The middle of July is always hot in the desert, but we all seem to forget how hot it really is! Yesterday was 112° and it is supposed to reach 115° this weekend. And, it will remain hot all the way through August and into September. This is the main reason real estate sales shift into slow motion during the summer.

But, there is always some business being done! I just closed escrow on 2 homes in the $2.5 million to $3.5 million range, and a home at $1.2 million. I have a home in escrow in Rancho Mirage above $3 million and an equestrian property in Bermuda Dunes just under $2 million.

And, sales of high-end homes have remained steady thru June. There were 33 home sales in the desert closed in June above $1 million, and 9 of these were above $2 million. There are 47 homes in escrow priced between $1 - $2 million, and 10 homes in escrow priced above $2 million.

Last week I was asked to sit on a panel at the California Desert Association of Realtors and discuss my thoughts on the high-end market. Sales activity has improved from last year at this time, but prices have continued to soften. There is a very large inventory of homes that need to be sold before prices stabilize, which makes this a great time to be a buyer!

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

•	The Ritz-Carlton Hotel in Rancho Mirage has been sold at a trustee’s sale, allowing the project to move forward: This article discusses the sale and completion of the hotel.
•	The World’s Most Expensive Houses: There is a 27-story mansion in India valued at $1 Billion! And, a home on the French Riviera valued at $122 Million.
•	Construction Resumes on Several Desert Home Developments: Even though these are smaller homes, it is nice to see some home construction happening.
•	Luxury Vacation-Home Sales Fade with Pace of Economic Recovery: This article from Bloomberg-Businessweek talks about the softening of demand for high-end vacation homes across the US.
•	Bank Owned Homes Priced Above $1 Million: There are 10 homes on this list, down 1 from last month. 3 are at Andalusia and a home at Bighorn tops the list priced at $2.7 Million.
•	The 10 Most Expensive Desert Homes Sold in June, 2010, according to the Desert Area MLS: Selling prices ranged from $1,800,000 to $5,000,000 for a home at Toscana CC in Indian Wells. There were 2 at Tradition and 2 at Mirada Estates. I had 2 sales on this list.
•	Mortgage Rates as of 7/15/2010: If you need a loan for a purchase or a refinance, 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