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| Valued Friends & Clients, |
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Welcome to the 2nd issue of my monthly e-mail newsletter! I want to Thank those of you who responded with your comments on last month’s issue and I am glad many of you found it to be interesting.
This issue has articles on the latest Anderson Forecast produced by ULCA on the state of the housing market, a very good question and answer regarding home inspections and repair responsibilities plus Donald Trump’s $125 million home for sale in Palm Beach.
As we approach the upcoming seasonal market in the Coachella Valley, this is what I am seeing: Interest rates remain very low, oil prices and gas prices are still dropping, the stock market continues to be strong and, overall, the economy is good. These factors, along with the fact that 25 million people can drive here in 2.5 hours and there are still many people who want the weather and the lifestyle offered here, suggest good (not great) real estate sales activity.
The inventory of higher end homes for sale is still fairly low and those Sellers who are reducing prices are doing so only modestly, so asking prices remain level. I do not see many ‘drastic’ price reductions, except in the under $1 million price range, which is the market most affected by this slow down.
Even if the number of sales is lower than the past 3-4 years, there will still be plenty of homes bought and sold in 2007. The Buyers will be looking for a ‘fair price’ while buying for the lifestyle. The Sellers who realize that the prices of the past couple of years may not be obtainable this year, will price their homes a little more competitively, and sales will result. We are now returning to a market where those that can afford the wonderful desert ‘lifestyle’ will continue to buy, because none of us are getting any younger.
Please take some time and navigate through this newsletter to my website, and send me your comments. I would love to hear from you!
Thank You for your confidence and for being an important part of my business.
Sincerely,
Bruce |
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| Real Estate Forecast Calls for Soft Landing, with Turbulence |
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| The housing market will not crash unless the job market weakens significantly, though home prices are expected to stagnate for at least five years during this down cycle, according to the latest UCLA Anderson School of Business forecast.... |
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| $100 Million Homes Hit the Market |
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Donald Trump's property for sale here has all the big-time extras one might expect. Pricey marble and 24-karat gold fixtures decorate bathrooms. There's a gargantuan fountain in the driveway and 475 feet of oceanfront out back.
Perhaps the biggest thing about the home, however, is its price tag: $125 million. And (sorry Donald) that price has already been trumped... |
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| Magnificent, custom contemporary home high in Mirada Estates. Tastefully designed by architect Michael Kiner. This incredible multi-level home takes full advantage of its large lot with dramatic mountain, canyon and down valley views. At 6,800 square feet this distinguished home offers an incredible blend of space, design and indoor/outdoor functionality. Click for more info... |
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"As a custom home builder, I've relied for years on Bruce's thorough knowledge of the desert's high-end real estate market. Having represented me numerous times as both a buyer and a seller, Bruce continues to impress me as a real estate professional that is "Hands-On" and one who genuinely cares about every client and their individual needs throughout the transaction."
Al Woolworth
The Reserve |
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