February 2011 Price Report

Here are the latest sales numbers for all homes sold within the City of La Quinta as well as all Golf Course homes in La Quinta through February, 2011.

City of La Quinta home sales by month since February, 2008*

The blue lines represent 2008 data, the orange lines represent 2009 data magenta lines represent 2010 and the green lines represent 2011 data.

February marks a rebound to the two previous months of declining sales numbers, we continue to see a marked improvement in consumer confidence and an increase in interest in the “over $1 million” market.  Open escrows in February increased overall by 7.2% while the more expensive Golf Properties increased by 11.5% after an increase in January.  I believe that, as the economic recovery gathers momentum, buyers are aware that Interest rates will also start to increase which makes “now” a great time to buy a home.  Closed home sales in the 28 days in February showed a 39.8% increase over the 31 days of January and made February the best month in La Quinta since June of 2010. The general attitude of the people we talk to at open houses is that the market has hit the bottom and that is backed up by current prices versus historical appreciation.  Also, the slight increase in mortgage interest rates may have added some urgency to our industry.

Golf Course home sales in La Quinta.

Like the overall sales numbers above, the sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) also took a significant 93.1% jump in February. The average price per square foot only increased 2.5% in February over January.

Overall, we are still seeing positive signs in the market place.  There has been a steady increase in activity since Labor Day and more noticeably since the beginning of November. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans, although becoming more available, continue to be a stumbling block in the higher end market.

La Quinta Inventory:
On February 28, there were 7,023 active listings, 2,439 units in escrow totaling 9,462 units available for sale which makes 25.78% of the total in Escrow.
If buying property is something on your list (especially golf property), why not take advantage of the incredible prices and seller incentives now, when sellers will work with you, instead of in the future, when the demand starts to catch up with the supply? Especially if you’re buying and planning to hold for 5+ years.

Here are some yearly sales figures (units) for the City of La Quinta from 2002: 

Year All LQ Golf Course
2002 1,354 259
2003 1,565 652
2004 1,931 813
2005 1,553 657
2006 1,098 491
2007 935 447
2008 1,063 416
2009 1,155 418
2010 1,355 530
2011 YTD 211 85 

Using the Gallaudet.com website

Are you aware of some of the tools we have available on this website for you?  Do you know about our “Service Providers” list?  Are you ever wondering where to find the name of a recommended tile person, or pool person, or landscaper, or  contractor?  Scroll across the top of our website to “Resource Library” and you will find our “service providers” list.  You will be able to pull up many recommendations and related phone numbers in most service categories. All service providers have been recommended to us by someone.  If you have any providers that you want listed or any comments please feel free to give us a call.  As always, we are here to make your Desert Living Experience the best that it can be!

An Evening at the Madison Club, La Quinta.

We toured the Madison Club last evening and what a phenominal experience. The level of service is impeccable as are the grounds, ammenities and really everything associated with the club. There’s an inviting and welcoming aura that all Discovery Land Company properties seem to promote so well and that wasn’t missing here. It was country club living at its finest and something that I instantly wanted to be a part of!

There are a total of 217 available parcels at the club which breakdown as follows:

  • 193 custom lots which range in size from .5 to 1.5 acres and $1m – $3m.
  • 17 Villas (semi custom detached homes) which are 4000 sqft+ and start over $3 million.  Off golf course.
  • 5 Club House Suites, which are 1000 sqft hotel-like suites on the second floor of the club house. They are all sold, and ranged in sale price between $1.5 – $2 million (yeah, $1000/sqft).

Discovery finished the physical amenities in March 2010 (club house, pool, locker rooms, fitness center, spa facitilies tennis etc — the golf course had been previously completed).  By finishing the clubhouse, Madison Club was able to make a grand statement in a challenging economy that reinforced the club is here to stay, and promote a level of service and lifestyle that is hard to beat.  Buyers listened.  They have over 110 of their custom lots sold and all but one of their completed Villas sold (I believe 9 out of the 17 are completed).

They have one membership available called their Legacy Membership.  It’s an 80% equity membership (you keep 80% of its sold value) and the deposit is $200,000.  The dues are $33,000 per year which is steep (and in line with other A list clubs in the valley), but there’s a unique and valuable twist to their Legacy membership which other comparable clubs don’t offer.  The membership includes ALL family members of the member:  the member’s parents and the member’s children, along with their spouses and children of children!  So everything the club has to offer is available to the entire family – the perfect solution for family vacations.

Here are a few pictures around the property.

The clubhouse and the 18th green.

Views from outside the men’s locker room.

Looking down at the pool from the deck of the clubhouse.

The infinity pool at 53556 Ross Ave.  The 4 bedroom, 9500 sqft home is listed at $8.2 million.  Call us for a private showing!