Indian Ridge CC 2005 Annual Report
Dear Indian Ridge Resident:
Enclosed is the Annual Report on Home Sales in Indian Ridge for 2005. It is hard to believe this is my 8th mailing and the end of the 2nd year of analysis. I am including the 2004 Annual Report for you comparison.
The forecast for the real estate market remains strong for the desert with the strong demand for housing and land. To understand the scope of desert growth, 83,000 acres of land have been developed in the Coachella Valley. There remains 183,000 acres of land that could be developed. If we remove the environmentally sensitive areas, we still have 135,000 acres of land available for development.
It is projected that 212,100 new residents will move to the area between now and 2020. Our population is expected to double in the next 25 years to 800,000 and by 2066, the population is expected to reach 1.1 million. Our median home price as of November has reached $400,000 in the Coachella Valley. With 75% if desert home buyers from the LA, Orange & San Diego counties, the cost of homes in the valley remain a good buy for those coming from these higher prices communities.
Currently there are approximately 5097 homes on the market as of January 3rd. Of those properties currently available, 1356 homes are inside golf course gated communities or have direct access to a nearby country club. That represents about 27% of the homes available. This reinforces the beliefs by those who study the real estate market that there is a shifting status with greater demand for high end properties.
At home in Indian Ridge, we have seen an increase in home values for the year up 17.3% on the CONDO side and 16.1% on the PUD side. In 2004, 162 homes were sold, this year 127 representing 11.9% of the total number of homes. For the past few years, we have had very few homes on the market and the days on market have been very lower than average.
If you are thinking of selling your home, please call me as I have a long list of clients waiting to purchase a specific floor plan. As a full-time resident and equity golf member of Indian Ridge, I take my profession seriously and place my client's best interests first.
Wishing you all a very healthy and prosperous new year.
Diane Williams, GRI
Associate Broker, Premier Director
Windermere Real Estate
Indian Ridge Resident/Equity Golf Member