At least once every day I am asked ‘How is business?’ And, the person asking the question usually knows the answer they expect to hear! But my answer sometimes surprises them; ‘Unbelievable!’ This is the answer I learned 30 years ago at my first real estate seminar, which was also in a very challenging market.

The high-end and luxury real estate market in the Desert has shown some signs of increased activity during the first 2 weeks of May. This is an indicator that some people have made the decision that this is a good time to buy a home in the desert. And, I expect to see this slight pick up continue through June.

There is a large inventory of homes to choose from at this time. And, with many homes having been on the market much longer than anticipated, some Sellers are more willing to lower their expectations for sales price.

This is not usually happening due to financial problems (although there are some sellers who are over extended); it is usually due to a decision that selling a property at a lower price will be a positive thing in other areas of their life. And, very often, the Seller is happy with the outcome after the sale closes.

But, there are also many properties on the market where the Sellers do not feel the need to sell. They have a price in mind, and, if they can’t get their price, they are willing to ‘wait until next year’. When a Buyer identifies one of these properties, and is expecting this Seller to react favorably to a low offer, their offers are often rejected, as being ‘too low or frivolous’.

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

•	The latest book by Duane Knapp, ‘The BrandPromise’ reveals how successful brands such as Costco, Ketel One and Make-A-Wish make a promise that guarantees success. I am very proud to have been included in this book!
•	The Kaufmann House in Palm Springs sells as ‘a piece of art’ for $15 million at auction! This significant architectural home is considered more than real estate; it is a work of art.
•	The recently held 6th Annual Commercial Real Estate Investor’s Forum predicts that the Coachella valley housing market will recover first.
•	Ask An Attorney: This is one of the important questions in today’s real estate market. From California Real Estate Magazine.
•	I am in the process of helping one of my clients list a home in the south of France, and have started to learn more about ‘Euros’. This Forbes.com article shows what type of home 1 Million Euros will buy around the world.
•	The 10 Most Expensive Desert Homes sold in April 2008, according to the Desert Area MLS: There were 6 homes sold in April for over $5 million! And, all of the top 10 were inside the high-end Country Club communities. The Vintage saw the most expensive sale, while Bighorn and The Reserve each had 3 homes on the list.
•	Mortgage Interest Rates as of 5/15/08

If you have any real estate related needs or questions, please don’t hesitate to give me a call or email at bruce@bruceblomgren.com. I would love to talk with you. And, if you know of anyone else who might enjoy receiving my monthly e-newsletter, please let me know.

Sincerely,
Bruce