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.”