Let me start out this month wishing everyone a Very Happy Holiday Season, and a Prosperous & Healthy Year in 2009! Sometimes I find myself focusing too much on what is going on in the real estate business and the economy, and not enough on all of the good things in my life. This is a great time to reflect on what we have.

As 2008 draws to an end, it seems that everyone is looking forward to 2009, but no one is quite sure what to expect. The auto industry is now the largest topic in the media, and there are definitely many different opinions on how this should be handled. Hopefully, whatever decision is made will be the right one.

At the local level, the high end real estate market remains very quiet. There are some luxury homes selling, but not many. Most of the sales activity remains in the under $400,000 price range, with bank owned foreclosure property being the most active. And, with this being the holiday season, I expect sales to be slow until mid-January.

My ‘Glass half-full’ outlook for the upcoming season is this: There are 2 events happening in mid-January that could spark our high-end real estate sales. The Bob Hope Chrysler Classic Golf Tournament in most years is the start of our most active seasonal activity. The Presidential Inauguration could very possibly be met with a sense of optimism, as many people are ready to move forward again. With the help of some stability in the economy between now and then, this season really could be a great time to buy real estate.

Included this month are these items you might find interesting:

•	From the Desert Sun, this recent article focuses on the possibility that the Coachella Valley’s economy may have hit bottom.
•	Another article from Inman News also calls for a real estate rebound in 2009.
•	As Realtors, we have seen that today’s prices are probably close to what we saw in 2004, and are trying to convince our Sellers. This article offers some evidence that we might be closer to 2003 prices.
•	This LA Times article is about Chinese tour groups coming to the United States looking to buy value-priced real estate. Unfortunately, this won’t benefit the Coachella Valley, because there isn’t enough of a Chinese population to attract their interest here.
•	The 10 Most Expensive Homes Sold in the Desert in November 2008, according to the Desert Area MLS. The top sale was at The Estancias in La Quinta. Also included are homes at The Reserve, Bighorn Golf Club, Mission Ranch on Clancy Lane, The Vintage Club, Mountain View CC, PGA West, Ironwood, Indian Wells CC and a home in the Old Las Palmas area of Palm Springs.
•	Mortgage rates as of 12/15/08: Rates should be headed down over the next couple of weeks

If there are any real estate related questions or needs, please don’t hesitate to give me a call, or send me an email at Bruce@BruceBlomgren.com. And, Thank You for taking the time to read my Newsletter.

Sincerely,
Bruce