The April 15th tax filing is behind us, and the stock market has made some very strong gains, but there is still a lack of Buyer confidence regarding the high-end real estate market here in the desert.

• The inventory of high-end homes for sale is very high
• Buyers are expecting to pay rock-bottom prices
• Homes that are over priced are not getting many showings
• The inventory of Bank Owned Homes and Short Sale Homes will continue at current levels or higher

As we move through April, the increased sales activity of February and March in the high-end market appears to have stalled somewhat. While the showings continue, more Buyers are now deciding to wait, and look again in the summer, or in the fall.

This may not be the best move, as there are many Sellers who have already reduced prices and are still willing to negotiate in order to get property sold this season. Some of these sellers will re-evaluate pricing in the fall and, with a new season ahead, may be less negotiable than they are now.

In the desert market, there are currently 825 homes listed for sale priced above $1 million. There were 85 closings during the 1st Quarter above $1 million. Of those 85, there were 19 closings above $2 million.

This month I have included the following items you might find interesting:

•	A Wall Street Journal article regarding “Now is a good time to buy a higher priced home”.
•	From Forbes.com here is an article on America’s $50 Million Homes.
•	Bank Owned Homes For Sale Above $1 Million in the Desert MLS: This month the list has increased from 4 homes to 11 Bank-Owned Homes for sale priced above $1 million. The highest priced is $2,995,000 at Mirada Estates in Rancho Mirage. This list also includes 2 homes at Andalusía Country Club in LQ, and 1 each at The Hideaway, The Citrus Club & Mountain View CC in LQ, a home in Residential Indian Wells, 1 in Indian Wells Country Club & 1 on Clancy Lane in RM.
•	The 10 Most Expensive Homes Sold in March 2010, according the Desert Area MLS. Selling prices ranged form $1,875,000 for a home at The Estancias in LQ, to a high price of $4,725,000 for a home at Bighorn Golf Club. There were 3 sales at Tradition and 1 each at The Renaissance, Thunderbird Heights, Morningside CC and Tamarisk Ridge in RM, and a home at The Polo Estates in LQ. 3 of these homes were Bank Owned!
•	Mortgage Rates as of 4/15/2010: If you need a loan for a purchase or a re-finance, rates are still low and there is money available for qualified borrowers.

Thanks for taking the time to read my Newsletter. Please feel free to forward it to a friend.

Sincerely,
Bruce