Article from Los Angeles Times Real Estate Section

Real estate brokers and investors say would-be buyers misunderstand how the drop in housing prices has affected desirable neighborhoods. Just because an abandoned house in a troubled part of San Bernardino County might be going for $200,000, it doesn't mean you can get a nice place in Sherman Oaks for that amount -- or even twice that amount.House hunters are trying to pounce on deals from sellers they expected to be frantic -- if not curled in the fetal position. What they're finding instead are bidding wars as low interest rates and pent-up demand in traditionally stable or chic areas have kept prices up -- not as high as the market's peak, but not nearly as low as they had hoped."The biggest problem," said agent Phyllis Harb, "is that people are overreacting to housing statistics, thinking they can come in and make an offer 20% below price."As sales figures and home buyers' anecdotes are underscoring, when the residential real estate bubble burst, it set off several distinct sprays that created false hopes and confusion.Though nearly 20,000 homes in Southern California sold in March, a 52% jump from a year earlier, a sizable number of those transactions occurred in Riverside and San Bernardino counties, where foreclosures exploded. In the region overall, foreclosure sales accounted for 55% of March's deals.

PGA West Opens Up Club Membership

PGA WEST is a spectacular master-planned country club community, established in 1984, located in beautiful La Quinta, just
minutes from Palm Springs, California. PGA WEST is a recreational/resort development consisting of more than 2,200 acres
featuring world-class golf, tennis and fitness. PGA WEST currently hosts six incredible golf courses. Members enjoy three
expansive clubhouses, a health and racquet club, as well as plenty of social activities.



Premier Member Benefits



. Six Legendary Golf Courses


Simply the best membership available anywhere! Members of PGA WEST enjoy golf on six championship golf courses designed by five of
golf’s top golf course designers - Jack Nicklaus, Arnold Palmer, Greg Norman, Tom Weiskopf and Pete Dye.



. Two Top 100 Greatest Courses


PGA WEST is the only private club in the world with two golf courses ranked in Golf Magazine’s 100 Greatest Courses in the World:
Stadium and Jack Nicklaus Private.



. World Class Tennis


Features all three playing surfaces: grass, har-tru clay and hard playing surfaces with regulation British croquet.



. Fitness Center


State-of-the-art circuit training equipment, free weights, cardiovascular equipment and full aerobics, yoga, Pilates, aqua programs and
Personal Trainers are located in the Health & Racquet Club.



. Active Social Calendar


From water aerobics to water color classes…from free golf clinics to fitness evaluations…from visiting with our international tennis stars to
volunteering for our internationally recognized and televised golf events…from competitive bridge to sophisticated parties, The Club at PGA
WEST has something for everyone.



. Financing


The Club offers Membership financing over a three-year period.



. Special Assurances


Strict Membership limits. Only 375 Golf Memberships per private course.



. PGA TOUR Host


The Club has played host to PGA TOUR events every year since club inception in 1986.



. No Hidden Assessments


No assessments for incurred costs of any kind. No minimum on food and beverage or clubhouse activities.



. La Quinta Resort Discounts


Members receive discounts at Spa La Quinta (50% off for 2009), Yamaguchi Salon, Resort dining, Resort Shops and Hotel rooms ($99
rooms rates when available).



. Innovative Concierge Service


We will assist you in your recreational activities and dining requests.



. Kids Klub


Half day and evening programs are available for children and teens. All programs are supervised by an activities counselor and vary
according to season.



. Desert Membership


Full option for Membership privileges at The Citrus Club at La Quinta Resort. For additional monthly dues only, add the three famous Citrus
Club courses: Citrus, Mountain and Dunes plus, the La Quinta Resort & Club to your PGA WEST Premier Golf Membership.


Membership Classifications

Premier Golf Membership: Membership Deposit $125,000 Monthly Dues $910

Cart/Trail Fee $64



A Premier Golf Membership entitles the Member (and his/her family) to use all of the golf, tennis and fitness facilities as well as enjoying all
social events and activities offered at The Club. A Premier Golf member has a five-day sign-up privilege on tee-times with no payment of
greens, range, court or fitness fees. An annual cart/trail fee will be charged. Junior Golf Membership is available to those under the age of
40 and offers special interest-free financing.



Legends Golf Membership: Membership Deposit $125,000 Monthly Dues $910

Cart/Trail Fee $64



With all of the privileges of Premier Golf Membership, this Membership is available with a pre-paid transfer fee. Junior Golf Membership is
available to those under the age of 40 and offers special interest-free financing.



Premier Desert Golf Membership: No Additional Deposit Additional Monthly Dues $300



All Premier Golf and Premier Junior Golf Members have the option to add full golf and spa membership privileges at the Citrus Club at

La Quinta Resort for no additional joining fees.



Premier Sport Membership: Membership Deposit $50,000 Monthly Dues $304



A Premier Sport Membership entitles the Member to use all of the tennis and fitness facilities and enjoy social events and activities at The
Club. A Sport Member has access to PGA WEST’s three semi-private courses by making tee times three days in advance and paying the
Member/Guest greens fees. A Sport Member also has access to the three private courses by making tee times two days in advance and
paying the Member/Guest greens fees. Sport Membership is subject to a pre-paid transfer fee. Sport Members are ineligible to participate in
the Men’s or Ladies Golf Associations.



Premier Social Membership: Membership Fee $10,000

Fitness, Tennis, Social Privileges Monthly Dues $243
Social Privileges Monthly Dues $146



A Premier Social Membership entitles the Member and immediate family to dine in all of the Clubhouses and participate in all of the social
events and activities. A Social Member may elect to expand the Membership to include Health & Racquet Club privileges as well. Social
Members are restricted from use of all golf facilities. The $10,000 Premier Social Membership is a non-refundable fee


“The Club at PGA WEST…Six Legendary Courses…One Extraordinary Club”

Local Realtor Goes Extra Mile for Kids

By Patrick Truscott, Desert REALTOR® Editor
C.D.A.R. REALTOR® Member Jon Caruana, himself originally from Boston, is planning a return to Beantown this month to compete in the Boston Marathon. Jon’s marathon motivation isn’t just exercise: It’s an effort to raise a healthy sum for the HOPSports program, a very timely cause that “endeavors to improve children’s health and fitness,” says Jon.
“It’s hard to qualify for the Boston Marathon,” says the already-fit Jon of his upcoming 26 mile run. “Not everybody’s accepted and it helps (in qualifying) to be involved in a charity.” And, with 1 out of 3 American kids now overweight, the endeavor Jon’s volunteering for is particularly timely: “The HOPSports program is a unique sports program in that it travels to inner cities and provides kids with healthy activities, helping their self esteem and keeping them out of trouble. These kids are our future caregivers, firefighters, and police. The program is a smart investment.”
The innovative HOPSports program goes beyond just encourages physical activity in today’s youth. Through its innovative blend of activates such as dance, sport, tumbling and martial arts, it endeavors to educate kids on energy and nutrition. And more than a sports program, HOPSports also uses athletes and celebrities to motivate and educate kids while relaying positive societal messaging.
Running a marathon requires gobs of commitment: “I’ve been preparing for a long time,” says Jon of his marathon training efforts. “I ran in the recent Palm Springs Half Marathon and I’ve been trying to run at least 50-60 miles a week.” A typical run? Just a little jaunt, say, “from Bermuda Dunes to Rancho Mirage.” And, while there in Rancho Mirage, this marathoner figures he may as well “hike the Bump and Grind.”
The biggest challenge in training for a 26 mile run? “Keeping your mind motivated while running. Your mind is telling you to give up; you’ve got to focus in the moment, don’t think ahead and to get through it. I’m not trying to break records.” When asked if there’s anything more exhausting than running 26 straight miles, Jon laughs “Sure. Being a REALTOR®. Showing property can be more exhausting than running 15 miles.”
For Jon Caruana, C.D.A.R.’s running REALTOR® whose post-marathon plans simply include returning to the desert “with its relaxed atmosphere and weather,” today’s planning, training, and fundraising isn’t labor so much as a mission: “To run in the Boston Marathon and do it for a good cause; that’s the icing on the cake.”

Price drives the real estate market

Coachella Valley housing market (PDF 1.31MB)

La Quinta ranks 11th in million-dollar home sales

By Stacy Wiedmaier • The Desert Sun • March 2, 2009

The city of La Quinta has been ranked the 11th highest city in California for million-dollar homes sales.







The top 25 cities were recently named by the Data Quick company.

In 2007 there were 308 million-dollar home sales compared to 208 in 2008.

The highest-priced home in 2008 in La Quinta sold for $5.85 million.

Manhattan Beach took first place and La Quinta was the only city in the Coachella Valley that made the list.

Now is the time to buy a house

Now is the time to buy a house

The Desert Sun • February 19, 2009

The median price for houses has dropped to a low not seen since 2001

This is good news for potential Coachella Valley homebuyers.

The median price of a house in the desert dropped 47 percent in December to $194,900. The median price hasn't been this low since 2001, following the Sept. 11 terrorist attacks.

Many Realtors say now is the time to buy. Sales in December 2008 were up by 8.3 percent over the same time in 2007, so homebuyers shouldn't wait too long.

Those who have stable jobs and can buy should. Home purchases stimulate the economy. Buying an affordable house leads to other purchases, including furniture, landscaping and a number of services, which provide jobs. The valley needs jobs.

But homebuyers must be realistic about their purchases. Loans must be reasonable, possibly with fixed rates, and made to people who qualify and offer proof that they can pay back a mortgage.

It sounds simple, but such seemingly obvious steps were not taken before. Subprime lending, loans made with adjustable rates to people considered risky borrowers, created the housing crisis — one of the chief reasons this economy has soured.

And while the drop in prices means houses are within reach of more buyers, word has been circulating that banks are keeping a tighter grip on the purse strings. But that's not completely true.

“If you qualify and have a down payment and steady income, you can” buy a house, said Bill Powers, president of Pacific Western Bank's desert region branches. “Others are waiting, but you can't time the bottom, and I think we're close to it, so if you can, you should buy now.”

Meanwhile, a number of lenders are holding off on foreclosing on more properties. Waiting on President Barack Obama's $75 billion plan to prevent more foreclosures, several major banks and government-controlled mortgage finance companies have halted foreclosure procedures until next month. The plan, announced Wednesday, will help homeowners refinance their mortgages.

Nationwide, more than 2.3 million homeowners faced foreclosure last year. That was an 81 percent increase over 2007. Some economists say foreclosures can reach 10 million.

But plenty of foreclosed properties remain on the market.

Again, those who can afford a house, should buy now, and those who can lend the money should also do so now. The valley's economy depends on it.

Desert Area Californai Regional Sales & Price Activities

Regional Sales & Price Activity -
December 2008


Median price fell 41.5% and sales increased 84.9% compared to the same time a year ago for California statewide. Locally, median price fell 53.5% & sales rose by 70.1 % from a year ago. The inventory trending slightly downward along with the rise in sales indicates that the desert market continues to absorb the properties that individual home sellers and banks must sell. A lower price which leads to increased affordability may mean that adult kids living at home are no longer priced out of the housing market.

Statewide the large decreases in the median price also have been the result of a dramatic change in the mix of sales since the onset of the credit/liquidity crunch and the increase in the share of distressed sales. In August 2007 -- just prior to the beginning of the credit crunch -- the under $500,000 price range accounted for 43 percent of sales, the middle segment ($500,000 to $1 million) made up about 42 percent, and the over $1 million segment captured 15 percent of the market. As of December 2008, the shares had shifted to 82 percent, 14 percent, and 4 percent, respectively.



Desert Area MLS Residential For Sale Inventory

2006 2007 2008
Dec: 8,236 9,186 8,250
Nov: 8,598 9,593 8,406
Oct: 8,076 9,170 8,015
Sept: 7,723 8,599 7,740
August: 7,285 8,417 7,504
July: 7,420 8,600 7,935
June: 7,436 8,930 8,314
May: 7,497 9,108 8,469
April: 7,467 9,153 9,214
March: 7,351 9,005 9,300
February: 7,046 8,852 9,476
January: 6,395 8,490 9,134


The typical (median) single family home for sale in the MLS is 3 Bdrm. 2.50 bath 2,101 Sq Ft. listed at 384,400 and has been on the market for 94 days.



Median Price % Change Prior Month % Change Prior Year % Change Sales Prior Month % Change Sales Prior Year
Calif. (sf) 281,100 -2.0% -41.5% 5.9% 84.9%
Calif. (condo) 236,040 -1.9% -39.4% 7.3% 45.9%
Palm Springs Lower Desert (sf) 169,730 -7.5% -53.5% 17.5% 70.1%


****************************************************

Median Price
Dec 08 Nov 08 Dec 07
United States 175,400p 180,300r 207,000
Calif. (sf) 281,100 286,850r 480,820
Calif. (condo) 236,040 240,520r 389,760
Palm Springs Lower Desert (sf) 169,730 183,590 364,660

*****************


Median Prices By Region - Current Month vs. Year Ago

Dec 08 Nov 08 Dec 07
Calif. (sf) $281,100 $286,850r $480,820
Calif. (condo) $236,040 $240,520r $389,760
Region
Central Valley NA NA NA
High Desert $137,560 $148,580 $244,330
Los Angeles $336,980 $359,240 $498,500
Monterey Region $290,070 $314,370 $659,310
Monterey County $255,000 $275,000 $584,500
Santa Cruz County $455,000 $437,000 $729,000
Northern California $276,060 $289,380r $338,650
Northern Wine Country $344,180 $343,430 $480,510
Orange County $442,640 $453,060 $653,610
Palm Sprs/Lower Desert $169,730 $183,590 $364,660
Riverside/San Bernardino $190,840 $202,740 $325,520
Sacramento $181,660 $184,760 $285,140
San Diego $333,030 $326,770 $495,500
San Francisco Bay $465,640 $473,510 $725,120
San Louis Obispo $374,320 $344,230 $527,780
Santa Barbara County $328,570 $291,070r $500,000
Santa Barbara South Coast $875,000 $$1,112,000r $925,000
North Santa Barbara County $256,450 $240,910r $323,810
Santa Clara $512,450 $515,000 $797,000
Ventura $370,750 $382,590 $604,730


na - not available
r- revised

Source: CALIFORNIA ASSOCIATION OF REALTORS ®