. When I am working with buyers in Palm Springs they generally like to start their search in the southern part of the city due to its proximity to downtown and its closer to the mountain which means it’s less windy. We have seen buyers purchasing more homes in the subdivisions located in the central and north side of the city discovering the great values with the same quality of life.  Neighborhoods such as Desert Park Estates, Racquet Club East and Victoria Park/Vista Norte have all experienced a large increase in home sales.

One of the hottest neighborhoods with buyers recently is Victoria Park/Vista Norte. Most of the homes around Victoria Park are ranch or contemporary style single-family homes built between 1965 and 2002. These homes, many of which sit on Indian Lease Land are suited for indoor/outdoor living with large expanses of glass walls lining the living room and views of swimming pools and nearby mountains.

 

 

June 24, 2021

El Paseo Welcomes BHG Desert Lifestyle Properties

Ask anyone who works in real estate how the housing market is going, and you may hear words like: “insane,” or “record breaking.” When interest rates dropped below three percent in 2020, high buyer demand and low inventory sparked a remarkable surge in home values. In the past year, the median price for Coachella Valley detached homes increased by 22 percent, with some cities reaching closer to 30 percent. With several industries transforming to remote work, the Coachella Valley saw a rapid growth of homebuyers attracted to the desert’s reasonable cost of living and picturesque scenery. One of the desert’s top real estate agencies, Leaskou Partners Inc., spearheaded by CEO Benjamin Leaskou, recently expanded to El Paseo in Palm Desert to meet the high demand of buyers in the central and eastern part of the Coachella Valley.

Real estate entrepreneur Benjamin Leaskou is familiar with the desire to relocate from the hustle and bustle of busy cities to the tranquility of the desert. After living 26 years in the Bay area, Benjamin decided to relocate permanently to his vacation home in Palm Springs to enjoy the year-round sun and better quality of life. In 2013, he founded a boutique real estate firm, Leaskou Partners Inc., with seven agents. The firm quickly expanded and opened a high desert office in Yucca Valley managed by top agent Stacey Nounnan. In 2019, BHG / Leaskou Partners Inc. was invited to partner with Adam Gilbert and The Firm Commercial to service land and commercial developments in the valley. After rapid success and recognition, including closing over $1 billion in real estate sales, Leaskou Partners Inc. teamed up with nationally acclaimed partner: Better Homes and Gardens. As a franchisee of Better Homes and Gardens (BHG) Real Estate, BHG / Leaskou Partners Inc. offers a national and global reach that is unsurpassed, including cutting-edge digital resources, marketing tools, and an expansive book of both commercial and residential buyers. This year, the company also expanded into the vacation rental market with Desert Lifestyle Vacation Homes.

While BHG / Leaskou Partners Inc. dominated the Palm Springs real estate market, CEO Benjamin Leaskou realized the firm needed a strong presence in the central and eastern part of the Valley. His vision to eventually expand to the upscale El Paseo shopping district came to fruition in January 2021 when BHG / Desert Lifestyle Properties was born. Stephanie Zinn, long-time realtor and past Young Professionals Network President, was chosen as the Palm Desert office manager and brings a wealth of experience. The company’s newest office is located at 73260 El Paseo Drive, Suite 3A. Just look for the pink rug in the window. You can also follow the smell of delicious Mexican food emanating from Armando’s Dakota Bar & Grill, and you’ll find their real estate office right next door. Fur babies are also welcomed with a cool bowl of water and dog treats.

While El Paseo is prime real estate for BHG / Desert Lifestyle Properties’ new office, the technology, marketing tools, and top-notch talent are the same regardless of which office you visit. Eventually Benjamin will remove his last name from the company and all the residential real estate offices will fall under the same name: Better Homes and Gardens / Desert Lifestyle Properties.

If you would like a tour of our new El Paseo office or have questions regarding our current real estate market, please give me a call (760) 880-3848.

Posted in Market Updates
July 31, 2017

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