Gallaudet Properties – Page 13

January 12, 2011

December 2010 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 December, 2010.

City of La Quinta home sales by month since January 2008*

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

Although the December numbers are down slightly, we continue to see a marked improvement in consumer confidence and an increase in interest in the “over $1 million” market in December after very little interest in that segment over the past year. Open escrows in December declined 5.1% which is not too surprising with the Holidays and our books indicate a strong January in the making. There has been, in my humble opinion, a dramatic change in consumer confidence for the better. Now buyers seem to be willing to make a move and in fact are making moves. Closings in December and January will be two of the best months that Gallaudet Properties has ever had! Prices seem to have stabilized and, now that the “Capital Gains” tax issue (“Bush tax cuts”) is behind us for the next 2 years the activity in the $1,000,000 and above market has improved and we are putting some of the higher priced homes under contract. 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

The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) have declined in December which is typical of the Holiday months of November and December. The average price per square foot declined 17.9% in December over November’s 38.6% increase. Other than last year, December has been a little weak do to the holidays that devert attention away from our industry.

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

La Quinta Inventory:
On December 31, there were 6,857 active listings, 2,136 units in escrow totalling 8,993 units available for sale which makes 23.75% 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

December 7, 2010

November 2010 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 November, 2010.
City of La Quinta home sales by month since January 2008*

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

With the arrival of the 2010-2011 season and the passing of the elections, we have noticed a marked improvement in consumer confidence and the seasonal increase of the La Quinta home sales for November after the annual slump in October. Sales showed a marked increase in November over October and has surpassed the same months in 2008 and 2009. Open escrows in November rose 7.7% which is obviously a good thing and lets us look forward to a strong December. There has been, in my humble opinion, a dramatic change in Consumer confidence. Through the summer, buyers have looked at homes and left the impression that they would return when times got better. Now they seem to be willing to make a move and in fact are making moves. Prices seem to have stabilized in the under $1,000,000 market and although jumbo loans are not any easier to get, the activity in the $1,000,000 and above market has improved and we are putting some of the higher priced homes under contract. 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.

Golf Course home sales in La Quinta

The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) have improved even more than the total with the arrival of the season. The average price per square foot rose 38.6% in November over October’s 14% decline. Historically, October has been a “down” month but this November has showed a 56.3% increase in the average price of the Golf Course home sold in October.

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

La Quinta Inventory:
On November 30, there were 7,059 active listings, 2,288 units in escrow totalling 9,347 units available for sale which makes 24.5% of the total in Escrow.

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 YTD	1,248	496　(Nov)

November 20, 2010

Sales Stats for South La Quinta by Community

Here are some sales figures for all 71 comunities in South La Quinta for the six months ending October 31, 2010. These figures represent all sales including foreclosures, short sales and resales. The first page includes a graph of sales from 1998 through October 2010 as compared to the historical annual 4.5% appreciation rate. You can clearly see the “Bubble: and how we have progressed beyond it. The next page has a graph which shows monthly sales figures for 2009 1nd 2010.

The third and fourth pages show sales information for the 71 communities that make up South La Quinta in our Multiple Listing Service (MLS) sorted by: community Name, Number of Homes Sold, Average Sale Price and Average Price per Square Foot.

Click the link below to view the report.

South LQ Sales 10-31-2010

November 17, 2010

The smoking deal you’ve asked for, now where are you?

Everybody wants the smoking deal AFTER it’s gone.

It’s ALWAYS the case. We just put a home into escrow and got 3 calls immediately afterward. Two of these callers were ready to submit an offer. I’m not sure why this happens… maybe Murphy’s law, or maybe because people want something that they can’t have.

Anyway, here’s the latest smoking deal that just fell out of escrow. And this isn’t just a “deal”, this is a stupid-rock-bottom-oh-my-gosh-how-good-can-you-get kind of deal.

Here are the details for 78840 Lima:
* 3909 sqft custom home in the Citrus.
* HOA Dues only $243/month for a private, golf course community.
* Detached 2 room Casita (and 3 bedrooms in main house).
* Front loaded private courtyard with custom pool and spa.
* Purchase price = $725,000 or $186/sqft. (Shortsale but we can get immediate approval.)

There are MULTIPLE comps that have sold across the street from this property within the past 6 months for over $250/sqft. The purchase price of these similar sized homes was $1,000,000 and $1,050,000. They both needed A LOT of work – much more work than this property needs. And this home does have the modern upgrades that most buyers look for like granite countertops, high ceilings and french doors that open up on both sides of the house.

So, what’s the problem?
The problem with this home is that it doesn’t show well. Its structure is very sound, but the interior is all white, the furniture and draperies need updating as do the hardware (like ceiling fans, door knobs and faucets). The toughest thing for me to get over, as the agent, is that this stuff is all so minimal when you compare it to the normal “fixer” property, which everybody says they’re looking for! The normal fixer typically needs structural improvements and major rehab work. Just adding darker color paint would improve this baby by leaps and bounds. Even though it’s a shortsale, the owner has still maintained the interior and exterior of the property including the pool and spa.

The hardest thing for 95% of buyers is to see potential of what a home can be, and unfortunately this deal will get passed by for many buyers for that reason. However, I know how it works… all the calls will roll in after it’s taken. I guess that’s how it goes, but this is a plea to the one person that reads this: consider this your warning! 🙂

And if you’re still not convinced, here’s the last fact: When the owner built this home in 1997, he spent over $800,000 in building cost alone (not counting the cost of the land). The price is now $725,000 for everything! And no, this is not an indication that prices are back to 1994… They are only in this case.

Here’s a link to the listing.

November 17, 2010

October 10 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 October, 2010.　
City of La Quinta home sales by month since January 2008*　

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

As Fall approaches, we see signs of the seasonal increase of the La Quinta home sales for　October after what seemed like a very long, hot summer. Sales Showed a marked increase in October over September but only a slight increase over October 2009. were lower in September than　August and for the　second time since June, 2009, lower than the same month a year earlier.　Open escrows in　October rose 3.1% which　is　obviously a good thing not terribly surprising　as we move in the seasinal sales cycle. Consumer confidence, which　seemed to have turned into a wait and see attitude seems to also be on the rise.　Prices seem to be stabilizing in the under $1,000,000 market. Although the above $1,000,000 market has not seen the improvement of the under $1m market, year-to-date sales of $1m+ homes in 2010 amounts to 11.7% of the total as compared to 9.5% for the calendar year of 2009. 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.

　
Golf Course home sales in La Quinta　

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

La Quinta Inventory:
On October 31, there were 5,774 active listings, 1,897 units in escrow totalling 7671 units available for sale which makes 27% of the total in Escrow.

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 YTD	1,087	455　(Oct)

October 26, 2010

Golf Overseeding Schedule

The 2011 Desert golf season is upon us! This is such a great time of the year. Yes, the excess dust caused by scalping can be a little annoying (although it only lasts for a couple days), but the weather is so perfect. The days can be a bit hot, but the evenings are primo! It’s the perfect room temperature outside. I love both May and October for that reason. If you’ve just come back to the Desert, you’re probably curious about when the courses open back up. Here’s a list of private La Quinta courses along with public courses throughout the valley.

The list is organized alphabetically by course.

Classic Club	November 5th
Citrus Club	October 29th
Dunes Course – LQ Resort	October 22nd
Mountain Couse -LQ Resort	November 26th
Mountain View Country Club	November 5th
Nicklaus Private – PGA West	November 5th
Nicklaus Tournament – PGA West	October 28th
Norman Course – PGA West	November 26th
Palmer Private – PGA West	November 12th
The Palms	November 15th
Rancho La Quinta (Both Courses)	November 13th
SilverRock	November 3rd
Stadium Course – PGA West	November 19th
Terra Lago North Course	December 4th
Terra Lago South Course	October 28th
Weiskopf – PGA West	October 26th

October 7, 2010

September 10 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 September 2010.

City of La Quinta home sales since January 2008

The blue lines represent 2008 data, the orange lines represent 2009 data and the magenta lines represent 2010 data.
The chart above shows monthly sales of homes within the city of La Quinta*.

As the end of the hot summer months approaches, We see a continuing softening of the La Quinta home sales for September. Sales were lower in September than August and for the second time since June, 2009, lower than the same month a year earlier. Open escrows in September dropped 5.8% which is not terribly surprising during the hot summer months but is an indicator of the usual lazy sales for this time of year. Consumer confidence, which seemed to have steadied in the previous few months has turned into a wait and see attitude leading up to the November Mid-term elections. Prices seem to be stabilizing in the under $1,000,000 market. The above $1,000,000 market has not seen the improvement of the under $1m market but this is likely due to the unavailability of jumbo loans. 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.

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Golf Course home sales in La Quinta

The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) have fallen off as expected with the arrival of the summer heat. The average price per square foot dropped 11.5% in August over July’s prices BUT it has come back 2% in September.

Overall, we are still seeing positive signs in the market place. There has been an increase in activity since Labor Day and, hopefully, buyers are getting ready for the upcoming season. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans continue to be a stumbling block in the higher end market.

A correction to be made…
Last month I mistakenly interpreted the inventory data to mean that 1,906 units out of the 5,115 Active listings were pending. The 1,906 units were in addition to the 5,115 unit totalling 7,021 active and pending units for sale in the Coachella Valley. That means that only 27% of the total units were were pending.

On September 30, there were 5,233 active listings, 1,825 units in escrow totalling 7058 unit available for sale which makes 25.9% of the total in Escrow.

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 YTD	986	422 (Sept)

* When looking at “sold” data, you have to remember that the numbers are generated on the date that the sale is recorded with the county but that the decision to buy was made about 45 – 60 days earlier.

Figures are from the Desert Area MLS

September 30, 2010

Gallaudet Properties has a new address!

We have some exciting news! Gallaudet Properties has joined a new real estate company, HK Lane. This is a locally owned and managed boutique real estate company in the desert. In the 18 months that it has been in business it has opened 3 offices: La Quinta, Palm Desert, and Palm Springs. The agents that have been attracted are experienced and successful and we are thrilled and proud to be a part of the excitment. The company is owned by Harvey Katofsky, a well respected leader in the real estate industry. Previously Harvey was the owner of Fred Sands Desert Realty which he opened in the Desert in 1994, expanded to 5 offices, and sold to Coldwell Banker in 2004. We are thrilled to be back with Harvey and a part of this new and dynamic company which is growing in all the right directions, even during these difficult times! Please come visit us in our new office located at 78100 Main Street in Old Town La Quinta.

September 22, 2010

August 2010 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 August 2010.

City of La Quinta home sales since January 2008

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

The chart above shows monthly sales of homes within the city of La Quinta*.

As is typical of the hot summer months, the La Quinta home sales for August were lower than July and for the first time since June, 2009, lower than the same month a year earlier. Open escrows in August dropped 6% which is not terribly surprising during the hot summer months but is an indicator of the usual lazy sales for the next few months. Consumer confidence, which seemed to have steadied in the previous few months has turned into a wait and see attitude leading up to the November Mid-term elections. Prices seem to be stabilizing in the under $1,000,000 market. The above $1,000,000 market has not seen the improvement of the under $1m market but this is likely due to the unavailability of jumbo loans. 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.

Golf Course Real Estate slae in La Quinta — Golf Course home sales in La Quinta

Overall, we are still seeing positive signs in the market place. People on the street that we talk to believe that prices have bottomed out. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans continue to be a stumbling block in the higher end market. The bottom line is that at the beginning of the downturn in 2006, there were over 10,000 homes available for sale in the Coachella Valley – a real glut. Currently, that number is down to under 5,115 with 1,906 (37%) of those currently under contract. As the supply dwindles, the market begins to stabilize and people feel more comfortable to get back into the marketplace.

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 YTD	914	390 (August)

Figures are from the Desert Area MLS

August 10, 2010

July 2010 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 July 2010.

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

The chart above shows monthly sales of homes within the city of La Quinta*.

The sales for La Quinta in July were lower that June but still higher than sales for the previous 2 July’s. July showed a slight rebound in open escrows over June’s 17% drop from May. It is typical for sales to slow during the summer months but each month in 2010 has seen sales that have surpassed the same months of the previous two years. Consumer confidence seems to have steadied. Prices have not started to rise, but they seem to be stabilizing in the under $1,000,000 market. The above $1,000,000 market has not seen the improvement of the under $1m market but this is likely due to the unavailability of jumbo loans. 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.

The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) have fallen off as expected with the arrival of the summer heat. The average price per square foot, however, has risen slightly from June’s figures.

Overall, we are still seeing positive signs in the market place. Although prices have not yet stabilized in the higher end (over $1 million), prices seemed to have stabilized in the lower market segments. The mortgage industry continues to be a stumbling block in the higher end market as it seems that unless you can prove that you don’t need a Jumbo Loan (over $500,000), you can’t get one! The bottom line is that at the beginning of the downturn in 2006, there were over 10,000 homes available for sale in the Coachella Valley – a real glut, currently, that number is down to under 5,100. As the supply dwindles, the market begins to stabilize and people feel more comfortable to get back into the marketplace.

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 YTD	825	363 (July)