Palm Springs Real Estate News
Paul Kaplan
Architectural Realtor
(760) 285-8559
DRE# 01325586
Categories
Palm Springs- when new developments go bad
Posted on Feb 23, 2010 by Paul Kaplan
The Cove at Palm Springs was a new developement that cropped up in the “Windy Point” section of Palm Springs back during the California real estate gold rush days of 2006/2007. The project featured beautiful courtyard homes surrounding an alleged golf course. They were listing in the $400,000s as I remember it- They were advertised as “Mid-Century” Homes (which I never understand, since they were built in 2006!)
A little bit about the location- The Cove was located in Windy Point…you know where you see all those windmills when you drive in off the 111 from Hwy 10 to Palm Springs? You probably noticed a little community tucked up against the foothills on the west side of the road a few miles before you get to Palm Springs.
There’s a reason why there are windmills there- the wind is extreme to say the least!! Makes the north Palm Springs neighborhood wind look mild by comparison. The general public, regardless of the rush to buy real estate, must have thought so as well- because despite gorgeous models, they didn’t sell well. The complex has been vacant for years now, the golf course (which was later supposed to be just a green belt) is dead. The community buildings and club house, never built. All the beautiful landscaping that was planted has since died!!
In any event, this home located in the Cove, was just listed for $89,000! (Its an REO)
“Courtyard contemporary at The Cove. These were selling for the low $400s before the builder went under. Granite island kitchen, Great Room concept. Good opportunity to hold for the future. Many uinfinshed properties and vacant parcels. There is no HOA. Developemtn was not connected to sewer so properties use a temporary holding tank and the county will require the new buyer to install a septic system. Buyers need to confirm all this during inspections.”
For that price, maybe its worth tolerating the wind and having to install your own sewer! But hopefully this is a lesson learned about the old real estate mantra, “location location location.”
Tags: Palm Springs Real Estate, paul kaplan real estate, paul kaplan realtor
Palm Springs – Vista Las Palmas
Posted on Nov 12, 2009 by Paul Kaplan
One of Palm Springs’ most exclusive mid-century neighborhoods, is Vista Las Palmas. Built by the Alexander Construction Company, Vista Las Palmas features some of best examples of Mid-Century architecture in town. Located at the foot of San Jacinto Mountain this development was built around 1960.
For more information on properties located in this posh neighborhood, please see below.
Congress extends homebuyer credit
Posted on Nov 6, 2009 by Paul Kaplan
Thursday, November 05, 2009
President Obama is expected to sign a bill passed by Congress today extending and expanding the first-time homebuyer tax credit to homes under contract before May 1.
The credit, equal to 10 percent of a home’s purchase price, remains capped at $8,000 for first-time homebuyers, but income limits have been raised.
Congress also approved an expansion of the credit to allow homeowners who have been in a principal residence for at least five of the last eight years to claim a tax credit of up to $6,500 if they sell that home and buy another.
That will provide an incentive not only for entry level, but move-up buyers — a goal supported by real estate industry groups, including the REALTOR® Association.
Tags: Tax Credit
Mid-Century Bungalow- Just listed
Posted on Oct 31, 2009 by Paul Kaplan
»
Built in 1952
»
Mid-Century Modern Design
»
Clerestory Windows,Stackstone Fireplace
»
Custom landscaping and pool
»
Updated kitchen/honed granite countertops
Price :
$ 325,000
Type :
Single Family
Beds :
2
Baths :
1
Size :
1238 square feet
Paul Kaplan
(760) 285-8559
paulkaplanre@gmail.com
www.MidCenturyModernPS.com
Palm Springs, CA 92262
© 2008 Properties Online, LLC (RealEstateSites.com) The above information including square footage is based on data received from the seller and/or from public sources. This information is deemed reliable but has not been independently verified and cannot be guaranteed. Prospective buyers are advised to verify information to their own satisfaction prior to purchase. By providing links to other sites Properties Online, LLC does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to the agent, brokerage, brand or Properties Online, LLC.
Equal Housing Opportunity.
Palm Springs Farmer’s Market
Posted on Sep 23, 2009 by Paul Kaplan
This market brings local farmers and vendors together to showcase the fruits of their labor. It features organic and transitional produce, cheese, bread, fresh cut flowers, nuts, and California-grown olive oil. Organic coffee and a fresh market breakfast is available at the nearby on-site cafe. A weekly Market Chef booth features recipes and educational materials.
Location:
2300 E. Baristo Road at Farrell on the
North Side of the Camelot Theaters in Palm Springs, California
Dates:
Saturday, 8 am to 12:30 pm
September – June
Contact:
Certified Famers Market Palm Springs
760-898-5250
cfm@psculturalcenter.org
Palm Springs Preservation – Donald Wexler AIA Weekend announced
Posted on Sep 19, 2009 by Paul Kaplan
Mark your calendars:
Palm Springs Preservation Foundation announces
“Wexler Weekend.”
On Thursday, September 17, PSPF announced that it will present “Wexler Weekend,” a three-day event to be held January 22-24, 2010.
In conjunction with Wexler Weekend, PSPF will release one of its popular “tribute journals” chronicling the renowned architect’s career. The Wexler journal will be written by architect Patrick McGrew who has written extensively about California’s historic architecture. McGrew will draw upon extensive personal interviews with Wexler and will have full access to the architect’s archives and photos. PSPF has engaged Wexler’s son, graphic artist Gary Wexler, to do the layout and design of the journal.
For more info, visit: www. pspreservationfoundation.org/save_date.html
Todays report- could housing have hit bottom?
Posted on Aug 19, 2009 by Paul Kaplan
As reported in The Desert Sun today, the median home price actually rose 1% last month in Southern California, hinting that prices may actually have hit bottom.
But is it time to jump for joy and celebrate the end of the recession? Not just yet- future job losses and foreclosures could still put a drag on the market.
However, there is market demand. Recent statistics from our MLS show that there is only a little over a one month supply of Foreclosure listings on the market right now….that is way below even the average. Foreclosures — mostly in distressed, inland areas — accounted for about 43 percent of the July sales, the lowest level since June 2008.
I think this indicates that even if we do get that next big wave of foreclosures, there are buyers and investors waiting to absorb those properties quickly.
To read the full article, please click: http://www.mydesert.com/apps/pbcs.dll/article?AID=/200908190300/BUSINESS04/908190302
Tags: Palm Springs Real Estate, paul kaplan real estate
What is Indian Lease Land?
Posted on Aug 16, 2009 by Paul Kaplan
In 1876, Pacific Railroad laid the tracks between Los Angeles and Yuma, Arizona. The U.S. government deeded the Agua Caliente 52,000 acres throughout the Coachella Valley (6,700 acres lay within the city of Palm Springs). The government gave the railroad a checkerboard of every square mile of land for 10 miles on either side of the railroad right-of-way. The Agua Caliente tribe got the non-Pacific Railroad owned squares. The city of Palm Springs is built on a “checkerboard” consisting of alternating Indian and non-Indian land.
Some of the best neighborhoods in Palm Springs are on Indian land. Over 23000 residential properties are located on Indian lease land, which give the home owner the right to the property for the duration of the lease. Most Indian leases are administrated by the Bureau of Indian Affairs; a homeowner doesn’t deal with the Indian owners directly, but instead usually with the appointed property management company or Bureau of Indian Affairs office.
Mortgages are available on lease land. Some leases do have minimal downpayment requirements and other specific conditions, however it is not difficult to get a loan on lease land. Interests rates tend to be the same for Lease and Fee Simple land. However, WE RECOMMEND GOING WITH A LOCAL LENDER THAT IS FAMILIAR WITH LEASE LAND. (Contact Paul for more information.)
The price of the lease varies generally between $1400 and $6000 per year depending on the property. Some lease payments are paid annually; others are divided and paid monthly.
Lease land typically consists of long term land leases that are commonly renewed well in advance of their expiration dates. However each lease is unique and should be reviewed for the specific terms affecting a particular property. Typically, Indian Lease land properties have increased/decreased in value at the same rate as Fee Simple land (land that is not lease land).
Lease Land vs Fee Land
Financial Benefits
The primary difference between buying land and leasing it is obvious; lease land reduces the cost of a home by 20 to 30% on average. Once a structure is built the land beneath it can be of no other use to the homeowner. So, by owning on leased land, the homeowner gets the use of the land without the capital outlay – and can afford a far more luxurious home for lease money. futhermore, since no one actually owns a home until the loan is paid off, most so-called “land owners” don’t really own their property for 30 years.
- Won’t the value of my real estate climb faster if I own the land?
While many things determine resale values, all available figures indicated that resales of homes on leased land have climbed in the exact proportion as other homes in the same areas. The condition in which you keep your home has far more influence on its resale value than the fact it is or is not on lease land.
- What about my children or heirs? Can I pass a leasehold estate on to them?
Of course. you can give or sell your home on leased land just as easily as on fee land. however if you are concerned about your heirs 65 years from now, there are four realistic questions you should ask yourself:
- Will they really want a 65 year old home when the average life of most California residences is estimated at less then 50 years?
- Considering that most residences change ownership about every five years (which would be more then 10 turns of ownership during the life of your lease) is the home really likely to stay in your family for 65 years?
- If you have a savings of $206/month (2,472 per year) by leasing land vs. purchasing, over the life of a 65 year lease, your savings would total $160,680 even it if earned no interest. if you kept this monthly savings in an account paying 10% annual interest, your savings would exceed $1,250,000 over 65 years ( and even more if interest were compounded monthly). Wouldn’t that be a better way to take care of your heirs?
- What happens at the end of the lease? Since there is no legal restriction prohibiting the Lease Holder from selling their land, you or your heirs may have the option to purchase if you wish to do so. however, most probably, you would be offered a new lease based on conditions existing at that time; there would be no financial advantage to taking the land back.
- Why do some people compare a home on lease land to a variable annuity life insurance policy?
Probably because it is easier to understand. Just as a variable annuity gives you the possibility of gaining from both fixed interest rates and asset appreciation, a home purchased on leased land gives you a monthly savings along with the possibility of home appreciation.
It can be an investment hedge whether home prices are rising or falling. during an “up” period, your home will increase in price. in a “down” period, the dollars you did not spend on land, but invested in a fixed interest savings, will continue to increase.
Today building on lease land is no longer an advantage reserved for business and investment buyers. now, in Palm Springs, it is something any home buyer can enjoy.
If you would like to learn more about the Indian lease land, please contact the bureau of Indian Affairs, TESA Branch in Palm Springs at (760) 416 3289
Presented courtesy of Financial Title Company. None of the above statements can be guaranteed. Before you get into a transaction on Indian lease land, you should read and review all contracts, leases and information about the specific lease. We recommend you consult with your accountant, attorney and tax advisor prior to making any purchases on Lease OR Fee land.
Vista Las Palmas MCM homes showcased
Posted on Aug 16, 2009 by Paul Kaplan
Thanks to Grassroots Modern for posting a video travel log of Mid-Century homes here in Palm Springs. The video features homes built in the Vista Las Palmas neighborhood by the famous Alexander Construction Company around 1960. These homes were designed by William Krisel, FAIA. Homes in this neighborhood sell from the around the $600,000’s to over $1 million.
The Chase hotel is also featured, a great example of one of the restored mid-century resorts found in the Tennis Club neighborhood adjacent to downtown Palm Springs.
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Hello world!
Posted on Jun 18, 2009 by Paul Kaplan
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